Making accurate predictions is an extremely difficult skill when it comes to cryptocurrencies. Many analysts have had a bad start this year, with plans for extremely bullish expectations for 2018.
However, Mike Novogratz of Galaxy Digital, another popular cryptocurrency celebrity, believes current short rallies could lead to bigger ones later on.
The crypto investment bank hopes to launch digital asset trading platform Bakkt as well as Fidelity’s cryptocurrency protection and trading services soon to attract institutional investors.
On the other hand, the US bank JPMorgan Chase notes that institutional investors’ participation in the market is declining and the number of professional stockbrokers trading Bitcoin is declining.
After the big bear market, anyone can
On the other hand, in the latest survey conducted by the Bank of England and posted on Twitter, nearly 70 percent of respondents said they were using cryptocurrencies in cash, wire transfer or prefers to receive gifts through gift vouchers. This shows that cryptocurrencies are still seen as having potential.
Several crypto money projects continue to receive funding, indicating that investors continue to be interested in this area.. But what should investors do after the recent rise? Let’s have a look at it.
BTC/USD
Even after the sharp pullback from the low, the long-term trend in Bitcoin is bearish. The bears are trying to stop the recovery at $4,255.
The 20-day EMA is changing direction and the RSI is rising into the positive territory.. This bullish shows that buyers are returning. However, the real test to confirm a bottom could cause the next downside move.
If the bulls are holding the 20-day EMA at $3,787.33, it will indicate that market participants are willing to buy the bottom.. After a high drop, a high upside break will confirm that the downtrend is over and the trend in BTC/USD has changed.
The critical levels to watch at the beginning are $4,500, $4,700 and $4,914.11.. On the downside, the downtrend will continue if the cryptocurrency drops below $3,236.09.
Investors can hold their positions.. Traders can take partial profits close to $4,500 and hold higher for the rest.
XRP/USD
Ripple pullback near the overhead resistance of $0.4 for the past two days faced selling pressure. We expected a minor correction or reinforcement at this level, and that’s what happened.
If the price drops from current levels, it may find support at the 20-day EMA.. Both moving averages are flattened. This indicates a possible reinforcement in the short term.
However, if the bulls break the $0.4 threshold, the XRP/USD pair may reach the resistance line of the descending channel.. Traders can appreciate partial profits at this level as we expect a major hurdle in the $0.5-$0.62 region.
ETH/USD
Ethereum with some resistance at $122.66 face to face. Still, we expect it to rise to the $130-$136.12 zone where traders can book for partial profits.
The 20-day EMA is slowly rising and the RSI has broken above the 50 level.. This gives us confidence that the short-term trend is shifting in favor of the bulls.. However, the 50-day SMA remains bearish while the long-term trend is still bearish.
After a long downtrend, we expect the ETH/USD pair to form the basis before entering a new uptrend.. In the case of a downside move, any dips at $100 and further below at $83 will find buyers.. If the price drops to the December 7 low, our notion of bullishness will be invalid.