Bitcoin (BTC) has given a large return from the low price in March 2020 and institutional investors are celebrating these figures. Rick Ryder, BlackRock’s head of interest rate information recently, said that bitcoin can replace gold because it is “more efficient than transferring some of the gold.”
Reviews like these are a positive sign because they show that the Bitcoin story is increasingly seen as digital gold, even among traditional investors, and is gaining more acceptance.
A new report from the crypto investment company Pantera Capital tracks the recent increase in the bitcoin price of the new crypto service PayPal. According to Pantera, the data shows that “PayPal is already buying about 70% of the new Bitcoin supply,” and the Cash App is buying the rest of 30%, leading to a real shortage of offers.
Bitcoin rejection experts have long described the asset as extremely volatile, but research from investment management company Van Eck found that around 51% of the shares in the S&P 500 are either equal or more volatile than Bitcoin for 90 days. basis.
Results such as these may attract more cryptocurrency investors if the data becomes widely known.
Investors are now wondering if the bitcoin price will reach full-time highs next week, and will altcoins follow?
Let’s take a look at the maps of the five best digital currencies to determine the path of least resistance and critical levels on the upside and downside.
Bitcoin / US dollars
On November 21, Bitcoin (BTC) formed a Doji candlestick pattern, which became a downward trend today. In a strong uptrend, corrections usually last one to three days, then the trend continues.
A strong bounce from low days of the day indicates that buyers are building on every dip. If the bulls can now push the price above $ 18,695.75, it is possible to meet to a full-time high.
If buyers manage to push the price above $ 20,000, the BTC / USD pair could take hold and form an explosive peak.
It should be noted that BTC / USD has not undergone a significant correction since it started the current part of the rally of $ 10,500.
The price has not even returned to the 20-day exponential moving average ($ 16,493) since October 8, indicating a buying incentive.
If the pair falls below the current level and falls below $ 17,629, the decline could extend to the 20-day moving average. Bulls are likely to buy close to this support as the trend is still strong.
4-hour BTC / USD chart. Source: TradingView
The relative strength index (RSI) on the 4-hour chart has formed a bearish divergence, which is a negative signal. However, the bears’ failure to keep the price below 20-EMA indicates a strong bullish gain at lower levels.
If the bulls manage to keep the price above the downward line, a reconsideration of the total resistance of $ 18,965.75 is possible.
On the other hand, if the price falls below the current level and falls below $ 17,600, the probability of a breach below $ 17,200 will increase.
ETH / USD
Ether (ETH) gained momentum on November 20 after accumulating over the top resistance of $ 488,134. The largest alternative currency soon closed and climbed today to a daily high of $ 561,223.
The Bitcoin correction also led to gains on the ETH / USD pair today, but the long tail of the light shows strong purchases at a low level.
If the bulls manage to push the price above $ 561,223, the trend can resume with the next target of $ 625. Bullish moving averages and RSI in the overbought zone indicate that the bulls are in control.
This bullish view will be refuted if the bears manage to push the price down to a low intraday of 511,769 dollars. Such a move could attract big sales and increase the likelihood of a break below the key support to $ 488,134.
The 4-hour chart shows that the bulls bought the decline against the 20-EMA. They will now try to push the price above the general resistance. If they succeed, the trend can continue.
Conversely, if the price falls below the current level or upper resistance, the bears will try to flood the pair below 20-EMA. If that happens, the decline could extend to the important support of $ 488,134.
XRP / US Dollar
XRP rose 40.48% on November 21st. This sharp increase indicates that traders bought in a panic over FOMO. But as the birds of prey begin to grow, it usually indicates that the Taurus scene has entered its final phase.
The psychological level of $ 0.50 today attracted traders to make a profit, and the price retreated above the 38.2% Fibonacci retracement level of $ 0.393344.