- The path to $5,000 will be an uphill task for Bitcoin.
- Bitcoin Cash is still at the forefront of the recovery in the market.
It is clear that the bulls are here to stay. It seems that “Santa Claus” made an early visit to a market that has been in shambles for at least two months now. After the assets refreshed the 2018 lows, they have witnessed a significant bounce since the start of this week. As mentioned yesterday the market has increased significant from the $100 billion recorded on December 15 to current $135 billion at the time of writing.
Bitcoin price stays within the rising channel
As predicted using the confluence detector tool yesterday, the path to $5,000 will be an uphill task for Bitcoin. However, it was incredible to see Bitcoin break above $4,000 resistance level. In fact, the asset formed highs close to $4,200 before correcting lower towards the close of the session on Thursday. The Asian trading hours have seen Bitcoin recover from the channel support around $3,900. BTC/USD is currently dancing within the resistance and support of the rising channel. The momentum has slowed down, besides the current trend is slightly bearish as BTC/USD heads towards the short-term support at $4,000.
BTC/USD 1-hour chart
Bitcoin Cash price skyrockets above $200
Bitcoin Cash is still at the forefront of the recovery in the market. The asset has increased 64.9% since it explored the annual lows around $73.00. Besides, at the time of writing Bitcoin Cash is still recording strong double-digit gains on the day. In addition to that, Bitcoin zoomed above $200. The momentum this crypto has appears to be unstoppable. The buyers have $250 insight while $300 is within reach in the medium term. Since the RSI retreated from the oversold on Monday, the indicator has maintained an upwards trajectory within the oversold region. The same reflected by the MACD on the 4-hour chart.
BCH/USD 4-hour chart
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