The price of the leading virtual coin is up above $4,000. And things do not stop there, it is targeting a great upward move. For a long time, Bitcoin Core has been trapped within what can only be referred to as a symmetrical triangle.
Eying An Upward Move
Over a period of four days, BTC has suppressed its range between $3,788 and $4,153. That was up to the moment it broke out above $4,200. The world’s leading crypto has been able to move up by $100 within a day. It has managed to climb up to $4,128. That is an improvement up from $4,007 at the beginning of the day’s business. Traders, however, could get a pathway for pushing the price to $4,441. This is the key Fibonacci extension. On the 20th of December, it further bolster to move over $4,000.
The Bitcoin Four-Hour Chart
The four-hour chart mainly focuses on the Chaikin Oscillator and the Chaikin Money Flow. When the flow is drawn, it becomes clear how the two turned bullish by 22:00 UTC on Monday, 24th. This was a sign of so many things. But most importantly, it was a sign of Bitcoin’s recent move to a price that over $4,000. The price then stopped for some time along the basic Fibonacci extension point. That was at about $4,159. It was before it moved with a slow incline. However, that was presented with a great opportunity to increase the momentum up to $4,440 in post-consolidation The other thing that has substantially shot is the volume for the entire period. The move has been backed by the largest injection from the 20th December.
The Weekly Chart
The weekly chart also shows how the coin has been fairing. It has indicated how Bitcoin’s price has moved above $4,103, the price it closed with on November 26th. This has emboldened the bulls to move higher in the week even as the fresh session starts today. December 25th 2017 is still fresh in crypto traders’ minds. It was marred by endless sell-offs. However, all that were mainly exemplified by the breakdown of BTC from $16,490 to $12, 500 by the 25th of December. This came after running on an all-time high of $19,891 on the 17th of December 2017.
A Potential Turnaround Within A Week
The whole week has shown a great turnaround. There is a large bullish candle that has been accompanied by an increasing volume. Bitcoin has been able to push above a moving triangle breakout, which has been a pattern for some time. It has moved this to the primary Fibonacci extension line that has accompanying volume. The four-hour chart has turned bullish on both the OC and CMF. Therefore, it is supposed to clock increased highs so that it can see a continuation in the bullish price system. Bitcoin is also likely to consolidate before moving past $4,400. This will happen as traders take part in short term sell-off. Otherwise the price is expected to witness certain growth.