- Bitcoin price heads for $4,000 after reversing the trend from mid-December lows.
- Technology and applications coupled with “real use cases” will eventually become the biggest movers of growth in the industry.
Bitcoin has corrected higher since it tested its 15-month low. It has added a whopping 21% from the lows traded this mid-December. The trend is strongly bullish, besides at the time of writing, it is likely that Bitcoin will zoom past the next resistance target at $4,000. Bitcoin has been prediction stay in the range between $3,000 (lower limit) and $6,000 (upper limit) as we come to the end of 2018.
Looking at the hourly chart of BTC/USD, we see Bitcoin flirting with $3,970. As predicted in the market update piece published earlier today, Bitcoin has not only re-entered the rising channel, it is also battling to overcome the resistance at the upper trendline. A break above the channel support will definitely ignited gains above $4,000,
Bitcoin value on the chart is above the 50 SMA and the 100 SMA in the same range. The RSI is making its way into the oversold at the time of press. The indicator has maintained position above 45.00 since December 16. On several occasions it has corrected above 70. The DMI on the same chart shows that the current trend is strong enough and could last throughout the day’s trading.
The CEO of Binance, Changpeng Zhao also known as CZ while speaking to Bloomberg in an interview on December 19 expressed his bullish sentiments towards the crypto market. He referred to 2018 as the “correction year” for virtual assets. His comments were in line with the downtrend that has dominated the market since the year started. He said that although price attracts speculators to the industry, developers of technology and applications coupled with “real use cases” will eventually become the biggest movers of growth in the industry.
Read more:
Cryptocurrency market update: Bitcoin break above $4,000 impends, Ethereum stays in the green
BTC/USD 1-hour chart
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