BTCUSD BOUNCING FROM $4,000 LEVEL

Bitcoin is starting to move higher alongside the broader cryptocurrency market after the number one cryptocurrency by market capitalization found strong buying interest around the $4,000 level. The current upside move could extend much higher as the RSI and MACD indicators on the four hour time frame are unwinding from extreme oversold conditions. Buyers will likely target the $5,100 level, while technical failure at current trading levels may provoke another test of the $4,000 level.

The BTCUSD pair is bearish while trading below the $4,700 level, key support is located at the $4,160 and $4,000 levels.

If the BTCUSD pair moves above the $4,700 level, key support is found at the $5,100 and $5,400 levels.