Over the past 24 hours, Bitcoin (BTC) has reached an intraday high of $ 18,466.14, which is about 8% below the magic $ 20,000 mark that many traders see.

However, investors in several countries such as Russia, Argentina, Brazil and Mexico have already seen their bitcoin holdings reach a whole new level in their home currency. Even Bitcoin’s market value has reached a new record high and exceeds the full – time high established in December 2017.

With institutional investors finally arriving in flocks, it seems only a matter of time before Bitcoin finally breaks through $ 20,000 and sets a whole new height.

Ricardo Salinas Bleigo, the second richest man in Mexico, recently announced that he has invested in digital assets, on the list of notable billionaires who own bitcoin. In accordance with Pliego, 10% of the liquidity is held in Bitcoin.

Even existing investors have added to their holdings. Galaxy Digital Chairman and CEO Mike Novogratz recently said he has bought more Bitcoin for $ 15,800, and expects an increase to $ 65,000. Novogratz believes that “the network effect has taken hold” and with “tons of new buyers” coming in , the limited offer will not be enough.

The steady influx of institutions has sent Bitcoin holdings to invest in grayscale to more than 500,000 Bitcoins. An annual survey by the company revealed that around 38% of respondents have bought Bitcoin in the last four months. 63% of these investors said that the Coronavirus pandemic was the most important factor influencing their decision to buy bitcoin.

Following the sensational rally today, many investors are looking for hints as to whether Bitcoin will continue its bullish trend or correct sharply from the current level.

Let’s analyze the 10 best cryptocurrencies to see which project are the drawings.

Bitcoin / USD
Bitcoin (BTC) momentum has been very strong over the last two days, and while many investors thought that $ 17,200 would be a big resistance, the price easily crosses it.

However, the cryptocurrency has been working hard since the beginning of October and may get tired soon if it continues to move at today’s pace.

If it takes a breather to regroup and then resume the trend, it will be positive as each current rally has a longer stay. The price is currently shaped by the Doji candlestick, and this indicates a hesitation between the bulls and the bears.

If the price corrects a 20-day exponential moving average ($ 15,528), which is above the 38.2% Fibonacci retracement level, it can be considered a healthy sign.

Even if the price is not right, a limited target between $ 16,500 and $ 18,500 will be positive.

Contrary to this assumption, if momentum pushes the BTC / USD pair to new highs without any retreat, the ability to maintain record highs will be reduced. At that time, the correction can be drastic as there is not much support before $ 12,500.

The Relative Strength Index (RSI) has been trading between 70 and 84 for about a month, indicating that the trend is strong but also over-extended. Therefore, at the risk of losing part of the rally, traders should keep their greed in check and trade with appropriate stop loss.

ETH / USD
Ether rose slightly above the general resistance at $ 488,134 today, but the bulls failed to sustain the break. This indicates that the bears are aggressively defending the upper resistance.

However, if the bulls do not allow the price to fall below the 20-day EMA ($ 442), they will suggest an accumulation at lower levels. If the price is consolidated close to the general resistance, it will increase the probability of a break above it.

If the ETH / USD pair exceeds $ 488,134, the rally could stretch to $ 520, then $ 550.

On the other hand, if the bears lower the price below the moving average of 20 days, it will indicate weak speed. A breakout below the 50-day SMA ($ 399) will tip the odds in favor of the Bears.

XRP / USD
XRP reached its first target of $ 0.303746 on November 17, and it appears that short-term traders are making profits at this level, as evidenced by the sharp correction today. However, the bulls are trying to stop the slide at the 50% Fibonacci retracement level of $ 0.278123.

If they succeed, it is likely that you will try again to push the price above the $ 0.308176 resistance. The next level where the bears can shoot hard again is $ 0.326113.

Bullish moving averages and RSI near overbought territory indicate that bulls have the upper hand.

Contrary to this assumption, a decline will occur if the XRP / USD pair falls below $ 0.278123.

Source: CoinTelegraph

LEAVE A REPLY