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Bitcoin has been quite impulsive recently after consolidation at the edge of $5,200-50 area. The price is currently heading towards $5,500 in an impulsive manner and expected to break above it as the upward trend persists.
The price, being held by the trend line support at the edge of $5,200-50 area, managed to push the price higher. With the current market momentum, the price is expected to rebounce towards the dynamic level of 20 EMA where the trend line support lies as well.
According to the On-balance volume indicator, the increase in volume indicates the strength of bulls. At the same time, formation of the resistance in the indicator level is a sign of a possible decrease in volume which would result in a pullback along the way before the bullish pressure continues. As the price remains above $5,000 area with a daily close, the bullish bias is expected to continue with the target towards $6,000 area.
The price area of $6,000 is the key resistance level. A break above it can push the price to new highs with the target towards $10,000 area in the coming days.
SUPPORT: 5000, 5250
RESISTANCE: 5500, 5850, 6000
BIAS: BULLISH
MOMENTUM: VOLATILE
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