Bitcoin consolidation continues as it is trading inside the support area range between $3,917.20 to $4,386.80. The initial coin offering ban in China led to the confusion in the demand for this cryptocurrency. As the permanent ban in China is not confirmed yet, Bitcoin is expected to be quite corrective in nature. The price of the Bitcoin is expected to gain further despite the certain shocks and confusion in the market as the bullish trend is still quite strong in nature. Currently the price is creating higher lows inside the support area range it is currently residing in, which does signal that further bullish momentum is very near to strike the market to take the price much higher towards $4 500.00 and later towards $5,000.00. A daily close above the $4,386.80 resistance level will confirm the bullish breakout and inject bullish pressure in the market. As the Bitcoin market is developing a mature structure, so in the future impulsive and corrective sequence is expected to be followed in making new highs which would help the investors and traders to take proper advantage of the cryptocurrencies like other financial instruments in the market.
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Source: Forex Review