The market is painted in green today as analysts believe that the crypto “Santa Claus” has come to grace the investor early. The market has corrected higher adding a whopping $12 billion in the last 24 hours. Most assets are showing strong double-digit gains while the king of them all, Bitcoin has zoomed past $3,800. This is the most significant rise after Bitcoin descended to a 15-months low. Bitcoin resumed the uptrend on Monday this week with it adding more 8% in a single day. The trading yesterday slipped below $3,500 before bouncing back up. Bitcoin bulls are back to revenge with the asset value breaking above $3,800 and the next target being $4,000.
Today’s Bull Run Adds Billions of Dollars Back in Legacy Crypto Markets
This is incredible for an asset that has been exploring the yearly lows towards the end of last week. Technical indicator signals are positive with the RSI buried in the oversold region while the DMI on the same 1-hour chart heading north after dropping from 25.10 (Tuesday levels). The BTC/USD pair is also above the simple moving averages in the same range. The 50 SMA is above the 100 SMA, showing that the buying activities are rising and Bitcoin could continue to correct higher towards $4,000. As cryptocurrency market is recovering, some hardcore bulls confirm their positive forecasts on digital assets. However analysts also refrained from overly optimistic price forecasts suggesting that BTC/USD pair is likely to stay in $3,000 – $6,000 range in the foreseeable future.
Ethereum is also one of the cryptocurrencies which gained significantly today and is trading at $104.48 up by 10.72% on the day as of writing this article. The Ethereum community is waiting anxiously for the Constantinople upgrade that has been confirmed to take effect in January 2018. This upgrade had been initially scheduled to take place in November this year, however, the developers hit a snag when it failed to function on the test network. The upgrade will lay the groundwork for other upgrades like the Sharding and the proof of stake protocol among other amazing features to be included in Ethereum in future. Immediate Support and resistance for ETHUSD pair are at $102 & $106 respectively.