After breaking above the $5500 price level Bitcoin is currently going through corrective structure before making new highs towards the $6000 resistance area. As per speculators, the corrective structure is expected to be caused due to upcoming Bitcoin Split where Bitcoin Cash is expected to be included. Countries like Russia is currently considering the Cryptocurrency market as there is a certain opposition in regulating the Cryptocurrency as money. The market sentiment is still very strong towards the bullish side in an impulsive corrective price action pattern which expected to push the price higher in the coming days. Currently, the price is quite volatile above the Kumo Cloud and $5500 price level whereas the dynamic level of 20 EMA is supporting the price to push up higher with the target towards $6000 resistance area. As the price remains above the $5500 price level and Kumo Cloud support the impulsive bullish bias is expected to continue further in the coming days.
With InstaForex, you can earn on cryptocurrency's movements right now. Just open a deal in your MetaTrader4.