Crypto Daily: Bitcoin Price Decreases; BNB Set New All-time High

Dec 29, 2020
07:12
2 min reading

Choise.com team

Over the past day, the price of Bitcoin has decreased by 3% and volatility is decreasing. Activity in the Bitcoin market is declining after rising to $28,400. Market participants decided to take a wait and see attitude and now there is a slight advantage on the side of sellers. At the same time, some altcoins have shown significant growth, but first things first.

Bitcoin

After reaching the last ATH, Bitcoin started a slight correction and dropped to $26,000. However, despite this, the chart is in a strong uptrend and has not broken it yet. Most likely, in the coming days, we can see the formation of another ascending triangle on the chart.

The MACD and Stochastic indicators are directed downwards and today they are likely to continue this movement, which means that Bitcoin should decline further.

We consider the level of $25,500 as the most probable level for a decline. This is where the uptrend line is located. Most likely at this level, we will see strong resistance and activation of buyers. And after that, the price can go to test its ATH.

Binance Coin

Binance Coin was the first high-cap altcoin to break its ATH after Bitcoin. Now its all-time high is at $40.

If you look at the chart, you can see that the coin is in a strong uptrend and there are no prerequisites for a reversal. In the coming days, we expect to see a drop in the price of the coin to the range of $35 – $36. Overbought indicators indicate this as well.

Once distributed in this range, the BNB price can jump again and set a new ATH.

XRP

But XRP continues to do poorly, just look at the chart:

Yesterday, the price continued its collapse due to the fact that the largest US crypto exchange, Coinbase, announced the suspension of XRP trading. After the SEC lawsuit against Ripple, many crypto services began to exclude the coin from their listings, exchanges suspended trading. If all this continues, it will be difficult to avoid further collapse of the coin’s price.

On the chart, we have marked the key areas where you can buy XRP for the long term. They are $0.21 – $0.23. If the price breaks through these levels, then the price will continue to fall, and in this case, the optimal buying zone will be the range of $0.16 – $0.17.