2020 has been forgotten for many reasons, including closures and financial constraints. The closure led to the worst economic crisis in decades. At the same time, most governments and central banks have responded with unique fiscal and monetary stimulus to revive their economies.

So institutional investors, who are worried about potential inflation – and perhaps even hyperinflation as a result – are struggling to strengthen their portfolios with assets that can protect them from a gradual decline in the value of the currency. So far, gold has been considered the best fortune, and it has not disappointed investors since it has risen almost 24% since the beginning of the year.

However, Bitcoin has seen an influx of institutional investors this year, whose returns are becoming increasingly difficult to ignore, especially compared to gold and the S & P500, as shown in the chart above. Some institutions have diversified their portfolios with bitcoins, while others have reduced their gold holdings to invest in bitcoins.

Given that Bitcoin has risen by 244% this year, the portfolios of many early investors are sure to surpass those without BTC. This trend will cause other investors to notice and increase the likelihood that the Bitcoin rally will be more resilient this time around, which could be a bullish tide that could also lift other cryptocurrencies along with it.

So let’s take a look at the long-term charts of the top 10 cryptocurrencies and identify critical levels that may represent hard resistance. Although these technical levels do not necessarily represent a peak, they can be useful for traders to make informed decisions.

Bitcoin / US dollars
Bitcoin (BTC) is in a clear uptrend and is now in the opening phase after breaking its full-time high in 2017. After the $ 20,000 resistance level was broken, the rally sharpened and pushed the relative strength index deep into the overbought zone.

History shows that deep overbought levels in the Relative Strength Index (RSI) led to a sharp correction. Thus, bears can try to push the price away from the psychological resistance of $ 25,000.

The critical level to watch out for is $ 20,000. If the bulls manage to turn this support around during the next major correction, there will be a new base. This is likely to prepare Bitcoin / US Dollar (BTC / USD) for the next phase of the uptrend.

A strong rebound from $ 20,000 will open a potential rally to $ 30,000 and then a potentially massive next $ 37,000 resistance.

Contrary to the bullish assumption, if the bears dip and keep the price below $ 20,000 during the next correction, bulls that bought over $ 20,000 may be forced to close their positions.

If this happens, the price may continue to fall to the 20-week exponential moving average ($ 15,958). The deeper the fall below $ 20,000, the longer the bullish trend will resume.

However, the current beef market shows no signs of stopping. In addition, six-digit bitcoin price forecasts for 2021 have become so popular that some traders expect “conservative” targets of $ 200,000 by December next year.

ETH / USD
Ether (ETH) is about to form a large circular pattern that will complete at the eruption and approach over $ 800. This reversal pattern has a long-term goal of $ 1500.

The bulls are currently trying to push the ETH / USD pair and keep it above the $ 625 resistance level and resume the bullish trend. However, the rally is likely to face stiff opposition in the $ 800-1000 region.

If the price drops from $ 800, the pair may get into a minor correction or consolidation within a few weeks. However, if the price stays above the 20-week moving average ($ 470), the probability of a jump to $ 1,000 is high.

The Bears will again try to stop the $ 1000 rally, but if the price does not fall below $ 800, it will increase the chances of a break of over $ 1000. If this happens, the pair should test their full-time height.

This bullish trend will disappear if the price falls and continues to move below the 20-week moving average.

XRP / US Dollar
XRP has been one of the most effective alternative digital currencies in recent months. The price currently ranges from $ 0.10 to $ 0.80. The bulls tried to push the price above $ 0.80, but to no avail. This led to a strong sale and the prize was completely won back.

Source: CoinTelegraph

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