NEW ATH. BEARS ON VACATION.
The CryptoPrime team is glad to welcome you, colleagues.
Congratulations on crossing the equator of December and the beginning of a busy week. It is busy with economic events rated three stars in importance, and in particular, this Wednesday there will be an important decision on the Fed's interest rate and a press conference by J. Powell. According to forecasts, most analysts expect a rate decrease of 25 basis points. Let's see what Powell has to say about this.
We also congratulate you on the new ATH in Bitcoin, which has surpassed the mark of $106K. On the Bitstamp exchange, the price reached $106,533.
The asset continues to grow within an upward channel and by the end of December, I believe we will see a mark of $110K. This growth may be accompanied by a correction back to retest the nearest support zone of $101K-103K, just around the middle of this upward channel. It will be possible to long from this zone, but only with stop-losses, or to split the position into several parts to have room for maneuver in case the price drops to the upward support around $96K-98K.
Now about Ethereum!
The asset closed quite strongly, above the global descending resistance that was broken two weeks ago, and last week left a significant mark in the form of a wick on the chart. As I mentioned last week, there will likely be another decline to the mark of $2700 this week, just to work through the middle of the long tail of the weekly candle. After that, I expect to see Ethereum continue to rise with a breakout above the $4K level.
As a rule, Bitcoin rises first, which we already saw this weekend, then Ethereum, and finally the other altcoins. Now it is Ethereum's turn. Most altcoins are currently cooling off, correcting, especially those that have already shown good growth, while others, which have remained in tight and prolonged trading channels, continue to gather strength for a quick breakout.
Therefore, I wish all portfolio holders to be patient. I think we will soon be harvesting.
