Key points:
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Bitcoin is facing significant selling as the brand new week begins, with some analysts expecting a decline as little as $50,000.
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Several altcoins have broken away from their overhead resistance and are threatening to fall below their support levels.
Bitcoin (BTC) began December weakly, suggesting bears are unwilling to present up their advantage. Experienced trader Peter Brandit said in a post
Another short-term cautious analyst is network economist Timothy Peterson. According to Peterson's
Daily view of crypto market data. Source: TradingView
A small positive for bulls is that crypto exchange-traded products saw $1.07 billion in inflows last week, breaking their four-week losing streak, data from CoinShares shows. This shows that demand is at a lower level.
Could BTC and the most important altcoins hold their support levels? To discover, let's analyze the charts of the highest 10 cryptocurrencies.
Price prediction for the S&P 500 index
The S&P 500 Index (SPX) rose above the moving averages on Tuesday and prolonged the rally above the resistance line on Friday.
Bulls are expected to come across significant selling on the 6,920 level. If the value turns off the resistance at 6,920 and falls below the moving averages, it should indicate range formation. The index could then consolidate between 6,550 and 6,920 for a while. The sellers shall be in charge again in the event that they push the value below the 6,550 level.
Conversely, a break and shut above the 6,920 resistance will indicate the resumption of the uptrend. The index could rise to the 7,000 level and later to the 7,300 level.
US Dollar Index Price Prediction
The U.S. Dollar Index (DXY) turned away from the 100.50 resistance on Wednesday and broke below the 20-day exponential moving average (99.57).
Immediate support on the downside lies on the 50-day easy moving average (99.05). If the value bounces off the 50-day SMA, bulls will once more try and break the 100.50 resistance. If they succeed, the index could rise towards the 102 mark.
Alternatively, a break and shut below the 50-day SMA suggests bulls are losing control. The index could then fall to the 98 mark. This suggests a possible consolidation between 96.21 and 100.50 for a while.
Bitcoin price prediction
BTC recorded a pointy decline on Monday after failing to rise above the 20-day EMA ($91,999) over the past few days.
If Bitcoin price closes below $84,000, the BTC/USDT pair could collapse to $80,600. Buyers are expected to aggressively defend the $80,600-$73,777 area. On the best way up, bulls must push and hold the value above the 20-day EMA to signal strength. The pair could then rise to the 50-day SMA ($101,438).
Contrary to this belief, if the support at $73,777 gives way, selling could intensify and the pair risks a fall to $54,000.
Ether price prediction
Ether (ETH) turned down from the 20-day moving average ($3,052) on Sunday, suggesting sentiment stays negative and traders are selling on rallies.
The bears will try and sink the value of Ether below the $2,623 level, thereby initiating the following phase of the downtrend. If they do, the ETH/USDT pair could fall to $2,400 after which to the $2,111 level.
Bulls must push and hold the value above the 20-day EMA to signal strength. The pair could then rise to the breakout level of $3,350, which is a vital level for the bears to defend.
XRP price prediction
XRP (XRP) turned down from the 20-day EMA ($2.18) on Sunday, suggesting bulls have given up.
The XRP/USDT pair could fall to the support line of the descending channel pattern, where buyers are expected to intervene. If XRP price abruptly rises from the support line and breaks above the 20-day EMA, it should indicate that the pair could remain inside the channel for some time.
On the opposite hand, a break and shut below the support line opens the door for a decline to the $1.61 support line. Buyers are expected to defend the $1.61 level with all their might as a break below could send the pair all the way down to $1.25.
BNB price prediction
The BNB (BNB) recovery did not clear the 20-day EMA ($894), suggesting that bears remain energetic at higher levels.
Sellers are attempting to push BNB price below the November 21 low of $790. If they succeed, the BNB/USDT pair could proceed its downtrend towards the following goal at $730.
If the value as a substitute rises and breaks above the 20-day EMA, it should suggest that the bulls are buying at lower levels. The pair could then rally towards the 50-day SMA ($999), where bears are expected to renew their selling.
Solana price prediction
Solana (SOL) turned down from the 20-day EMA ($140) on Sunday and is threatening to slip below the $126 support.
If the value stays below $126, the SOL/USDT pair could fall to $110 after which to the solid support at $95.
This negative view shall be invalidated within the short term if the value rises sharply and breaks above the 20-day EMA. Solana price could then rise to the 50-day SMA ($163), where bears are expected to mount strong defense once more. A detailed above the 50-day SMA signals the beginning of a brand new upward move.
Dogecoin price prediction
Dogecoin (DOGE)'s failure to rise above the 20-day EMA ($0.15) over the past few days shows that bears remain on top of things.
Sellers are attempting to strengthen their position by pushing Dogecoin price below the $0.13 support. If they succeed, the DOGE/USDT pair could fall towards the October 10 low of $0.10.
The cops are running out of time. They must quickly push the value above the 20-day EMA to announce a comeback. The big selection of $0.14 to $0.29 shall be back in play after buyers pushed the pair above the 50-day SMA ($0.17).
Cardano price prediction
The bears are attempting to begin the following leg of the downward move below the $0.38 support in Cardano (ADA).
If the value closes below $0.38, the ADA/USDT pair could fall to the October 10 low of $0.27. Buyers are expected to vigorously defend the $0.27 level as a break below could send the pair lower to $0.23.
The 20-day EMA ($0.45) stays the important thing upper resistance to look at out for within the near term. A break and shut above the 20-day EMA suggests selling pressure is easing. Buyers must push Cardano price above the 50-day SMA ($0.55) to signal that the downtrend could have ended.
Bitcoin Cash price prediction
Buyers attempted to push Bitcoin Cash (BCH) above the $568 resistance on Sunday, but bears held their ground.
Repeated failure to beat overhead resistance increases the chance of a break below the 50-day SMA ($514). In this case, the BCH/USDT pair could slide to the solid support at $443.
The flattening moving averages and the RSI slightly below the midpoint suggest a possible short-term consolidation. Buyers might want to push the Bitcoin Cash price above the $568 level to retain the advantage. The pair could then rise to $615.
This article doesn’t contain any investment advice or recommendations. Every investment and trading activity involves risks and readers should conduct their very own research when making their decision.
