Bitcoin, Ripple, Ethereum Are Rising And Eye Higher Levels, Whale Activity Suspected

The recovery continues in the world of digital coins. In the past five days, cryptos are climbing two steps forward and consolidate for a while. These are very healthy gains are a mirror image of the unhealthy falls with no real recoveries, only “dead cat bounces”.

The move began before the one-year anniversary of Bitcoin’s peak near $20K and continue afterward. There are no clear catalysts but the theory of whale accumulation is gaining traction. The theory says that whales operating outside crypto-exchanges dumped coins from November 14th onward only to trigger others to sell and push prices lower. After the crash, they will begin accumulating once again. And in the Q1 2019, when Bakkt and Nasdaq join the crypto-world, prices will continue to higher ground and the whales will widen their wealth.

In any case, it is critical to be aware of the technical levels~

(Click on image to enlarge)

Bitcoin Ripple Ethereum Technical confluence December 20 2018

BTC/USD looks beyond $4,500

Bitcoin, the grandaddy of cryptocurrencies, has some resistance at $4,045 which is the convergence of several technical levels including the Simple Moving Average 5-15m, the Pivot Point one-day Resistance 2, the Bollinger Band 15-minute Middle, the previous 1h-high, and the SMA 5-1h.

Further above, $4,192 is the Fibonacci 23.6% one month. However, these are not significant levels and our chart ends at $4,545, indicating there is scope for additional gains beyond that line.

On the other side, support is substantial. At $3,492 we see the previous 1d-high, the PP 1w-R3, and the SMA 10-1h. Another noteworthy line is $3,858 which is where the PP 1d-R1 and the Fibonacci 23.6% one-day converge.

All in all, the path of least resistance for BTC/USD is to the upside. 

ETH/USD to beyond $125?

Similar to Bitcoin, Ethereum also enjoys a healthy cushion and few upside levels. The scope of our ETH/USD reaches $125 until where there are no huge hurdles. At around $112 we see the confluence of the Fibonacci 161.8% one-week, the BB 4h-Upper, and the SMA 200-4h.

1 2
View single page >> |

Disclaimer: Foreign exchange (Forex) trading carries a high level of risk and may not be suitable for all investors. The risk grows as the leverage is higher. Investment objectives, risk appetite and ...

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.


Leave a comment to automatically be entered into our contest to win a free Echo Show.