Cryptocurrency market update: Bitcoin break above $4,000 impends, Ethereum stays in the green

The general market is in the green at the time of press. The market has been correcting significantly higher since the week started. Investors are finally seeing the light at the end of the tunnel. The Christmas break is finally here and most experts that the market will slow down as people take vacations for the celebrations. However, the market could continue recording gains like what happen last year in December where Bitcoin price hit its all-time high.

Experts like Mike Novogratz, a former official of the global financial giant, Goldman Sachs said earlier this week that he believes that Bitcoin has come to the end of its losses. He further added that investors can expect Bitcoin to stay in the range between $3,000 and $6,000.

Bitcoin price technical picture

At press time, Bitcoin is trading at $3,730 with gains in the excess of 1.29% on the day. The asset began the upward correction alongside other cryptos on Monday. The gains came after Bitcoin refreshed 2018 lows with a dip around $3,100. This trip downstream poked the sleeping bulls who woke up with an intention to revenge following declines that dominated the market foe over one month.

Bitcoin has been trading higher lows and higher highs within a rising channel in the 1-hour timeframe chart. As discussed in the cryptocurrency market update yesterday BTC/USD broke above $3,800 resistance before coming to sudden halt short of $3,900. A retracement occurred breaking below the channel support. The declines have been supported above the 50 SMA while Bitcoin price is reclaiming position in the rising channel. Further correction towards $4,000 is expected before the week trading sessions begin.

BTC/USD 1-hour chart

Ethereum price technical picture

Ethereum has also been on an upswing move since the week started. After exploring lows towards $80.00 the asset has gained ground above $100. Besides, the asset stepped above $110 yesterday before trimming the gains. The support at $100 was instrumental in stopping declines during the correction towards the end of the session on Wednesday. The price is currently heading for $110 although it is dancing at $107. The price has added more than 7% on the day in addition to trading above the simple moving averages. The trip upwards will remain uninterrupted above $110 as the buyers eye $120 in the short-term.

ETH/USD 15’ chart