Get the latest news of bitcoin or cryptocurrency ups and downs or profit and loss. Read our latest crypto magazine here. Publicly traded business intelligence firm, MicroStrategy was the first listed company in August to dump US dollars and keep Bitcoin in its treasury. The company had invested about $475 million at that time. On December 5, the company announced another purchase of 2,574 Bitcoin worth about $50 million. The company’s total investment of $525 million has risen to about $784 million at current levels.

It is not only MicroStrategy, even other institutions are aggressively buying, which has boosted Grayscale’s Bitcoin Assets Under Management to over $10.5 billion. And it is not only Bitcoin that has attracted investor’s attention. Grayscale managing director Michael Sonnenshein said that several investors are buying Ethereum only. This is a positive sign.

OUR BLOG ARTICLES FOR THIS SPECIAL ISSUE ARE:

THE WISE TOKEN – THE BEST WAY TO EARN CRYPTO!

CRYPTO.COM REVIEW 2020

&

HOW THE BLOCKCHAIN REVOLUTION CAN WORK FOR YOU – THE QUIVERX
APPLICATION

Bitcoin has formed a pennant near the highs, which is a reliable continuation pattern. If the bulls can push the price above the pennant decisively, the next leg of the uptrend could begin.

The $20,000 level may act as a psychological resistance but the possibility of a break above is high. Several traders have not participated in the current rally as they have been waiting on the sidelines to buy on any major dip. However, the market does not oblige what most people expect. If the price rallies above $20,000, several traders may give up and buy at higher levels because they will fear missing out on the rally. That may result in a vertical rally to $25,000 in the short term.

If that happens, the BTC/USD pair may form a short-term or a medium-term top. Traders can try to ride this rally by buying after the price sustains above $20,000 for a few hours. This is a risky trade, hence, keep a close stop-loss and trail the stops higher as the price moves northwards. Do not wait for a windfall because the markets can turn around in a jiffy and turn the profit into a loss.

Contrary to the bullish assumption, if the price turns down from the current levels and breaks below the 20-day EMA, it will suggest profit booking by the momentum traders. Such a move could drag the price down to $16,200.

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