Breaking: Bitcoin shoots above $4,000, Ripple, Ethereum, follow

Yohay Elam FXStreet

BTC/USD is above the round number of $4,000 according to Coinbase. Other cryptocurrencies such as Ethereum and Ripple are also on the rise.

Digital coins have been recovering in recent days, with each move higher followed by a period of healthy consolidation, the mirror image of the "dead cat bounce."

XRP/USD is around 0.3775 and Etehreum, Vitalik Buterin's coin is at $107.

Here is how the move looks on the 15-minute chart. Initial resistance awaits at $4,051 which was the initial trough after the coin lost the $5,000 level. Further caps await at $4,200 and $4,400.

Cryptocurrencies suffered a significant crash on November 14th that was followed with additional sell-offs. Bitcoin fell around 50% within a month, extending the slump. The recovery began just before the first anniversary of the peak that the grandaddy of cryptos reached, on December 17th, 2017. And the healthy gains continue beyond the anniversary.

One of the reasons for the crash was the fact that the US SEC did not approve a Bitcoin ExchangeTraded Fund. An ETF approval may come in February. Such a move would facilitate the entry of mainstream money into cryptos.

Prominent Bitcoin investor and enthusiast Mike Novogratz recently said that Bitcoin has bottomed out. Other positive signs came from NASDAQ and Bakkt, which are due to launch institutional products early in 2019.

Author

Yohay Elam

FXStreet

Yohay is in Forex since 2008 when he founded Forex Crunch, a blog crafted in his free time that turned into a fully-fledged currency website later sold to Finixio.

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