BTC, ETH, BNB, SOL, ADA, XRP, LUNA, AVAX, DOT, DOGE

Bitcoin (Bitcoin) And most major altcoins are Trying to rebound from their respective support levels, Indicating that buyers continue to buy on dips.

According to data from Coinglass, 9,925 Bitcoin leaves Coinbase ProCoinbase’s professional trading department December 30, this is a possible sign of institutional purchases. This is in sharp contrast to the strong inflow of Binance and OKEx. Several analysts believe that institutional buying may pick up in January.

Economist and trader Alex Krüger predicts that Bitcoin will rebound in early January based on capital flows. He also emphasized, January had a positive impact on Bitcoin Between 2018 and 2021, earnings ranged from 7% to 36%.

Daily cryptocurrency market performance. source: Currency 360

Although investors debate the next possible direction of the cryptocurrency market, MicroStrategy continues to increase Bitcoin holdings on dipsAccording to documents filed with the US Securities and Exchange Commission, the business intelligence company purchased 1,914 Bitcoins between December 9 and December 29. The recent purchase increased the company’s holdings to 124,391 bitcoins.

Can Bitcoin lead the strong recovery of the crypto market in the new year? Let’s study the charts of the top 10 cryptocurrencies to find out.

Bitcoin/USD

Bitcoin rebounded from the support level of $45,456 and rose above the 200-day simple moving average ($47,826). However, the bulls may face strong challenges at the 20-day exponential moving average ($49,096).

BTC/USDT daily chart. Source: TradingView

If the price falls from the current level or the 20-day EMA, it means that the bears are selling every time they rebound slightly. This will increase the possibility of a break below 45,456 USD. If this happens, the BTC/USDT pair may fall to a strong support zone of 42,000 to 40,000 USD.

The relative strength index (RSI) is forming a possible positive divergence, which indicates that selling pressure may be decreasing.

If the bulls push the price above the 20-day moving average, the currency pair may rebound to $51,936.33. Breaking and closing above this resistance level may begin to move upward to the 50% Fibonacci retracement level of $55,000, and then rise to the 61.8% retracement level of $58,686.

Ethereum/USDT

Ether (Ethereum) Has rebounded from the strong support area of ​​3,643.73 USD to 3,503.68 USD. The bulls will now try to push the price to the 20-day moving average ($3,952), which is an important level to be aware of.

ETH/USDT daily chart. Source: TradingView

If the price drops from the 20-day EMA, it indicates that market sentiment is still negative and traders are selling on rallies. Then the bears will try again to push the price below the support zone.

A break and close below the 200-day moving average (3,365 USD) may indicate the beginning of a deeper correction to 2,800 USD. If the price breaks and stays above US$4,200, this negative view will be rejected. The ETH/USDT currency pair may subsequently rise to 4,488 US dollars and then to 4,868 US dollars.

BNB/USDT

Binance Coin (Bitcoin) Is trying to rebound from the strong support level of $500. The recovery may face selling at the 20-day moving average ($540). If the price drops from this level, it indicates that market sentiment is still negative and traders sell on rallies.

Daily chart of BNB/USDT. Source: TradingView

The downward sloping 20-day EMA and RSI in the negative zone indicate that the bears are in a dominant position. Breaking through and closing below US$500 may intensify the selling, and the BNB/USDT currency pair may fall to the 200-day moving average (US$445).

Contrary to this assumption, if the price rises above the 20-day moving average, the bulls will try to push the currency pair above $575. If they succeed, the currency pair may rebound to $617 and then rise to the upper resistance zone of 669.30 to $691.80.

Sol/USDT

Solana (Sol) Is trying to rebound from $167.88. The relief rebound may face strong selling at the 20-day moving average ($182). The RSI is in the negative zone, and the 20-day moving average is gradually sloping downward, indicating that the bears are in an advantage.

SOL/USDT daily chart. Source: TradingView

If the price falls and breaks the support level of 167.88 USD, the SOL/USDT currency pair may fall to 148.04 USD. The bulls may try to defend this level, but if the support level gives way, the currency pair may begin a downward journey towards the 200-day moving average ($128).

If the bulls push the price above the 20-day moving average and above the resistance at $204.75, this negative view will be invalid. The currency pair may then rise to the resistance line of the descending wedge pattern. A break and close above this level may clear the way for a retest of the all-time high of $259.90.

ADA/USDT

Cardano (have) Broke below and closed below the 20-day moving average ($1.38) on December 29, but buyers have not yet given up. They are trying to push the price back above the 20-day moving average.

ADA/USDT daily chart. Source: TradingView

If they succeed, the ADA/USDT pair may rise to the resistance line of the descending channel. The bears may actively defend this level. If the price drops from the resistance line, the currency pair may stay in the channel for a few days.

Breaking and closing above the channel will be the first sign that the trend may change. Conversely, if the price falls from the current level, the currency pair may fall to $1.18. This is an important level to pay attention to, because if it breaks, the currency pair may fall to $1.

Ripple/USDT

Ripple The range is between US$1 and US$0.75. The price rebounded from $0.80 on December 30, and the bulls are now trying to push the price back above the 20-day moving average ($0.88).

XRP/USDT daily chart. Source: TradingView

If they do, the XRP/USDT currency pair may rise to the 200-day moving average (0.94 USD) and then rise to the overhead resistance of 1 USD. The bulls will have to push the price higher and maintain it above this resistance to signal the beginning of a sustained recovery.

The 20-day moving average turned down and the RSI was below 45, indicating that bears have the upper hand. If the price drops from the 20-day EMA, the bears will try to drop the currency pair below $0.75. A close below this level may clear the way for a drop to 0.60 USD.

Moon/USDT

Terra’s LUNA token rebounded from the 20-day moving average ($81) on December 30, indicating that market sentiment is still optimistic and traders bought on dips.

LUNA/USDT daily chart. Source: TradingView

The bulls are now trying to push the price to an all-time high of $103.60. Breaking and closing above this resistance level will mark the beginning of the next period of the uptrend, which may reach $135.26 and then $150.

On the other hand, if the price falls from $93.81 and breaks below the 20-day moving average, it indicates that traders are closing their positions on rallies. The LUNA/USDT currency pair may fall to the 61.8% Fibonacci retracement level of 71.61 USD.

related: As Bitcoin recovers to $47,500, Frax Share, Swipe and Gnosis lead the altcoin market

AVAX / USDT

Avalanche (AVAX) Rebounding from the small support level of $98 on December 30, the bulls are now trying to push the price above the 20-day moving average ($107).

AVAX/USDT daily chart. Source: TradingView

If they succeed, the AVAX/USDT currency pair may rise to the downtrend line, where shorts may form strong resistance. Breaking and closing above this level will be the first sign that the correction may end.

Then the currency pair may rise to $128. If the bulls push the price above this resistance, a bullish reverse head and shoulders pattern will be completed. The currency pair may first retest the all-time high of $147, and then try to rebound to the pattern target of $177.50.

Conversely, if the price falls from the 20-day moving average and breaks below $98, the currency pair may fall to $75.50.

DOT / USDT

polka dot(point) Fell below the 20-day moving average ($28) on December 28, and the bears successfully prevented the bulls from attempting to push the price back above the moving average.

DOT/USDT daily chart. Source: TradingView

If the price falls from the current level, the bears will try to push the DOT/USDT pair below the $25 to $22.66 support zone. If this happens, the selling momentum may increase, and the decline may extend to $16.81.

Or, if the price rises above the moving average, the buyer will try to push the currency pair above $31.49. If they manage to do this, they may open the door to a possible rebound to $39.50 and the subsequent $43.56.

Dogecoin/USDT

Dogecoin (dog) Fell below the 20-day moving average ($0.17) on December 28, but the bears were unable to challenge the main support at $0.15. This indicates that the selling has dried up at a lower level.

DOGE/USDT daily chart. Source: TradingView

The bulls are trying to push the price back above the 20-day moving average. If they manage to do this, the DOGE/USDT currency pair may rebound to the upper resistance level of $0.19. Breaking and closing above this level will indicate the possibility of a new rise, possibly touching the 200-day moving average ($0.23).

Conversely, if the price falls from the 20-day EMA, the bears will try to drop the currency pair below $0.15. This is an important level for the bulls to defend, because if it breaks, the currency pair may fall to $0.13 and eventually fall to the psychological support level of $0.10.

The views and opinions expressed here only represent the views of the author and do not necessarily reflect the views of Cointelegraph. Every investment and transaction involves risks. When making a decision, you should conduct your own research.

Market data by Bitcoin exchange.

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