Bitcoin has been quite impulsive and non-volatile with the recent bearish momentum after breaking below $4,000 area with a daily close. The price is currently correcting itself near $3,500-600 support area from where certain pullbacks towards the dynamic level have been observed. The price is expected to push lower towards $3,000 support area in the future. The Kumo Cloud resistance is increasing its width currently which might lead to further impressive bearish pressure in the future. After breaking below 200 EMA, the price action indicates the shift of sentiment in the market, thus generating the bearish pressure. As the price remains below $4,000 area with a daily close, the bearish pressure is expected to continue.
SUPPORT: ,3000, 3,500, 3,600
RESISTANCE: 4,000, 4,250, 4,500
The material has been provided by InstaForex Company – www.instaforex.com