Bitcoin is still struggling to break above $4,000.00 after the fall below the level due to the Chinese ban on exchanges and Initial Coin Offering. There has been a negative bias for the market recently after the ban that led to indecision in the market. There was a certain period when Bitcoin investments were called safe, but currently, due to negative bias in the market, there are chances for the price to go either way. As the time progresses, the bullish trend is coming to a question by the investors which might lead to further correction in the market. Though there are not enough reports or events to decide the upcoming positive move in Bitcoin, but we can see a bullish squeeze in the market. As of the current situation, the price is attacking the $4,000.00 level again but with better impulsive pressure and with a bullish squeeze that has taken the form of the Triangle pattern. As of the pre-breakout structure that is being formed currently, it is expected that the price will have greater chance of breaking above the $4,000.00 level in the coming days with a target towards $4,386.80 and later towards $4,500.00. The Chikou Span is also at the edge of breaking above the candle resistance, where the Kumo Cloud is also holding the price to push higher along with recent Tenkan and Kijun Cross. There are higher chance of a break above $4,000.00 and if that happens with a daily close, it is expected that the price will gain the bullish momentum again to proceed much higher in the future.
