Bitcoin pushed impulsively lower recently that lead the price to break below $6,000 area amid strong bearish pressure. Currently the price is residing below $5,500. The price is expected to retrace back towards $6,000 area before proceeding towards $6,000 support area in the coming days. The price is currently residing below 11-month low, from where it is likely drop much lower in the context of the current price action but with certain corrections along the way. As the price remains below $6,000 area, the bearish bias is expected to continue.
SUPPORT: 4,850, 5,000
RESISTANCE: 5,500, 6,000, 6,400
BIAS: BEARISH
MOMENTUM: IMPULSIVE
The material has been provided by InstaForex Company – www.instaforex.com
Bitcoin pushed impulsively lower recently that lead the price to break below $6,000 area amid strong bearish pressure. Currently the price is residing below $5,500. The price is expected to retrace back towards $6,000 area before proceeding towards $6,000 support area in the coming days. The price is currently residing below 11-month low, from where it is likely drop much lower in the context of the current price action but with certain corrections along the way. As the price remains below $6,000 area, the bearish bias is expected to continue.
SUPPORT: 4,850, 5,000
RESISTANCE: 5,500, 6,000, 6,400
BIAS: BEARISH
MOMENTUM: IMPULSIVE
The material has been provided by InstaForex Company – www.instaforex.com
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