Today Bitcoin has reacted as expected that is bouncing off the Kumo Cloud support area after 3 days in a row of bearish impulsive pressure after being rejected off the $10,000 price area. The Bitcoin has retraced quite deeper this time after being dominated by the bulls since the price broke above $6,500 with a daily close. As no fundamentals are published recently in the market, the overall market momentum is currently being determined by the market sentiment in the process. As of the current scenario, the price has rejected off the $9,000 area where the Kumo Cloud and 20 EMA support meets at once and the daily candle is taking a Pin Bar shape which is indicating further bullish momentum in the coming. As the price remains above $8,500 area with a daily close, a further bullish pressure is expected with a target towards $10,000 and later towards $11,500 in the coming days.
