Bitcoin remains below key resistance levels, bulls have a lot of work to do to regain control of the trend.

Bitcoin is trading once again around $35,000-$36,000. Short-term trend is unclear as price continues to trade sideways between $38,000-$30,000. Medium-term trend remains bearish and as long as price is below $41,000 there is a possibility of seeing price dip below $29,000.

In the 4 hour chart as shown above, price is bouncing off the Ichimoku cloud support and is moving above both the tenkan-sen (Red line indicator) and the kijun-sen (yellow line indicator). Support by these two indicators is found at $34,900-$34,000. Cloud support is key between $34,300-$32,800. As long as price is above this support zone, we could see higher levels towards $38,000. If this support level fails to hold, we should expect price to challenge $30,000 again.

In the Daily chart bears remain in control of the trend. Price is below the Daily Kumo (cloud) and this confirms the bearish trend. Bulls will need to break inside the Kumo above $37,700 to change trend to neutral. Support by the tenkan-sen is found at $33,300. A break below this level will increase chances of retesting $30,000. Bitcoin is still vulnerable to a move lower. The danger of seeing a move towards $25,000 is still there as price is below the cloud resistance.The material has been provided by InstaForex Company - www.instaforex.com