After a recent crush below the $5500 price level, the Bitcoin has again bounced with an impulsive bullish pressure above $5600. As of the recent bounce off the Kumo Cloud support area, the price has fueled the bullish bias again and it is expected to proceed towards $6000 price level in the coming days. The market sentiment is still quite indecisive as of the upcoming "Bitcoin Split" in November which is expected to affect the growth of the Cryptocurrency. There are certain chances of high volatility and corrective price action along the path towards $6000 price level and an Impulsive Corrective sequence is expected to continue the trend further. Currently, the price is showing some bullish rejection in the 4 hourly chart but as the price remains above the support area of Kumo Cloud whereas the price has also managed to close above the dynamic level of 20 EMA which does indicate that the price is going to proceed further upward in the coming days. The Chikou Span is currently residing inside the corrective candle resistance which is expected to break above it and signal further bullish pressure. As the price remains above $5500 price level and Kumo Cloud support area the bullish bias is expected to continue further.
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