The return of Bitcoin to the $ 19,000 range could boost sentiment in the market. This ascent will cause the price of some altcoins to rise. December was a more productive month for Bitcoin than in previous months. Because the entry of corporate investors to buy bitcoins and increase funding continues to grow.
Smart trading company MicroStrategy has announced that it has raised $ 650 million worth of convertible bonds at a rate of 0.75% to fund 2025. The company now plans to invest its net profit in bitcoin after identifying working capital needs and other public objectives.
In a recent interview with CNBC, US investor Tyler Winklevoss said institutional investors were concerned about inflation emerging from money printing and stimulus due to restrictions and quarantines imposed because of the COVID-19. Hence, they have saved a lot of money to inject Bitcoin. If the assets of micro-investors also get in the way, the rise in the price of bitcoin could accelerate and start the next uptrend.
Along with bitcoins, there are a few altcoins that will be accompanied by the acceleration of bitcoin prices next week. In the following chart, we will examine the five cryptocurrencies selected this week and their support and resistance levels.
What does the Bitcoin chart show?
On December 10 and 11, the price of Bitcoin closed below the 20-day moving average (EMA-20). On December 11, the candle shows that bulls have been buying bitcoins quite cleverly when prices fell.
The price has re-entered the resistance area of $ 19,500 to $ 20,000. If the bulls manage to keep the bitcoin price above this range, then the next stage of the uptrend will begin.
What does the Ethereum chart show?
The Ethereum breaks the descending canal upwards, and this is entirely to the benefit of the bulls. The price of this currency can rise to $ 622 and then $ 635, which is the next resistance area. If the bulls can push the price above this resistance area, the next round of climbing will begin.
Although there are obstacles along the way, the next target for ETH will be $ 800. On the other hand, if the price of Ethereum falls below the resistance level but does not fall, it can be a positive sign of the possibility of failure of this resistance level.
What does the Monero chart show?
On December 7, Monero completed a reverse head and shoulder pattern, but the bears quickly pulled it below the neckline. Of course, the bulls were able to push the XMR up to above the EMA-20 level of $ 135.5 by aggressively buying at any sudden drop in price and support.
The RSI is above level 66 in favor of the bulls. The main target of this bullish failure is $ 167. Bears, however, may have other plans and defend the $ 150 psychological level. If the price falls below this resistance but finds support at $ 135.5, it indicates that the bulls are filling their basket at lower levels.
What does the XEM chart show?
On December 12, the price of XEM had a rise to touch $ 0.2768. The bears are trying to stop this upward movement at its resistance level. The support of the bulls is sufficient, and the price does not fall. It shows that the traders are not in a hurry to withdraw the profit, and this can keep the price of this currency close to the resistance above its head.
What does the AAVE chart show?
AAVE Token is trading in an uptrend channel. On December 8, the price of AAVE fell from $ 95 above the resistance level, but bulls have been buying up to EMA-20 in every price drop. The chart shows that the price correction trend is probably over, and the bulls have regained control. The first goal will be to touch the price of $ 95 again.