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The most hyped month of December seems to be at the beck and call of crypto lovers and investors as they continue to yen for market recovery. In the last few days, Bitcoin (BTC) amongst some of its contemporaries have been flagging green colours in the market, with indication that the positive payback period for investors who resisted the dip is here.
Since yesterday, Bitcoin has been seriously gaining traction in the market, moving from one price up to another. The digital currency has been able to break out of the long-term plummeting wedge pattern with signs for a major bull recovery.
After a long dip period, the cryptocurrency trailblazer, Bitcoin (BTC), finally escapes the $3500 Resistance Level it has been maintaining for some time.
The value of BTC/USD trade pair level up with 62.5% Fibonacci retracement level when compared with its previous $6,100 support level. The long-term 200 SMA dynamic inflection point is above the 100 SMA, affirming that the trend is up for a bullish move, and at the same time resistant against the downside.
Even though the gap between the moving averages is broadening with indications that buyer might soon get saturated with the likelihood of increased selling pressure, the upside trend is gaining more power to show that the bull is around the corner.
Relative strength index is northing, and it may take some time before the overbought conditions sign prevails since the buyers seem to be in control. As such, buyers could help push the value of BTC/USD up higher as its aims for another resistance level around $4500.
No doubt the trend has surpassed the previous ceiling, and Stochastic is heading north following a pressured oversold period. This implies that a fresh bullish momentum has been picked up.
If BTC/USD continues to maintain this momentum, with a consistency in the gap between the 200 SMA and 100 SMA, a breakthrough will for sure be experienced in the price of the digital currency and it might for real hit the $4500 mark in no time.