Bitcoin price reached a new high on December 1, surpassing $ 19,982. This is an important development as it proves that the 2017 march outperformed fundamentals, not bubble. Usually, when a bubble bursts, the price travels through the upper layer below the bubble for several years.
For example, after peaking in the Japanese stock market in 1989, this bubble has not yet been overcome. Likewise, silver peaked at around $ 50 an ounce in 1980, and price only approached that level in 2011. The Nasdaq index peaked under the dot-com bubble in 2000, and was only able to break it in 2015.
Now that it is determined that Bitcoin (BTC) has not been in a bubble, the next question on traders’ minds is: How high can the price of BTC go?
Daily performance in the cryptocurrency market. Source: Coin360
Some analysts forecast target levels based on their assumptions and calculations. However, traders should not stray from higher targets as strong trends are seeing nervous corrections. Entrepreneurs should strive to trade with the bigger trend because it turns out to be profitable overall.
The growing interest from institutional investors indicates that this trend is still going strong. According to reports, it took just three investors to raise $ 150 million in two separate cryptocurrency funds from the New York Digital Investment Group. Although the basics are compelling, can technology support more meetings?
Let’s analyze the top 10 cryptocurrency cards to find out.
Bitcoin / USD
Bitcoin (BTC) reached an all-new high on Dec. 1 and quickly reversed the trend, indicating earnings are ranked at higher levels. However, the long tail of the day’s candle shows that the feeling is still autumnal because the bulls bought the day of the fall.
Both moving averages are sloping higher, and the Relative Strength Index (RSI) in positive territory indicates bulls have an advantage. Buyers will now try to push the price above the $ 20,000 psychological resistance.
If they succeed, the momentum could rise and the BTC / USD pair could reach $ 22,727, then $ 25,000.
However, if the price reverses from the $ 19,500 – $ 20,000 resistance zone, this indicates that the bears are selling aggressively at higher levels. In this case, the pair could hold for several days before trying to resume the trend.
The first sign of a breach of bullish momentum would be a drop below the 20-day exponential moving average ($ 17.723). The profit will be transferred to the bears if the pair falls below $ 16,191.
ETH / USD
Ether (ETH) broke the $ 622,807 resistance and reached an intraday high of $ 635,456 on Dec 1. However, the bulls were not able to withstand the outbreak and could catch many aggressive buyers that were rushing to close their positions.
That brought the price back under $ 600. Higher moving averages and RSI in positive territory indicate bulls are in power.
However, a doji candlestick pattern today indicates hesitation between bulls and bears. If the bulls push the price out of its upper resistance zone, the next stage of the $ 800 trend might be at stake.
Contrary to this assumption, if the bears push the price below the 20-day moving average ($ 535), it might drop to $ 488,134.
XRP / US Dollar
On November 30th, XRP closed above the 61.8% Fibonacci retracement level at $ 0.649138, but the bulls were unable to capitalize on this strength. This indicates that bears are sold in groups.
XRP / USD fell sharply on December 1, but the long tail of the candle shows buying at lower levels. When he sells bears at meetings and buys the bears on dips, this is an early sign of a streak forming.
Today the pair has formed a candlestick pattern, indicating hesitation among the bulls and the bears regarding the next directional move.
If the bears push the price below $ 0.565, the 20 day moving average might fall ($ 0.50). However, if the bulls push the price above $ 0.68, the pair might fall to $ 0.780574.
LTC / USD
Litecoin (LTC) fell from resistance at $ 93.9282 on Dec 1, but in a positive sign, the bears are buying, as they fell below $ 84.3334. This indicates that the feeling is positive.
Moving averages and RSI rising above 61 indicate that the bulls are in control. If price stays above $ 84.3334, the bulls will make another attempt to remove the upper resistance.