Bitcoin managed to sustain the bullish momentum above $3,400 area while being held by the dynamic resistance area of Kumo Cloud. After an impulsive dip towards $3,350 area recently, the price is currently consolidating and correcting below $3,500 area which is expected to lead to further bearish momentum with a target towards $3,000 support area in the coming days. The slope of 200 MA also indicates the ongoing bearish pressure whereas 20 EMA is currently acting as support. As the price remains below $3,500 area with a daily close, the bearish bias is expected to continue further.
SUPPORT: 3,000, 3,250
RESISTANCE: 3,500, 3,600
BIAS: BEARISH
MOMENTUM: VOLATILE
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin managed to sustain the bullish momentum above $3,400 area while being held by the dynamic resistance area of Kumo Cloud. After an impulsive dip towards $3,350 area recently, the price is currently consolidating and correcting below $3,500 area which is expected to lead to further bearish momentum with a target towards $3,000 support area in the coming days. The slope of 200 MA also indicates the ongoing bearish pressure whereas 20 EMA is currently acting as support. As the price remains below $3,500 area with a daily close, the bearish bias is expected to continue further.
SUPPORT: 3,000, 3,250
RESISTANCE: 3,500, 3,600
BIAS: BEARISH
MOMENTUM: VOLATILE
The material has been provided by InstaForex Company – www.instaforex.com
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