Crypto traders and investors received an early Christmas present today as the price of bitcoin (BTC) crossed the $ 20,000 psychological threshold for the first time in history. Today’s breakout is just as important as it heals the scars of traders who may have bought right at the top in 2017 and still have their positions today.

The current bullish trend in Bitcoin is related to institutional adoption. The most recent institutional investor to announce its position in Bitcoin is UK investment manager Ruffer Investment Company Limited.

As with most institutional purchases this year, Raffer said they bought bitcoin as “insurance against the continued depreciation of the world’s largest currencies.”

Institutional participation was so high that a poll by Bank of America Global Fund Director Merrill Lynch found that respondents believed Bitcoin was the third busiest deal behind tech stocks and US dollar short positions.

Institutional investors continued to pour bitcoin as it outperformed most major asset classes by a wide margin. Hence, institutional investors who join the Bitcoin party early on are likely to make huge profits, and their portfolios outperform other fund managers who only own the old markets. As Bitcoin continues to attract more and more investor interest, curious clients may force more institutions to donate some of their money to BTC.

Now that Bitcoin has resumed its uptrend, let’s analyze the charts of the top 10 cryptocurrencies to determine the bullish trend targets.

Bitcoin / US dollar
Bitcoin (BTC) rallied above $ 20,000 with a strong breakout. This indicates that many traders missed the $ 20,000 psychological round after the breakup.

Any resource that creates a new all-time high has a strong uptrend. BTC / USD completed the ascending triangle pattern by targeting $ 22,808.98. If this level is also exceeded, the pair could reach $ 25,000.

The Relative Strength Index (RSI) has not yet reached the overbought zone, indicating that there is room for the bitcoin / dollar pair to rally before the markets overheat in the short term.

Typically, after each breakout, the price drops and retests the breakout level. If the bulls buy this fall, the level will be new. In this case, if the bulls reverse to the $ 19,500 level to support them, the trend will remain unchanged.

This bullish sentiment expires if the price reverses and falls below $ 17,500.

ETH / USD
ETH rallied today and reached the upper resistance zone between $ 622,807 and $ 635,456. If the bulls manage to push the price and hold it above the range, they will complete the ascending triangle pattern with a target of $ 763,614.

Bullish moving averages and RSI above 61 indicate that the path to least resistance is upward.

Contrary to this assumption, if the price falls below the current level or fails to stay above the resistance zone, it could fall to the 20-day exponential moving average ($ 572). A strong bounce off this support could keep the trend going.

However, if the bears drop the price below the 20-day moving average, this would indicate that traders are taking profits at higher levels. Such a move could keep the ETH / USD pair within reach for several days.

XRP / US dollar
XRP found strong buying support at $ 0.435420 on Nov 26, and the bulls bought a fall to that critical level again today, sparking a strong recovery.

The 20-day stable EMA ($ 0.530) and the RSI near the midpoint indicate a balance between supply and demand. However, the bears are unlikely to give up so easily. They will try to stop the current recovery on the downlink.

If the price falls from the descending line, the XRP / USD pair may fall to the 50-day simple moving average ($ 0.42). This is the last support because if it breaks, the next stop could be $ 0.326.

However, if the bulls can push the price and keep it above the downtrend, the pair could rise to $ 0.60.

LTC / USD
Litecoin (LTC) trades in a large symmetrical triangle. The bulls defended the 20-day moving average ($ 80) on December 14-15, which could have attracted buyers, and today the price has risen to the resistance line in the triangle.

Source: CoinTelegraph

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