Bitcoin has been quite steady under persistent bearish pressure after bouncing off the $3,500-600 area with a daily close. The price has been non-volatile and impulsive with the bearish momentum which is expected to lead the price towards $3,000 area but certain correction and pullbacks may be observed along the way. The dynamic levels like 20 EMA, Tenkan and Kijun line is currently holding the price above as resistance while residing below the Kumo Cloud resistance as well. Moreover, MACD is currently getting skewed higher indicating certain bullish correction may occur before the price moves much lower in the coming days. As the price remains below $4,000 area with a daily close, the impulsive bearish pressure is expected to continue.
SUPPORT: 2,850, 3,000
RESISTANCE: 3,500, 3,600
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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