Key points:
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Bitcoin attempted a recovery on Monday, but renewed selling pressure threatens to push the worth to $84,000.
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Several altcoins are attempting to remain above their support levels, however the upswing is lacking strength.
Bitcoin (BTC) attempted a recovery on Monday, but bears proceed to use pressure. Trader CrypNuevo said in a thread
Similarly, analyst Aksel Kibar said that BTC could soon initiate a directional move after the “ultra-low volatility setup.” On the positive side, Kibar expects an increase to $100,000 if the $94,600 mark is broken, and however, he expects BTC to bottom within the $73,700-$76,500 range.
Daily view of crypto market data. Source: CoinMarketCap
Analysts are maintaining a tally of the Bank of Japan (BoJ), which is anticipated to lift rates of interest on December 19. Previous BoJ rate of interest hikes since 2024 have resulted in a decline of greater than 20% in BTC, in line with data from AndrewBTC.
Could BTC and major altcoins start a recovery rally, or will the bears drag the worth lower? 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) turned lower from resistance at 6,920 on Friday, suggesting bears are aggressively defending the extent.
SPX day by day chart. Source: Cointelegraph/TradingView
If the worth falls below the moving averages, it suggests that the index could proceed to fluctuate between 6,550 and 6,920 for a couple of more days. A detailed below 6,550 forms a double top pattern and opens the door for a decline to the pattern goal of 6,180.
On the opposite hand, if the worth rises above the moving averages and breaks the 6,920 level, it signals the resumption of the uptrend. The index could then approach the goal level of seven,290.
US Dollar Index Price Prediction
The US Dollar Index (DXY) attempted to rise above the 20-day exponential moving average (99.04) on Tuesday, but bears held their ground.
DXY day by day chart. Source: Cointelegraph/TradingView
The moving averages have accomplished a bearish crossover and the relative strength index (RSI) is in negative territory, suggesting that bears have the sting within the short term. There is minor support on the 98 level, but when sellers pull the worth below, the index could fall to 97.20 after which to 96.21.
The first sign of strength will probably be a break and shut above the 20-day EMA. If the worth closes above the resistance at 100.54, buyers will probably be in charge again.
Bitcoin price prediction
BTC rebounded from the uptrend line on Monday, but bulls did not clear the hurdle of the 20-day EMA ($90,720).
BTC/USDT day by day chart. Source: Cointelegraph/TradingView
The 20-day EMA has began to fall lower and the RSI is in negative territory, indicating a bonus for the bears. If the worth closes below the uptrend line, the BTC/USDT pair could plummet to $84,000 and eventually to the November 21 low of $80,600.
If the worth as a substitute rises sharply and closes above the 20-day EMA, it is going to suggest buying at lower levels. The pair could then rebound to the 50-day easy moving average ($95,985). Sellers are expected to defend the realm between the 50-day SMA and $100,000 as a break above it is going to indicate that the corrective phase is over.
Ether price prediction
Buyers pushed Ether (ETH) above the 20-day EMA ($3,106) on Monday, however the long wick on the candle shows selling at higher levels.
ETH/USDT day by day chart. Source: Cointelegraph/TradingView
The bears will attempt to push the Ether price below the $2,907 level. If they succeed, the ETH/USDT pair could fall to the $2,716-$2,623 support zone.
This negative view will probably be invalidated within the near term if the worth rises from current levels and breaks above the breakout level of $3,350. This suggests that the pair can have bottomed out within the near future. The pair could rise to $3,658 after which to $3,918.
BNB price prediction
The tight BNB (BNB) trading range has turned lower, signaling a slight advantage for the bears.
BNB/USDT day by day chart. Source: Cointelegraph/TradingView
Sellers will try and push the worth towards the $791 level, which is a vital support to observe out for. If the extent gives way, the BNB/USDT pair will resume the downtrend towards the subsequent support at $730.
Alternatively, if BNB price bounces sharply from the $791 support and breaks above the 20-day EMA ($888), it is going to suggest that the pair could form a spread. The price could fluctuate between $791 and $1,020 for a couple of days.
XRP price prediction
XRP (XRP) stays stuck below the 20-day EMA ($2.06), suggesting bulls are usually not buying aggressively.
XRP/USDT day by day chart. Source: Cointelegraph/TradingView
The bears will try and lower the XRP price to the support line of the descending channel pattern after which to the $1.61 level. Buyers are expected to defend the $1.61 level with all their might as a break below could send the XRP/USDT pair right down to the October 10 low of $1.25.
Bulls have to push the worth above the 50-day SMA ($2.21) to signal strength. The pair could then rally to the downtrend line, where the bears are expected to mount a robust defense.
Solana price prediction
Solana (SOL) has formed a symmetrical triangle, indicating uncertainty between buyers and sellers.
SOL/USDT day by day chart. Source: Cointelegraph/TradingView
If the worth trends lower and breaks below the triangle support line, it signals that the bears have gained the upper hand over the bulls. The SOL/USDT pair could then crash towards the strong support at $95.
Conversely, a break and shut above the triangle's resistance line suggests that the bulls are trying a comeback. Solana price could then rise to $172 and later to $189.
Dogecoin price prediction
Sellers are attempting to strengthen their position by pulling Dogecoin (DOGE) below the $0.13 support.
DOGE/USDT day by day chart. Source: Cointelegraph/TradingView
If they succeed, Dogecoin price could proceed its downward trend. The DOGE/USDT pair could then plunge towards the October 10 low of $0.10, which is more likely to prompt strong buying from bulls.
Bulls have to push Dogecoin price above the 20-day EMA ($0.14) to signal strength. If they succeed, the pair could rise towards $0.19. This suggests that the break below $0.14 can have been a bear trap.
Cardano price prediction
Cardano (ADA) continues to slip towards the $0.37 level, which is a vital support to observe out for within the near term.
ADA/USDT day by day chart. Source: Cointelegraph/TradingView
If the bears pull the Cardano price below the $0.37 level, it is going to signal the beginning of the subsequent phase of the downward move. The ADA/USDT pair could then fall to the October 10 low of $0.27.
On the contrary, if the worth rises and breaks above the 20-day EMA ($0.42), it might suggest that the pair could consolidate between $0.37 and $0.50 for some time. Buyers have to push the pair above $0.50 to signal a possible trend reversal.
Bitcoin Cash price prediction
Bitcoin Cash (BCH) has fallen below the 20-day EMA ($560), suggesting bulls are losing control.
BCH/USDT day by day chart. Source: Cointelegraph/TradingView
The next support on the downside is the 50-day SMA ($534) after which $508. Such a move suggests that the worth of Bitcoin Cash could proceed to fluctuate within the $443-$615 range for a while to return.
Buyers have to push and sustain the worth above the $615 level to signal the resumption of the uptrend. The BCH/USDT pair could then challenge key overhead resistance at $651.
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