The balance of supply and demand determines the price of an item. The last few months have seen an increase in corporate demand for BitcoinBTCA powerful bull ran. This trend of growth will continue until demand exceeds supply.
Displays two on-chain data Extraction This week, Coinbase Pro’s over 12,000 of each Bitcoin is a shortcut to the 28,000 Bitcoin made in November. This has been the case since the recent protests over Bitcoin, as demand from corporate investors has been in Iran in the long run.
Meanwhile, Mexico’s second richest man, Ricardo Salinas Pliego; He said In an interview with Cointelegraph, his best investment in Bitcoin, Salinas owns about 10 percent of his stake in Bitcoin and is not in a hurry to sell it because he does not want it. To sit for another five to ten years.
Institutional Investor Demand and HODLing Raise Bitcoin Market Capital $ 500 billion For the first time. It also increased Bitcoin’s market share by more than 70.5%.
But at some point, the cash will stop flowing into Bitcoin and can cause a correction or consolidation. Traders can then focus on picking up accelerated altcoins.
Let’s take a look at a list of the top five cryptocurrencies that can be assembled in the next few days.
BTC / USD
A pair of BTC / USD gains continues to rise for traders waiting outside to fall. Institutional investors; Enthusiastic traders and speculators also joined the party, which maintained vigor.
However, the current growth rate is not sustainable. Today, long incandescent lamps can be highly profitable to pre-order. Even if growth continues, the pair could be sold again near the $ 30,000 mark.
If it goes up, short-term traders can quickly reach the exit and fall back to the 20-day moving average ($ 22,613). If this support is available, Couples can try to repeat the uptrend.
Breaking below the 20-day EMA can fetch a price tag of $ 20,000. Therefore, traders can avoid rising prices.
The four-hour chart shows the undecided shape of a doji lamp between a cow and a bear. Uncertainty is heading down, but the long tail on the lamp is less in demand. This means that traders are buying every small drop.
If cattle fail to drive more than $ 28,419.94, sales could continue and the price could drop to $ 25,446 on the 20-EMA. It also points to a possible correction to the overbought level on the relative strength index.
A limit under the support of 20-EMA and $ 24,302.05 will indicate a weak momentum.
LTC / USD
On December 23, traders saw a 20-day EMA ($ 105) drop in 20 days. Litecoin (LTCOn December 24, the bullish momentum picked up momentum after a significant recovery and bulls pushed prices above the $ 128.12 to $ 124.12 overhead resistance zone.
The immediate target is $ 145. But if the cows are not allowed to fall below $ 124.1278, The competition can be up to $ 180. Rising moving averages and RSI bulls in overbought zones are recommended to be controlled.
If the LTC / USD pair deviates from current levels or overhead resistance and falls below the 20-day EMA, this bullish view will be reversed. Such a move would indicate that traders are not buying.
The 4 hour chart is rising with both RSI in moving averages and positive neighborhoods. But as the bulls were resisting nearly $ 136, the pace slowed.
If the bulls can not keep their price below 20-EMA, the pair could aim for $ 145. However, if the price falls below the current levels of $ 118.6497 and is lower than the simple moving average of $ 50, a deeper correction would be recommended.
BCH / USD
Bitcoin Cash (BCH) Over the past few days, it has repeatedly tried to break the $ 353 overhead resistance above. The bulls pushed the price above the $ 353 mark twice on the oval mark but failed to maintain the high level.
This indicates that traders are actively selling any gains above $ 353. On the plus side, cows are falling below $ 280 and are trying to get their current price above $ 353.
If they succeed, the BCH / USD pair could start the journey to $ 500. This can prevent the target from being directly aligned. Because the wolf will try to stop the march again for $ 409 and $ 430. If you minimize both of these steps,
High moving averages and RSIs above 61 suggest that cows are above.
The four-hour chart shows that it is currently trading between $ 255 and $ 370. Cattle are currently trying to drive prices above the resistance level above $ 353 to $ 370.
If they succeed, the couple could start their $ 485 uptrend. The moving average has really accomplished the pros and cons. RSI is in positive territory.
However, if the price drops again from the current level or $ 370, the pair may remain within that range for a few more days.
XMR / USD
At the furnace on December 23, traders show a pre-profit booking after Monero.XMR) $ 167, hit the target of the breakout from the reverse head and shoulder shape.
On the positive side, on December 24, the cows fell to a 20-day EMA ($ 151). The RSI says the outlook is positive in the fast-moving moving averages and the positive zone.
Today, the long-tailed cows on the lanterns show that they are making purchases. If they can keep the price above $ 170, the XMR / USD pair will fall below the $ 1,900 preference resistance.
If the price falls below the current level and falls below the EMA within 20 days, this positive view will be shattered. Such a move could signal a deeper correction to $ 135.50.
The four-hour chart shows the pair trading on a rising channel, but the cows could not push the price to the top half. The couple usually goes down the middle lane.
This suggests that short-term traders are making profits at intermittent levels. If the cows push the price above the middle of the channel. If maintained, the couple could be drawn to the channel’s resistance line.
On the other hand, the support of the line can signal possible changes in the short-term and long-term path described below the line.
In the last few days, THETA has accelerated vertically and pushed the RSI into overbought territory. As you can see from the sharp fall, this is corrected
However, if the price falls below $ 3.2.2% below the Fibonacci record of $ 3.321994 and is not sustainable, traders will be advised to continue buying the decline as they look for a further rally.
If the cows can fetch more than $ 1,742, the THETA / USD pair can move up to $ 2.40 for $ 2.
Contrary to this vague assumption, if wines fall below $ 50% of the Fibonacci character below $ 1.18957, it will weaken the momentum.
The four-hour chart shows that the cows are trying to defend against the current E-20 EMA. If the couple jumps back to this stage, the cows will try to climb up. The RSI in the high moving average and positive area indicates that the cows are under control.
Contrary to this belief. If they break below the 20-EMA, it will suggest short-term momentum. This could reduce the price to another supply at the 50-SMA.
The views and opinions expressed herein are those of the author and are not necessarily those of the Cointelegraph. Every investment and trade activity involves risk.