December has proven to be another popular month for Bitcoin as the influx of institutional investors into Bitcoin continues to grow.

Business research firm MicroStrategy announced that it has raised $ 650 million in convertible bonds at a rate of 0.75% due to 2025. The company now plans to invest net proceeds in bitcoin after identifying “working capital requirements and other general business goals.”

When institutional investors show such a strong desire to buy bitcoin (BTC) near all-time highs, it should come as no surprise that the adjustments are smaller.

Institutional investors are concerned about “the coming inflation and inflation plague with all the printed money and incentives associated with ending the COVID-19 pandemic,” Tyler Winklevoss said in a recent interview with CNBC. That is why they invest in bitcoin.

Bitcoin is back above the $ 19,000 level today and can challenge the psychological resistance of $ 20,000. If this level is broken drastically, it could trigger FOMO among dealers, as not many have participated in today’s rally.

If money from retail investors begins to flow in, Bitcoin may pick up steam and begin the next phase of the bullish move.

Apart from bitcoins, there are several cryptocurrencies that can participate in the rally next week. Let’s explore the 5 best cryptocurrency charts to identify critical support and resistance levels to look for.

Bitcoin / US dollars
Bitcoin closed below the 20-day exponential moving average ($ 18,435) on December 10 and 11. However, the long tail on the candlestick on December 11 shows that the bulls bought the decline, instead of panicking and lowering their positions.

The price rose above the 20-day moving average on December 12, and this should have blocked some of the bears that have sold in recent days in anticipation of a sharp decline. These card sales and bullish buys pushed the price across the downward channel today.

The price reached the upper resistance zone again between $ 19,500 and $ 20,000. If the bulls manage to push the price over this area, the next step in the trend can begin.

Conversely, if the price falls again from the current level and falls below $ 17,500, it may indicate a short-term peak. Such a move could push the price to the next support level of $ 16191.02.

The 20-day moving average is starting to rise and the Relative Strength Index (RSI) has jumped above the 50 level, indicating a bullish advantage.

The 4-hour chart shows a rising triangular formation that ends in a breakout and closes over the upper resistance range. This layout has a goal of $ 23,576.

However, the bears are currently trying to stop the bullish movement at the resistance level of $ 19,500. If the price falls below the current level, it is likely that the bulls will buy some fall towards the 20 EMA. A strong rebound from this support will increase the chances of a break of over $ 19,500.

This bullish sentiment will be invalid if the BTC / USD pair falls from the current level and breaks below the triangle line.

The collapse of a bullish setup blocks many aggressive bulls and can lead to panic selling. If that happens, the cards could drop to $ 16,191.02.

ETH / USD
Ether (ETH) has broken downward channel, indicating a bullish advantage. The price can now move up to the upper resistance zone between $ 622,807 and $ 635,456.

The RSI jumped from the midpoint and broke through the downward line, indicating a bullish advantage.

If the bulls manage to push the price above the resistance zone, the next step in the trend can begin. Although there may be a few stops in between, the next goal is $ 800.

On the other hand, if the ETH / USD pair swings down from the upper resistance but does not provide much support, it will be a positive sign and increase the probability of a break in the resistance area.

This trend stops if the price falls below current levels and returns to the channel. Such a move suggests that the current outbreak was a bullish trap.

The 4-hour chart shows a rising triangle formation ending at the eruption and closing above $ 622,807. Moving averages at the limit of the bullish cross and RSI in positive territory indicate that the bulls have an advantage.

Source: CoinTelegraph

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