JPMorgan strategists said in a note that the $ 100 million purchase of MassMutual Bitcoin (BTC) shows that insurance companies and pension funds are now switching to Bitcoin. According to analysts, this category of institutional investors is usually conservative in their approach to investing, so the latter allocation is very important.

However, strategists said that while pension funds and insurance companies in the US, Japan, the UK and the eurozone have 1% of their bitcoin assets, this could represent an additional $ 600 billion in bitcoin inflows.

This institutional investment may have boosted the credibility of traditional Wall Street investors who can now easily distribute a large chunk of their bitcoin portfolio.

Jim Kramer, host of CNBC’s Mad Money, said in a recent interview that he bought Bitcoin at below $ 18,000 and will continue to push downward as he wants to “diversify across all types of asset classes.”

Another long-term optimistic sign for Bitcoin is that the number of wallets containing one or more full currencies has surged to an entirely new high, according to analytics provider Glassnode. This indicates that investors are not closing their positions at times, but rather buying more and dragging bitcoins from the stock exchanges into the cold rooms.

Now that a few basic things are favoring Bitcoin and altcoins are resuming their trend, investors will be curious to see if BTC finally reaches a new permanent high above $ 20,000.

Let’s explore the top 10 cryptocurrency cards to find out.

Bitcoin / US dollar
Bitcoin (BTC) broke below the 20-day exponential moving average ($ 18,492) on December 11, but it turned out to be a bearish trap. The price soon rose above the 20-day EMA on December 12th.

The long week from Dec 13 candlestick and Doji candlestick pattern today shows that the bears are trying to protect the $ 19,500 upper resistance. On the other hand, the Bulls have not abandoned much of the country.

Bullish moving averages and a Relative Strength Index (RSI) above 58 indicate that the path to the least resistance leads to gains.

If the bulls manage to push the price above $ 19,500 towards the upper resistance zone of $ 20,000, they will complete the ascending triangle pattern with a target of $ 22,808.98.

Conversely, if the price deviates again at the current level and the bears drop the BTC / USD pair below the trendline in the triangle, a drop to the 50-day simple moving average ($ 16,888) and then to $ 16,191.02 will be on the cards.

If the price jumps out of $ 16,191.02, the pair could enter a range of several days.

ETH / USD
Ether (ETH) burst out of the declining channel on December 13, which is the first sign that the correction might end. If the bulls buy the current low before the 20-day moving average (564) and do not allow price to continue moving inside the channel, it will indicate strength.

ETH / USD is in the early stages of an ascending triangle pattern that will end on a breakout and approach the $ 622,807 mark. This bullish setup has a target of $ 763.614.

A 20-day gradual rise in the EMA and RSI above 55 indicates bulls are prevailing.

This bullish view will fail if the pair breaks the 20-day moving average and ascending triangle. Such a move could push the price towards the 50-day simple moving average ($ 501).

XRP / US dollar
The bulls failed to keep XRP above the 20-day moving average ($ 0.53) and the price fell to $ 0.485419 on December 12. Bulls are buying low and trying to keep the common currency above $ 0.50.

However, the absence of a strong bounce indicates that sellers are aggressively selling. If the price stabilizes below $ 0.4850, the XRP / USD pair could resume its correction and fall to the 50-day moving average of $ 0.41.

A gradual decline in the 20-day EMA and negative RSI territory indicate that the bears are trying to take control. These negative outlooks become invalid if the price jumps out of the current level and rises above the 20-day EMA.

LTC / USD
Litecoin (LTC) on December 11 jumped to the 50-day moving average ($ 71), and on December 13, the bulls pushed the price above the 20-day moving average ($ 78). This indicates accumulation at lower levels.

Daily chart of LTC / USDT. Source: TradingView
LTC / USD may be in the early stages of a large symmetrical triangle formation, which usually acts as a continuation pattern. Bears can defend the triangle’s resistance line and bulls can buy when the support line is weak.

Source: CoinTelegraph

LEAVE A REPLY