December 15 BTC, ETH, XRP, LTC, BCH, LINK, ADA, DOT, BNB and XLM Price Analysis
The price of Bitcoin regained the $ 19,000 level and continued to trade in a range, giving altcoins the opportunity to rise steadily.
Strategists at JPMorgan noted that MassMutual’s $ 100 million acquisition of Bitcoin (BTC) shows that insurance companies and pension funds are now embracing Bitcoin. Typically this class of institutional investors are conservative in their own investment style, so the final allocation is significant, according to analysts.
However, strategists said that even if pension funds and insurance companies in the US, Japan, the UK and the Eurozone hold 1% of their assets in Bitcoin, this could mean an additional inflow of about $ 600 billion into Bitcoin.
These investments by institutions may have increased the confidence of traditional investors on Wall Street who can now easily allocate a larger portion of their portfolios to Bitcoin.
CNBC Mad Money host Jim Cramer explained in a recent interview that he bought Bitcoin at drops below $ 18,000 and would continue to add in declines as he wants to “diversify every type of asset class.”
Another long-term bullish sign for Bitcoin is the rise in the number of wallets containing one or more cryptocurrencies to an all-time high, according to glassnode, the analytics source on the chain. This suggests that investors are not closing their positions at an all-time high, but are buying more and pulling their Bitcoins from exchanges into cold wallets.
Now that several key factors have helped Bitcoin and altcoins continue their upward trend, investors will wonder whether BTC will eventually catch up with its all-time high of over $ 20,000.
Let’s look at the charts of the top 10 cryptocurrencies to find out.
BTC / USD
Bitcoin (BTC) fell below its 20-day exponential moving average ($18,492) on December 11. But the development was a bear trap. The price rose rapidly, rising above the 20-day EMA on December 12.
The long wick on the December 13 candlestick and today’s Doji candlestick formation indicate that the Bears are trying to maintain the overall resistance of $ 19,500. The positive, however, is that the Bulls have not given up much ground.
Rising moving averages and the Relative Strength Index (RSI) above 58 indicate that the lowest path of resistance is in the upward direction.
If the Bulls can move the price above $ 19,500 into the general resistance zone of $ 20,000, it will complement a rising triangle model with a price target of $ 22,808.98.
Conversely, if the price declines again at current levels and Bears pull BTC / USD parity below the Triangle’s trend line,there will be a drop to the 50-day Simple Moving Average ($16,888), followed by $ 16,191.02 on the cards.
If the price returns at $ 16.191.02, the pair may enter into action depending on the price range of several days.
ETH / USD
Ethereum (ETH) dropped the channel on December 13. This exit is the first sign that the fix may be over. If the Bulls buy the current drop at $ 564, the 20-day EMA level, and don’t let the price stay in the channel, that will show strength.
ETH / USD parity is in the early stages of creating a rising triangle model that will complete a break and close above $ 622,807. The target for this bullish setup is $ 763,614.
The gradually rising 20-day EMA and the RSI above 55 suggest the Bulls have the upper hand.
If the pair falls below the 20-day EMA and the rising triangle, that bullish outlook will fail. Such a move could reduce the price to a 50-day SMA ($501).
XRP / USD
The Bulls were unable to carry XRP above the 20-day EMA ($0.53). The price fell to $ 0.485419 on December 12. The Bulls have bought low levels and are trying to keep the altcoin above the $ 0.50 level.
But the lack of a strong recovery suggests the Bears are selling aggressively. If the price remains below $ 0.4850, XRP / USD parity can continue to adjust and fall from $ 0.41 to the 50-day SMA.
The slow-falling 20-day EMA and RSI in the negative zone indicate that the Bears are trying to take control. If the price bounces back from current levels and rises above the 20-day EMA, this negative view will become invalid.
LTC / USD
Litecoin (LTC) jumped from the 50-day SMA ($71) on December 11, and the Bulls pushed the price above the 20-day EMA ($78) on December 13. This indicates lower levels of accumulation.
LTC / USD parity may be in the early stages of forming a large symmetric triangle, which usually acts as a continuation model. The Bears can defend the Triangle’s resistance line, while the Bulls can buy the support line from weakness.
While a break of the Triangle can restart upward movement, a break below the triangle indicates that the Bears have the upper hand. The 20-day flat EMA and near-midpoint RSI point to possible consolidation for a few days.
BCH / USD
Bitcoin Cash (BCH) recovered from $ 256.10 on December 11 and reached $ 282.21 on December 13. But the Bears have aggressively defended that level, pushing the price back below the 50-day SMA ($271).
Both moving averages are flat and the RSI is just below the midpoint. This, in turn, shows action that depends on the price range of several days. The price can move back and forth between $ 231 on the downside and $ 280 on the upside.
Contrary to this assumption, if bulls can raise the price above $ 280, the BCH / USD parity can rise to $ 300 and then to $ 320. However, if the Bears pull the price below $ 231, the pair could drop to $ 200.
LINK / USD
Chainlink (LINK) broke below the bullish trend line on December 11, but bulls bought from lower levels and pushed the price back above the bullish line on December 12. This attracted further acquisitions, with the altcoin reaching a general resistance of $ 13.28 on December 13.
However, the price fell to $ 13.28, below moving averages. This indicates that the Bears are advocating general resistance.
Both moving averages have flattened and the RSI is just below the midpoint. This indicates that LINK / USD may remain tied to the price range for several days. The price can range from $ 13.28 to $ 11.43 for a few days.
A break below $ 11.43 could also signal that the Bears have overtaken the bulls, causing them to drop to $ 10. Conversely, a break above $ 13.28 would give the Bulls an advantage.
ADA / USD
Cardano (ADA) broke above the downward trend and 20-day EMA ($0.147) on December 13. This move suggests that the correction may be over. However, the Bears are unlikely to give up easily.
The Bears are currently trying to halt the recovery at $ 0.155. If the Bears can push the price below the 20-day EMA, the price could drop to $ 0.13. If the Bulls buy back that drop, the ADA / USD pair could remain at the limit in the $ 0.13 to $ 0.155 range for several days.
However, the long tail on today’s candle bar suggests buying from lower levels. The slowly rising 20-day EMA and the RSI above 55 suggest the Bulls have the upper hand. Above $ 0.155, the pair could rise to $ 0.175.
DOT / USD
The relief rally at Polkadot (DOT) again hit a barrier on the downtrend line. The development suggests sentiment is negative and the Bears are trying to sell towards the downtrend line in small rallies.
A flattened 20-day EMA ($4.92) and the RSI just below the midpoint suggest action tied to a few-day price range. The price can be consolidated between $ 4.54 down and $ 5.10 up.
However, if the Bears pull the price below $ 4.54, the downward movement may continue and the dot / USD parity may drop to $ 4.20, followed by $ 3.80. A break above $ 5.10 will be the first indication that the Bulls are trying to get the upper hand.
BNB / USD
Binance Coin (BNB) is currently stuck in a wide range of $ 32 to $ 25.6652. Cross-moving averages and the RSI near the midpoint indicate that the move depending on the price range may extend for a few more days.
The BNB / USD pair has risen above moving averages and the Bulls will now try to push the price to its overall resistance of $ 32. This level had previously acted as a stiff resistance, and the Bears will again try to lower the price from that level.
If successful, the pair could consolidate between $ 29 and $ 32 over several days. On the other hand, if the Bulls raise the price by $ 32 above the resistance of $ 33.3888, the next upward trend may begin.
XLM / USD
Stellar Lumens (XLM) climbed above the downward trend line on December 13, indicating that the correction may be over. But the Bears aren’t ready to give up their advantage without a fight.
Sellers are currently defending resistance of $ 0.18. The fixed 20-day EMA ($0.16) and RSI just above the midpoint indicate a balance between supply and demand. This can keep XLM / USD parity in the range of 0.18 to 0.14 USD for several days.
If the Bears pull the price below the 20-day EMA, the pair could drop to $ 0.14. A break below the range would turn the advantage in the Bears ‘ favor, while a break above $ 0.18 would open the doors for a rise to $ 0.205.