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Bitcoin (Bitcoin) And most altcoins were sold on December 4th, and the crypto derivatives market has seen large-scale deleveraging. Data shows that more than 2.5 billion U.S. dollars of cryptocurrency has been cleared within 24 hours.
In the recent fall, the ether (Ethereum) already Continue to beat BitcoinAlthough Bitcoin’s market dominance has fallen below 41%, Ethereum continues to dominate, and its market dominance has risen to more than 21%.
Some analysts believe that Bitcoin’s recent decline may lead to a long integration phase. Decentrader co-founder filbfilb expects Bitcoin will be integrated into the first quarter Next year’s. Lex Moskovski, CIO of Moskovski Capital also expects “Grind slowly. “
Will Bitcoin bottom out in the next few days? Let’s analyze the charts of the top 5 cryptocurrencies that can lead the market higher.
Bitcoin/USD
Bitcoin received strong support at the 100-day simple moving average ($54,496) at the end of September, making it an important support for the bulls to defend.
However, Bear has other plans. They pulled the price below the 100-day moving average on December 3, which may have triggered several stop losses. This led to panic selling, and the BTC/USDT currency pair plummeted to 42,000 USD on December 4. It can be seen from the long tail of the candlestick that day that the bulls have actively bought this decline.
The downward sloping 20-day exponential moving average ($56,219) and the relative strength index (RSI) near the oversold zone indicate that the bears have the upper hand. If the currency pair continues to decline from current levels, the next stop may be a strong support of $40,000.
On the contrary, if the price recovers from the current level, the currency pair may rise to the 100-day moving average, which may become a powerful obstacle. Breaking and closing above this level will be the first sign that a stronger recovery is possible.
The currency pair has been trading in a descending channel mode. The bears pull the price below the support line of the channel, but the bulls buy on dips here and push the currency pair back into the channel.
If the bulls successfully defend the support line, the currency pair may rise to the 20-EMA. This level is expected to become a strong resistance again. If the price drops from the 20-EMA, it indicates that market sentiment is still negative. This may increase the possibility of a break below the channel.
If this happens, the currency pair may fall to a strong support area of ??42,000 to 40,000 USD. On the contrary, a breakout and close above the 20-EMA will be the first sign that sellers may lose control. Then the currency pair may rise to the resistance line of the channel.
Ethereum/USDT
In the past few days, Ether (ETH) has been fluctuating between US$4,868 and US$3,900. Although the bears pulled the price below the range on December 4th, they were unable to maintain a lower level. It can be seen from the long tail on the candlestick that day that the bulls are actively buying this decline.
If the bulls maintain the price above US$3,900, the ETH/USDT pair may rise to the 20-day moving average (US$4,326). Breaking and closing above this level may clear the way for a possible rebound to the all-time high of US$4,868. The bulls will have to overcome this obstacle to signal the resumption of the upward trend.
Contrary to this assumption, if the price falls from the current level, the bears will try again to lower the currency pair and maintain it below $3,900. If they succeed, the currency pair may fall to the strong support level of $3,400.
The rebound of the currency pair faced strong resistance near the 61.8% Fibonacci retracement level of 4,215.12 USD. The 20-EMA is sloping downwards and the RSI is in the negative zone, indicating that the bears have a slight advantage.
If the price breaks through the $4,000 support level, the currency pair may fall to $3,823.98. A breakout and closing below this level may result in a retest of $3,503.68.
Conversely, if the bulls push the price above the moving average, the currency pair may rise to $4,654.88 and then challenge the all-time high.
MATIC/USDT
Polygon (Matick) The past few days have been trading in an ascending channel mode. The bulls pushed the price above the channel resistance line on December 3, but were unable to maintain a higher level. This may prompt people to make a profit on December 4.
The MATIC / USDT currency pair plummeted to the 100-day moving average ($1.54), but buyers stepped in and bought in this decline. However, the long wick on the candlestick today indicates that the bears are selling near the resistance line.
The 20-day moving average ($1.85) is sloping upward, and the RSI is in a positive zone, signaling an advantage to buyers. If the current rally continues, the bulls will try again to push the price above the resistance line.
Or, a breakthrough and closing below the 50-day moving average ($1.76) may pull the price to the 100-day moving average.
The recovery of the currency pair is facing a sell-off at the 78.6% Fibonacci retracement level of $2.21. If the shorts break the price below the 20-EMA, the currency pair may fall to 50-SMA and then to 100-SM??A. A break of this support level may open the door to a drop to $1.54.
Conversely, if the price rebounds from the 20-EMA, the bulls will try again to push the currency pair above $2.21. If they manage to do this, the currency pair may rebound to $2.40. The bulls will have to clear this overhead hurdle to push the currency pair to an all-time high of $2.70.
Stuff/USDT
Algoran (something) It broke the key support level of $1.50 on December 4, but it can be seen from the long tail on the candlestick that the bulls are actively buying on dips. The bulls will now try to push the price above the moving average.
If they do, the ALGO/USDT pair may rise to the resistance line. This is an important level for bears to defend, because breaking through this level may invalidate the descending triangle pattern. The currency pair may then rise to $2.36 and then to $2.55.
Contrary to this assumption, if the price turns from the moving average to the downside, it indicates that the bears are selling on rallies. The currency pair can then retest the $1.50 support level. Breaking and closing below this level will complete the bearish setup. Then the currency pair may fall to 0.80 USD.
For some time, the currency pair has been trading between $1.60 and $2. The shorts pushed the price below $1.60 but could not maintain the low level. This indicates buying on dips. The bulls have pushed the price back to this range.
If buyers push the price above the moving average, the currency pair may rebound to the upper resistance level of $2. On the other hand, if the price retreats from the moving average, the bears will try to sink again and maintain the currency pair below $1.60. If they manage to do this, they may retest $1.32.
EGLD/USDT
Elrond (EGLD) rose sharply from $287 on November 17 to an all-time high of $544.25 on November 31, pushing the RSI into the overbought zone. A waterfall usually follows a vertical rise, and this is what has happened in the past few days.
The EGLD/USDT currency pair retreated from a historical high and plummeted to US$224.62 on December 4, completing the 100% retracement of the latest round of rebound.
It can be seen from the long tail on the candlestick of the day that the bulls bought at the low of December 4. Buyers are currently trying to defend the upward trend line and push the price back above the 50-day moving average ($324).
If they manage to do this, the currency pair may rise to the 20-day moving average (364 USD), where the bears may once again form strong resistance. If the bulls overcome this obstacle, the currency pair may rebound to $425.
Conversely, if the price falls and closes below the 100-day moving average (271 US dollars), the currency pair may extend its decline to 200 US dollars.
The sharp sell-off pulled the price below the uptrend line, but the bears were unable to maintain a low level. This shows that there is a strong accumulation when buying on dips. The currency pair quickly recovered above the upward trend line, but the bulls were unable to clear the 20-EMA barrier.
This shows that market sentiment is still negative and traders are selling at rallies. If the price stays below the upward trend line, the next stop may be $224.62.
Conversely, if the price recovers from current levels and breaks through the 20-EMA, it indicates that the bears may be losing control. Then the currency pair can begin to recover and may reach 50-SMA. Breaking and closing above the resistance level may clear the way for a rebound to the resistance zone of $425 to $440.
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 trading action involves risk, and you should conduct your own research when making a decision.
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