Price analysis 12/20: BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE
Bitcoin (BTC) continues to lose ground in Dec, a point that traders may exist locking in their gains before the end of the year. The lack of a Santa rally in the U.S. equity markets indicates that the risk-off sentiment prevails due to the uncertainty regarding the spread of the COVID-19 omicron variant in several parts of the world.
Even afterwards the precipitous driblet in Bitcoin's price, the demand from institutional investors remains tepid, and data shows that the largest institutional Bitcoin product, the Grayscale Bitcoin Trust (GBTC), is trading at a discount of more than than 20%.
Veteran trader Peter Brandt said that "high book panic capitulations" normally indicate a bottom in Bitcoin and that has non however happened during the current decline from the all-time loftier. This could exist a hint that the "real" capitulation is all the same to happen.
Could Bitcoin and most major altcoins continue their down move in the next few days or will a Santa rally come to the rescue? Let'southward report the charts of the top 10 cryptocurrencies to find out.
BTC/USDT
The bulls accept been defending the 200-day simple moving average (SMA) ($47,130) for the past few days, but they have non been able to push the price above the 20-twenty-four hours exponential moving average (EMA) ($49,622). This shows a lack of demand at college levels.
The bears pulled the price below the 200-day SMA on Dec. twenty and if the price sustains beneath this crucial level, the selling may option up momentum. TheBTC/USDT pair is at risk of hitting the stiff back up zone at $42,000 to $39,600. The bulls are likely to defend this zone aggressively but the recovery may confront a potent challenge at the 200-day SMA.
This negative view could invalidate if the cost turns upward from the electric current level and rises higher up the 20-day EMA. Such a move volition suggest that the break beneath the 200-24-hour interval SMA could take been a bear trap. The pair could then rise to $52,000 and afterwards endeavour a rally to $lx,000.
ETH/USDT
Ether (ETH) has been trading inside a descending channel for the past few days. The bounce off the support line of the channel on Dec. 13 failed to ascent above the xx-day EMA ($4,058), indicating that bears are selling on rallies.
The downsloping twenty-day EMA and the relative strength index (RSI) beneath 43 advise that the path of to the lowest degree resistance is to the downside. The ETH/USDT pair could slide to $3,643.73 and then to the support line of the channel.
A potent rebound off the support line could extend the stay inside the aqueduct for a few more days. The bulls volition then brand one more than attempt to push the price above the channel. If they succeed, it will point that the selling pressure may be reducing.
Alternatively, if the cost breaks below the channel, the bears could challenge the 200-24-hour interval SMA ($three,288). A break and close below this level could intensify the selling.
BNB/USDT
The buyers successfully defended the 100-24-hour interval SMA ($509) for the by few days but they could not push Binance Money (BNB) above the twenty-day EMA ($552). This suggests that demand dries upwardly at higher levels.
The downsloping 20-mean solar day EMA and the RSI in the negative zone suggest that bears have the upper hand. If the price breaks and sustains below the 100-twenty-four hour period SMA, the BNB/USDT pair could driblet to the 200-day SMA ($436).
Contrary to this assumption, if the toll turns upwards from the electric current level and rises above the twenty-twenty-four hour period EMA, information technology will suggest that the bulls accept captivated the supply. That could first a recovery to $617 and next to the potent overhead resistance at $669.30.
SOL/USDT
Solana (SOL) turned downwardly from the twenty-day EMA ($183) on Dec. xix, indicating that bears are defending this level with vigor. If the price slips and sustains beneath $167.88, a retest of $148.04 is possible.
This is an important support to watch out for because a intermission beneath it could sink the SOL/USDT pair to the 200-mean solar day SMA ($120). The downsloping 20-day EMA and the RSI below 43 suggest that bears are in control.
This negative view will invalidate if the toll turns upwardly from the current level and breaks above the twenty-twenty-four hours EMA. Such a move volition suggest that the selling pressure may be reducing. The pair could and then endeavour a rally to $200 and afterwards to $240.
ADA/USDT
Cardano (ADA) repeatedly bounced off the strong support at $1.18 in the past few days but the bulls have not been able to push button the toll to a higher place the 20-day EMA ($one.35). This suggests a lack of need at higher levels.
The bears will now attempt to sink and sustain the price below $1.eighteen. If they manage to do that, the ADA/USDT pair could driblet to the critical support at $1. The bulls are likely to defend this level aggressively.
The first sign of forcefulness will be a break and shut above the 20-day EMA. Such a motion volition point that demand exceeds supply. The pair could outset rise to $ane.47 and then attempt a rally to the overhead resistance at $one.87.
XRP/USDT
Ripple (XRP) has been trading betwixt $0.75 and $0.85 for the past few days. The bulls pushed the price above $0.85 on Dec. 20 merely the long wick on the candlestick suggests that bears continue to sell on rallies.
The RSI has recovered strongly from the oversold levels, indicating that the bearish momentum may exist losing steam. This could go on the XRP/USDT pair stuck inside the range for a few more days.
A intermission and close in a higher place $0.85 will signal that the bulls take overpowered the bears. That could push button the price to the psychological mark at $1. Alternatively, a break and shut below $0.75 could open the doors for a possible drop to $0.60.
LUNA/USDT
Terra's LUNA token soared to a new all-fourth dimension high on Dec. 20 but the long wick on the day's candlestick suggests that brusque-term traders may be booking profits at college levels.
If the price sustains beneath $78.29, the bears will try to pull the LUNA/USDT pair to the 20-twenty-four hour period EMA ($64). This is an important support to keep an eye on considering a potent rebound off information technology will suggest that sentiment remains positive and traders are buying on dips.
The bulls will and so again endeavour to push the toll in a higher place the overhead zone at $78.29 to $81.87. If they do that, the pair could start its rally toward the psychological marker at $100.
Conversely, if bears pull the cost below the 20-day EMA, it will suggest that traders are exiting their positions. That could sink the pair to $50.
Related: 0.01% of Bitcoin holders control 27% of all circulating coins: Written report
AVAX/USDT
Avalanche (AVAX) bounced off the strong support at $75.50 on Dec. 14 and bankrupt higher up the downtrend line on Dec. 15. This indicated that bulls are attempting to resume the uptrend.
However, the up-move turned downwardly from the 61.viii% Fibonacci retracement level at $119.69, indicating that bears are selling on rallies. The AVAX/USDT pair has reached critical support at the twenty-24-hour interval EMA ($99).
If the price rebounds off the electric current level, the buyers will again attempt to resume the up-movement. A break and close above $119.69 could clear the path for a rally to $131.lxx and later to the all-fourth dimension high at $147.
Conversely, if the price breaks and sustains below the 20-day EMA, the pair could migrate down to the stiff back up at $75.50.
DOT/USDT
Polkadot (DOT) has been trading below the 200-day SMA ($28.82) for the past few days. This suggests that bears are in command. The sellers are currently attempting to sink the price below the strong support zone at $25 to $22.66.
If they manage to do that, the DOT/USDT pair could extend its downwardly journey toward the adjacent support at $xvi.81. The longer the price stays below the 200-day SMA, the greater the possibility of the continuation of the downtrend.
Reverse to this assumption, if the price rebounds off the current zone, the bulls volition brand i more than endeavor to button the pair above the 200-day SMA. If they succeed, it will suggest that the bears are losing their grip. The pair could then rising toward $39.35.
DOGE/USDT
Dogecoin (DOGE) rebounded off the potent support at $0.15 on Dec. 14 and soared above the twenty-day EMA ($0.xviii) merely the long wick on the candlestick shows that traders sold at higher levels.
The bears pulled the price dorsum below the 20-twenty-four hour period EMA on Dec. 15. This could have trapped the ambitious bulls who may have so been forced to liquidate their position. This has pulled the price to the strong support at $0.15.
A break and close below this level could pull the price to the Dec. 4 low at $0.13. If this support cracks, the DOGE/USDT pair could driblet to the psychological level at $0.x. Conversely, if the cost rebounds off the current level, the bulls will over again attempt to clear the overhead hurdle at the 20-mean solar day EMA and $0.19.
The views and opinions expressed here are solely those of the writer and practise not necessarily reflect the views of Cointelegraph. Every investment and trading move involves run a risk. You lot should comport your own research when making a decision.
Market data is provided past HitBTC substitution.
Source: https://cointelegraph.com/news/price-analysis-12-20-btc-eth-bnb-sol-ada-xrp-luna-avax-dot-doge
Posted by: estellhosess.blogspot.com
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