Bitcoin has been quite impulsive amid the recent bullish momentum after a decline towards $3,700. The price is currently residing above $4,000 and inside the Kumo Cloud resistance below 200 EMA, whereas the dynamic levels such as 20 EMA, Tenkan, and Kijun line are supporting the price for a further climb. The Chikou Span has broken above the price line. MACD having no signs of Bearish Divergence indicates that there are more chances of price pushing higher towards $4,250. If it manages to break above it with a daily close, further bullish pressure may be observed. On the other hand, if the price remains below the 200 EMA and Kumo Cloud resistance, further bearish pressure can be seen in the future. As the price remains below $4,250, the bearish bias is expected to continue.
SUPPORT: 3,500, 3,700
RESISTANCE: 4,250, 4,500, 5,000
BIAS: BEARISH
MOMENTUM: VOLATILE
