Bitcoin Price Live: Massive One Hour Candle Takes BTC Above $4,000

[PRIBO247]

Bitcoin continues its recent price rally, topping $4,000 on
Thursday, December 20, 2018. The top-ranked cryptocurrency is
up by more than eight percent over the last 24 hours in what is a
sixth straight day of positive price movements.

Six in a Row for Bitcoin
The relief rally for Bitcoin is currently in its sixth day with
Thursday’s surge second only to Monday’s price gain. A large
one-hour green candle sees the top-ranked cryptocurrency
breakthrough the $4,000 price barrier for the first time in more
than two weeks.

On Wednesday, Ethereum World News reported on BTC topping
$3,800 and the possibility of a “Santa Claus rally.” BTC is
currently up more than 15 percent from its 2018 low of $3,200.
This figure is even the cryptocurrency’s lowest price level since
September 2017.
The next question will undoubtedly be how long can BTC sustain
the upward momentum. Since 2018, the cryptocurrency market
as a whole has been in the wars of a prolonged bear market. In
mid-November 2018, the price fell even further to levels not
reached since 12 months prior.

Trend Reversal or Short Squeeze
Some analysts like Mati Greenspan, Senior Market Analyst at
eToro believe the relief rally is due to traders liquidating short
positions with the holiday season approaching. With many
indicators showing BTC is the oversold position, it seems a
trend reversal was inevitable.

Now, BTC has to navigate through an initial resistance just
above the $4,000 price mark. Back in mid-November when BTC
fell below $5,000, it settled just above the $4,000 level. It stands
to reason that there will be some resistance at this price mark
during any upward movement.
Beyond this level, the $4,200 and $4,400 psychological levels
could also prove critical. If BTC manages to resist rejection at
these price marks, then the top-ranked cryptocurrency could
make a run for the upper-$4,000 range.

Altcoin Recovery Continues
Altcoins are also not left out in the upward price trajectory.
Bitcoin Cash is again leading the charge for the top-ten
cryptocurrencies. The fourth-ranked virtual currency is up by
almost 40 percent in the last 24 hours.
looking to add more gains in a quest to recover some of the
massive losses posted in 2018. The third-ranked coin has added
about $5 more from Wednesday to reach $110.

https://ethereumworldnews.com/

[PRIBO247]

it would seem that the market is doing a gradual comeback after months of bearish season. I do hope this is not a false signal.