Bitcoin has surged lower as expected towards the support area of 3,917.20 from 4,386.80 recently. Bitcoin is viewed as a safe-heaven asset by investors but due to banning initial coin offerings by China the cryptocurrency has seen some fall at present The impact is expected to be quite limited in nature and the bullish trend is expected to be quite intact. The Bitcoin strength is expected to be quite unbeatable due to more popularity of the cryptocurrency in many countries and a decentralized mechanism of the system. Currently the price is residing at the edge of the dynamic level of 20 EMA which is holding the price now from more downward pressure whereas Chikou Span is also showing some evidence of a further bounce off the support area and the dynamic level. As the price remains above the lower support level of 3,917.20, the bullish bias is expected to continue further. The Bitcoin is expected to reach 4,500.00 resistance and later 5,000.00 price level very soon as the bullish bias continues without any corrective and volatile counter moves along the way.
