The price of the Bitcoin is now again above $4,000 and after this the crypto-currency is now eyeing an upward move.
Bitcoin which is the largest crypto-currency in the world in terms of market capitalization has finally broke the level of $4,200 and reached above it on the 23rd of December before which it was trapped in a triangle that was symmetrical in shape when taking into consideration the range which was between $3,788 to $4,153.
This range was constant for a period of four days or so before the breaking out.
During the start of the day’s trading at the press time, bitcoin has escalated from $4,007 to $4,128 which was an increase of more than $100.
According to the CoinDesk which has drawn the attention to a 4-hour chart, it can be clearly seen that CMF which is the abbreviation of Chaikin Money Flow, along with CO which stands for Chaikin Oscillator, the two have turned bullish day before yesterday.
This in turn therefore signals the confirmation of the recent move of the bitcoin above $4,000.
According to the CoinDesk, the evidences of the move of the Bitcoin can also be traced on the weekly chart where the increase in the price of the bitcoin has been over and above of what it was on the 26th of November when it had closed at $4,103.
This is what has emboldened the bulls to push higher for this week as the session began yesterday.
However there has been a demonstration of a potential turnaround by the weekly because of a large bullish candle which was accompanied by the volume that is growing.
As per CoinDesk, they see that Bitcoin will experience a push above the ascending triangle. Moreover, the recovery chart also shows a bounce by the bulls.
Source: CoinDesk, Block Board
