Digital currencies suffered a major crash just before the long holiday weekend. That crypto-crash was followed by an initial stabilization late on Friday and consolidation during the holiday.
Bitcoin found support at $13,207 and began rising gradually from there. As Christmas Day gave way to Boxing Day, these gains are accelerating. BTC/USD is up some 10% on the day and trading at $15,550 at the time of writing.
Update: It’s already 11.5% at around $15,820. The move is gradual but persistent.
Resistance awaits at $16,302, a level that capped worked as support for the coin when it was trading in a high range last week. Looking higher, we find $18,135, that also had the same role. The ultimate line is the all-time high of $19,964, just under the magical $20,000 level.
Will bitcoin continue higher? The most popular application of the blockchain technology may also be one of the most over-inflated ones. Some 96% of economists think it is already a bubble. However, assessing when a bubble burst is a very risky game. Moves of 20% make it not so useful as a real store of value.
On the other hand, the heightened volatility certainly makes it exciting.Get the 5 most predictable currency pairs