The supply and demand equation determines the price of an asset. In recent months, the increase in institutional demand for bitcoin (BTC) has resulted in a sharp increase in the rally. This upward trend can continue as long as demand does not exceed supply.

The chain data shows two withdrawals of over 12,000 bitcoins each from Coinbase Pro this week, just below the 28,000 bitcoins that were mined in November. This indicates that the demand from institutional investors remains unchanged even after Bitcoin’s last rally, as they are optimistic in the long run.

Meanwhile, Mexico’s second-largest man, Ricardo Salinas Bleigo, told the Cointelegraph that Bitcoin was “his best investment in history.” Salinas owns about 10% of the floating bitcoins portfolio and is in no hurry to sell because he wants to “sit for another five or ten years.”

See encrypted market data daily. Source: Coin360
Due to strong demand and circulation from institutional investors, the market value of Bitcoin exceeded $ 500 billion for the first time. It also cemented Bitcoin’s dominance of the market to over 70.5%, indicating that cash flow was primarily in Bitcoin.

However, at some point, new money will stop flowing into bitcoins, and this may lead to an adjustment or consolidation. Traders can then turn their attention to specific alternative currencies that can gain traction.

Let’s take a look at the maps of the five major cryptocurrencies that may rise over the next few days.

Bitcoin / US dollars
The Bitcoin price broke the total resistance of $ 24,302.50 on December 25 and resumed training. The break is aimed at $ 28,664.04, and today the price reached a daily high of $ 28,419.94.

BTC / USDT daily chart. Source: TradingView
The ongoing BTC / USD pair rally attracted traders standing on the sidelines to enter. Institutional investors, traders and speculators have also joined the party, which has retained its potential.

However, the current growth rate is not sustainable. The long week in the light of day indicates profits at higher levels. If the trend continues, the pair may face sales again close to the $ 30,000 mark.

If the trend stops, short-term traders may be confused, and this could push the price back to the 20-day exponential moving average ($ 22,613). If this support continues, the couple may try to resume the trend again.

On the other hand, a break below the 20-day moving average could bring the price back to critical support of $ 20,000. This way, traders can avoid chasing higher prices.

4-hour BTC / USDT chart. Source: TradingView
The 4-hour diagram shows the formation of a doji candlestick, which indicates a turn between oxen and bear. Although the uncertainty is reduced to the downside, the long tail of the light shows to buy at lower levels. This indicates that traders are buying on every little dip.

However, if the bulls fail to push the price above $ 28,419.94, sales may continue, and this could push the price down to 20-EMA to $ 25,446. Overbought levels of the RSI also indicate a possible correction.

A break below 20-EMA and support of $ 24,302.50 will indicate weak speed.

LTC / USD
In a strong uptrend, traders usually buy fall to the 20-day moving average ($ 105), and this happened on December 23rd. Litecoin (LTC) recovered strongly on December 24 and gained traction after bulls pushed the price above the upper resistance range of $ 118.64 to $ 124.12.

Daily chart of LTC / USDT. Source: TradingView
The immediate goal is $ 145, but if the Bears do not allow the price to fall and continue below $ 124.1278, the rally could continue to $ 180. The bullish moving average and RSI are in the overbought zone, indicating that the bulls are in control.

This bullish sentiment will be invalidated if the LTC / USD reverses from current levels or general resistance and falls below the 20-day moving average. This move assumes that traders do not buy in times of recession.

4-hour chart LTC / USDT. Source: TradingView
The 4-hour chart also shows an upward trend, with moving averages sloping and RSI in positive territory. However, momentum weakened when the bulls met resistance around $ 136.

If the bulls do not allow the price to stay below 20-EMA, the pair may reach the target and reach $ 145. However, if the price falls below the current level and breaks through $ 118.6497 and the 50-day SMA, it would indicate a deeper correction. have begun.

BCH / USD
Bitcoin Cash (BCH) has repeatedly tried to break the upper resistance level of $ 353 in recent days.

Source: CoinTelegraph

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