The Bitcoin course (BTC) tests its all time high for the 3rd time in 3 weeks. Scenario of upward acceleration towards $22,000 or rejection towards $16,000? The moment of truth is for this week.
Bitcoin (BTC) – The moment of truth is imminent
For more than three weeks now, the Bitcoin (BTC) price has been testing its historical record set in December 2017. The leader in cryptomoney is well aware of its hegemony in the cryptographic world, with the major Bitcoin Up Altcoins awaiting its next technical directional signal. As you know, the stakes are simple:
either the market rejects again under ATH and goes back to the $16,000 support;
or the BTC squeezes the ATH sellers out of the market, chases away their protective stop sign and accelerates towards new historical records.
Friday December 18th is the last day of the year for monthly expiries in the options and futures market, so institutional traders will be acting for good over the next 72 hours. At the time of writing, the market is completely inactive, but it won’t last much longer.
I invite you to watch my latest video with 10 minutes of technical analysis for the short term trend of Bitcoin.
Technical update on Elrond’s EGLD after the bullish euphoria
While the top 10 Altcoins follow the BTC as their commander-in-chief, other tokens follow their own path. In this technical post, I would like to highlight the rise of the EGLD on the Elrond block since the beginning of December.
The price gave a technical buy signal on December 2nd by surpassing resistance at $10.50 and now the market is close to major technical resistance at $28.50. EGLD should enter retracement after testing the $28.50, the first tangible supports are at $16.50 and $20. Once this small pause is marked, new historical records are to be expected.