Bitcoin has been quite unpredictable recently due to high volatility and indecision in the market sentiment. The price has been rejected off the $5,000 area, pushing back up higher with strong momentum but could not sustain it pretty well.
Recently, head of Fundstrat Global Advisor Mr. Thomas Lee stated that Bitcoin's steady rally confirms global appetite for riskier assets that is indeed a positive sign, but there are notable risks along the way. While the overall market of cryptocurrencies has gained momentum, Bitcoin the flagship is still indecisive without any definite momentum.
When the price broke above $5,000 earlier, definite pressure was displayed. However, due to higher volatility and price corrections, the price double bottomed at $5,000. It is currently climbing higher under impulsive pressure. The dynamic levels 20 EMA and Tenkan line are currently having a cross over. At the same time, MACD moving averages are also showing an upward indicating crossover as well. The price is likely to move higher towards $5,250 again in the coming days.
SUPPORT: 4,800-80, 5,000
RESISTANCE: 5,250, 5,500
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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