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The price of Bitcoin (BTC) has increased by more than eight percent in the last 24 hours, while the dominant cryptocurrency has recovered to $ 4,000.
On fiat-to-crypto platforms such as Coinbase and Bitstamp, Bitcoin still has to exceed $ 4,000 but on crypto-crypto trading platforms, the price of BTC is around $ 4100.
Fueled by the BTC corrective rally, the major cryptocurrencies of the likes of Ripple (XRP) and Ethereum (ETH) recorded gains in the range of six to nine percent, with the rebound of Ethereum to $ 115.
The cryptocurrency market added $ 11 billion to its valuation and tokens such as VeChain (VET), 0x (ZRX) and Zilliqa (ZIL) reported gains of around 15-20%.
Ready for the complete inversion?
On 27 November, before the 8% increase in the price of BTC, Crypto Rand, a major cryptocurrency operator, said that, based on the daily closure of Bitcoin, the business could suffer a & # 39; inversion of short-term trend.
"Keeping a close eye on Bitcoin's day-to-day closure, I'm trying to print a bullish hammer that could lead to reversal," said the analyst at the time.
Since then, the price of Bitcoin and its volume has increased significantly, bringing the daily volume of the rest of the market from around $ 12 to $ 18 billion.
As Bitcoin ended the day with a positive short-term movement and a corrective rally, the analyst added:
"Bitcoin's daily bullish hammer in play, the first inversion signal for weeks."
Keeping eye on the daily closing of #Bitcoin.
– Crypto Rand (@crypto_rand) November 27, 2018
On Tuesday, Don Alt, a technical cryptocurrency analyst, echoed a similar sentiment, stating that BTC is in a prime position to engage in a positive short-term move.
"Constant bounce on a strong demand area, if it fails I expect a very violent move, if so, we will probably climb the stairs, I'm scalping the small TF based on this, it should soon breakout otherwise the bulls are in trouble."
Currently, Bitcoin is faced with a higher resistance level of between $ 4,100 and $ 4,200. A breakout of $ 4,150 could signal a complete turnaround for BTC after weeks of downward movement. But, based on the timing and past performance of good over the last two weeks, the sudden rupture of large levels of resistance remains a challenge for BTC.
Be aware of tokens
Most of the small cap tokens on the market showed rather high gains compared to the US dollar, as the price of BTC showed some momentum.
However, tokens decrease from 30 to 50% on average against BTC and during a period when the US Securities and Exchange Commission (SEC) is accelerating its investigation into dozens of initial coin-offering projects (ICOs) that are generally considered as securities, tokens present a high risk and low remuneration opportunity.
Several tokens, including Zilliqa, which are anticipating completion of major network updates and improvements in the coming weeks, have increased in value compared to most large-scale cryptocurrencies.
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