FX.co ★ BITCOIN Analysis for March 6, 2019

Bitcoin managed to push above $3,800 with an impulsive bullish momentum which turned a bit corrective after the bullish pressure. The price is currently starting to push higher having confluence from the dynamic levels which is expected to lead the price towards $4,000 in the coming days.

The price is currently being held by the dynamic level of 20 EMA and Kijun line as support while Chikou Span residing above the price line which indicates further upward pressure in the coming days. Moreover, after the break above the Kumo Cloud, it has gained mass quite well. The price is also expected to extend its climb higher after a retracement along the way. As the price remains above $3,800 with a daily close, further bullish pressure with a target towards $4000 area is expected.

SUPPORT: 3,500, 3,600, 3,800

RESISTANCE: 4,000, 4,250

BIAS: BULLISH

MOMENTUM: VOLATILE