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Bitcoin has been tested $19.5K while Ether Options has been showing interest in Doldrums

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Mrigwani Vandana

CBW -External Analyst

INDIA

Dec, 25 2020

Dec, 25 2020

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Bitcoin has managed to hold more than $19,000 which it has for a few days now. Till then the options of ether market are on the Deribit which has fallen in December even if there was a block trading strategies being used during the price range of $600-$800 being created. The trading of Bitcoin (BTC) around $19,510 has been noted while there has been a gain of 1.6% over the last 24 hours. BTC above the 10 hours and 50 hours of the moving average on the hourly chart shows the signal of the bullish for the market technicians.


The price of the Bitcoin has been climbing for the fourth consecutive day which has been going quite high say more than $19,555 since the press time and even the breaking of range from $19,200-$19,400 for the second time in the last 24 hours. But there shall still be some resistance in the sell order forms for the $20,000 pricing level which can resist the price of the upside during December month. From one way it seems to have a clear picture of the buy the dip mood while from the other side, there is a huge resistance of nearly $20,000. So far till yesterday Bitcoin has managed to keep it above $19,000 value.


Even if the Bitcoin seems to have hit the mode of the bull after it dipped less than $17800, Jason Lau who is the chief operating offer of San Fransico claimed that there shall still be some selling to the cap be made for a fervent 2020 for the markets of the crypto. There is no doubt that the run-up in the BTC till March has been quite well. This is the main reason why the portfolio managers along with investors are now looking to earn the profits and offload the BTC by end of the year for all the tax reasons.


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Mrigwani Vandana

CBW - External Analyst

INDIA

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