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Bitcoin has been extending a climb with proper sustainability along the way towards $5,500, though the price is making downward corrections along the way.
There are no weighty reasons for Bitcoin to disrupt the bullish bias. Thus, BTC is expected to develop a steady rally with a target towards $6,000. The price clearing above the $5,200-50 area indicates the upward pressure in the coming days, but certain volatility may strike the price momentum which would not only subdue the upcoming bullish gains but also clear up certain speculations on impulsive pressure in the market.
After the impulsive climb higher, the price is currently making a correctional decline for a few hours. Being above the dynamic levels which are holding as support, the price is currently expected to move higher after a correctional decline towards $5,400. The price is being supported by 20 EMA, Tenkan, and Kijun line. Besides, the Kumo Cloud also widened significantly indicating strong bullish pressure underway. Moreover, the Chikou Span above the price line also signals further upward momentum as the price is now consolidating.
According to the current price action formation, the bias is clearly bullish with a series of downward corrections along the way. Then, the price will be able to regain momentum to break above $5,500 and climb towards $6,000 in the future.
SUPPORT: 5,000, 5,200-50, 5,400
RESISTANCE: 5,500, 5,850, 6,000
BIAS: BULLISH
MOMENTUM: VOLATILE
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