Bitcoin trades above $4,000, after making a momentous move of over $200 during the weekend. BTC/USD hit a high of $4,134, the highest since December 24th, 2018, Christmas Eve.
The move was in the works during the week but never materialized. Bitcoin bulls may have taken advantage of low liquidity over the weekend. Will it continue higher? A lot depends on the approval of a Bitcoin ETF, which is under examination once again after the government ended its shutdown and the SEC is back to working on the CBOE / Van Eck / SolidX application.
The technical daily chart shows resistance awaits at $4,238, the high point on December 24th. The cryptocurrency faces further the next cap at $4,400 that was a swing high in late November. The next level to watch is $4,636 that held BTC/USD down earlier in November.
Below $4,000, support awaits at $3,820 and $3,710 which marked previous trading ranges for the grandaddy of cryptocurrencies.
The Relative Strength Index is above 70 after this surge indicating overbought conditions. However, Bitcoin suffered an RSI level of below 30, showing oversold conditions for quite a long time in mid-November, and that has not stopped the bleeding. Perhaps there is more room to the upside.
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