- Bitcoin leads market recovery to achieve February 2019 highs at $3,816.
- Bitcoin leaves stubborn resistance behind as buyers set eyes on $4,000.
The cryptocurrency market is on the rise on Monday following the bullish wave that swept across the universe during the Asian trading hours on Monday. Bitcoin is trending 5.2% to the north and has already broken past the critical resistance at $3,800 for the first time in February 2019. In fact, a monthly high has been formed at $3,816.19.
Although Bitcoin price formidable gains are a great addition to the market, the majority of the digital assets are also breaking key barriers to the upside. Ethereum, for instance, is on the verge of correcting above $150 after adding over 9% to its value on the day. Ripple is up 4.7% to trade at $0.319, Bitcoin Cash is flirting with $133 following an 8.59% while EOS is up 12.12% to trade at $3.25.
According to the confluence detector technical levels, Bitcoin has corrected above the colossal confluence of hurdles. The way things stand now, Bitcoin journey to $4,000 will meet slight resistance at $3,848.08 as observed by the 61.8% Fibonacci retracement level 1M which also the previous high on the 1-hour timeframe chart. If bulls manage to overcome the bears at this level, the price must zoom past the next resistance at $3,926.89 (Pivot Point 1 Month R1) in order to test $4,000 and open the door for a correction towards $4,200 (ultimate resistance in the medium-term).
On the flipside, all the stubborn resistance levels have been turned into incredibly strong support levels, see confluence levels below.