Bitcoin (BTC) begins the 3rd week of December 2020 with undecided markets. BTC is still trading above $ 19,000 after it returned to that level over the weekend. Are institutional investors like MicroStrategy making a strategic mistake by wanting to massively acquire Bitcoins and above all, by revealing their cards too early?
Sharp peaks for a doji in sight
Bitcoin tested the 19,000 USD line which held firm today, December 14, 2020. The day was marked by large amplitude variations, drawing many sharp peaks with the day high above the USD 19,320.
Bitcoin is trading at $ 19,220 as of this writing. The strong variations of the day with a Bitcoin possibly closing with a doji in a few hours, testify to the indecision of the markets.
The BTC had closed the last 2 days with a relatively large green daily candlestick. Bitcoin rallied over the weekend, putting $ 20,000 back on the table.
The daily RSI (14) is still currently entering the bullish zone. The bulls are in the process of regaining daily control of the markets, but without being able to make a decisive breakthrough for the moment.
The upside is complicated by the resistance zone of $ 19,400 – $ 19,600. Bulls need to defend resistance at the $ 18,500 – $ 18,600 level if they are to claim the $ 20,000 by the end of the year.
A $ 600 million com error?
While institutional investors are behind the current bullish rally that has allowed Bitcoin to reach a new ATH without touching the 20,000 USD, Peter Schiff tweeted yesterday, December 13, 2020, to indicate that the CEO of MicroStrategy erred in announcing its intention to raise $ 650 million to acquire Bitcoins.
According to Schiff, this announcement will push traders to buy BTC even before MicroStrategy, pushing the price of Bitcoin at relatively high levels. Traders will then sell their BTC, leaving the shareholders of MicroStrategyin embarrassment.
Cryptoassets are highly volatile unregulated investment products. No EU investor protection. Your capital is at risk.
The $ 20,000 may not be far off, but the bulls still struggle to make it to the end of the climb. Undecided markets today, a bullish or bearish Bitcoin tomorrow? A red candlestick is better than a doji for the pen of a crypto writer.
Litecoin, welcome in the Silver Age