Bitcoin has been the surprise instrument since its intorduction. It has again proved this status with a bearish impulsive daily close below $4,000 recently. After the price broke above $4,000 with non-volatile bullish momentum, it was quite certain for the bulls to dominate further with a target towards $4,250 or more but it rejected off the $4,200 area with strong bearish momentum which took the price below $3,800 area as well.
The price is held by the dynamic level of 20 EMA, Kijun, and Kumo Cloud as support while Tenkan is being neutral. The impulsive bearish Engulfing bar managed to engulf bullish pressure which helped in accumulating a bullish breakout above $4,000. According to the current price formation, the price is expected to push towards $3,500-600 support area before pushing higher towards $4,000 area in the coming days. As the price remains above $3,500, the impulsive bullish pressure and chances of bullish intervention are expected to remain intact.
SUPPORT: 3,000, 3,500, 3,600
RESISTANCE: 4,000, 4,250, 4,500
BIAS: BULLISH
MOMENTUM: VOLATILE
