Bitcoin (BTC) is leading the current rally in cryptocurrency. Since the US Securities and Exchange Commission has previously indicated that Bitcoin is not a security, it is unlikely that the current regulatory lawsuit against Ripple will stop the institutional flow of funds to Bitcoin.

However, some alternative digital currencies that may face the same fate as Ripple may face pressure from sellers. As a sentiment shift, retail investors can sell some of the altcoins and convert to Bitcoins.

Even retail investors who plan to use their incentive checks to buy cryptocurrency assets can choose Bitcoin over the cryptocurrency. So while XRP is facing pressure from sellers, the demand may be optimistic about Bitcoin.

Institutions donate money in Bitcoin at an unprecedented rate. Shades of Gray continued to buy and added 12,319 Bitcoins on Tuesday. This means that grayscale consumed about 44% of all recently extracted BTC in one month, or about 28,000 Bitcoins.

Bitcoin’s offer fails to meet institutional demand, and if retailers also become net buyers, the price is likely to rise further.

Let’s take a look at the maps of the 10 best cryptocurrencies and identify the most important trends.

Bitcoin / USD
In a strong upward trend, corrections usually last from one to three days. Bitcoin closed minus December 20 and 21, but the price rose on December 22, and the bulls are currently trying to resume their bullish move.

If the bulls manage to push the price above $ 24,302.50, the BTC / USD could go up to $ 26,958. Bullish moving averages and relative strength indices (RSI) near overbought territory indicate that the bulls are in control.

However, if the Bears defend their upper resistance level, the pair could consolidate in a narrow range from $ 21,934.83 to $ 24,302.50 before the next move begins.

Contrary to this bullish assumption, if the pair reverses lower and falls below $ 21,934.83, it could fall to $ 20,000. The range between $ 19,500 and $ 20,000 is critical, because if it is broken, the pair could fall to the 50-day simple moving average ($ 18,529).

ETH / USD
The bulls aggressively defend the 20-day exponential moving average ($ 603). Although Ether (ETH) rose above the $ 622,807 resistance level on December 22, the price fell again today. This indicates that demand is declining at higher levels.

However, the bulls are currently trying to defend the 20-day EMA. If successful, the ETH / USD pair can make another attempt to break over $ 640 and try again at $ 676,325.

Bullish moving averages and RSI in positive territory indicate that bulls have gained the upper hand. A break of $ 676,325 could lead to the next step in the trend toward $ 763,614.

Conversely, if the price falls below the trend line in the triangle, the pair may continue to fall to $ 540 and then $ 480.

XRP / US Dollar
The Bulls defended support from $ 0.425 to $ 0.40 on December 22, but resuming sales today broke the selection. XRP dipped below $ 0.326724 support, but the bulls may try to provide support at lower levels.

However, the 20-day moving average ($ 0.513) has been lower, and the RSI indicator has fallen near the overbought zone, indicating that the trend has reversed in favor of the bears.

Even if the price bounces from the current level, it will probably sell the bears at the rally to $ 0.435 and then the 20-day moving average.

If the price stays below $ 0.3326724, the XRP / USD pair may fall to $ 0.25. If this happens, the pair will complete 100% retracement of the last part of the move upwards.

LTC / USD
Litecoin (LTC) recovered from $ 98.40 on December 22, but the bulls failed to push the price above the $ 118,6497 resistance level. This indicates that traders are using the upside to clear their positions.

The bear will now try to push the price below the support of $ 98.40 and the 20-day moving average of $ 95. If successful, the LTC / USD pair could fall to the 50-day moving average ($ 80). This move signals a potential change in the trend from bullish to limited range.

Contrary to this assumption, if the price bounces back from $ 98.40 again, the pair may remain stuck in a tight area for several days.

Source: CoinTelegraph

LEAVE A REPLY