FxWirePro: Bitcoin skyrockets with 4-months high after break out of range resistance

BTCUSD stiff resistance is observed at $4,288 level which has been decisively broken-out with intensified bullish momentum as you see both daily as well as monthly technical plotting.

As soon as the stiff resistance is broken, Bitcoin bulls take-off rallies to hit $5k upon stimulated buying sentiments across the cryptocurrency streets. 

While the intermediate trend breached below long-lasting range with the bearish EMA & MACD crossovers, but the occurrence of bullish engulfing at $4,071.70 level counters at the strong support as the current price spikes well above 21-EMAs. The recent highs ($5,106.90 level to be precise) makes it 4-months highs.

Well, predominant global financial institutions, such as JPMorgan, ICE, Nasdaq, and Fidelity have devised and pledged with their plans for the new cryptocurrency projects.

Meanwhile, numerous conglomerates are attracted towards the targeted regions such as Japan and South Korean market.

Although the cryptocurrency market established a milestone with a mammoth $815 billion valuation, we’ve seen the massive correction in earlier 2018 as the underlying price tumbled correspondingly that makes cryptocurrency weighed the $100 billion.

Currency Strength Index: FxWirePro's hourly BTC spot index is flashing at 68 (which is bullish), hourly USD is at 74 (bullish) while articulating at (12:29 GMT). 

For more details on the index, please refer below weblink: http://www.fxwirepro.com/currencyindex