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

Bitcoin ( BTC ) and most of the major altcoins bounced off their immediate support levels, indicating sentiment is improving and traders ...


Bitcoin (BTC) and most of the major altcoins bounced off their immediate support levels, indicating sentiment is improving and traders are buying on minor dips.

Mexico’s billionaire and third richest person Ricardo Salinas Pliego said in his Christmas and New Years post to stay away from fiat money, calling it “fake money made out of paper lies”. Instead, he advised people to “invest in Bitcoin”.

veteran trader Peter Brandt warned that “breaks in graphic patterns should be viewed with great suspicion” during the barely negotiated vacation period of the last half of December.

Daily performance of the cryptocurrency market. Source: Coin360

Analysts remain bullish for 2022. Crypto analyst and pseudonymous Twitter user DecodeJar believes that Bitcoin could exceed $ 100,000 and meet the conservative price target of $ 190,000.

Could Bitcoin continue its recovery in the coming days and pull altcoins higher? Let’s study the charts of the top 10 cryptocurrencies to find out.

BTC / USDT

Bitcoin has managed to maintain the 20-day exponential moving average (EMA) ($ 50,033) over the past three days, signaling that the bulls are buying on the lows. This is likely to attract further purchases from the bulls.

BTC / USDT daily chart. Source: TradingView

The 20 day EMA has started to rise and the Relative Strength Index (RSI) has moved into the positive zone, indicating that the bulls have an advantage.

If the buyers propel the price above the 38.2% Fibonacci retracement level at $ 52,314, the prospects for a rally to the strong overhead resistance at $ 60,000 increase. Bears are likely to defend this level vigorously.

This bullish view will be canceled if the price drops from the current level or aerial resistance and crosses below the moving averages. This could pull the BTC / USDT pair towards the strong support at $ 45,456.

ETH / USDT

Ether (ETH) broke and closed above the 20 day EMA ($ 4,065) on December 23, but the bulls were unable to take advantage of this advantage. This suggests that the bears have yet to give up and are selling on rallies.

ETH / USDT daily chart. Source: TradingView

The 20-day flat EMA and RSI near the midpoint indicate a balance between supply and demand. The bullish momentum could accelerate if the bulls propel and hold the price above the overhead resistance at $ 4,200. This could pave the way for an eventual rally to $ 4,488, followed by a retest of the all-time high at $ 4,868.

On the contrary, if the price drops from the current level and goes below $ 3,893.23, it will suggest that the bears have gained the upper hand. This could pull the ETH / USDT pair to $ 3,643.73 and then to the 200-day simple moving average (SMA) ($ 3,339).

BNB / USDT

After trading near the 20-day EMA ($ 549) in the past three days, Binance Coin (BNB) broke through resistance on December 27.

BNB / USDT daily chart. Source: TradingView

The 20 day EMA is flat and the RSI is just above the midpoint, suggesting a state of equilibrium between bulls and bears. If the price holds above the 20 day EMA, it will indicate that the bulls have subdued the bears.

BNB / USDT might first rise to $ 575 and then climb back to $ 617. Alternatively, if the price drops from the current level, bears will try to pull the pair to $ 500. This is important support for the bulls to defend as if it does crack the decline could extend to the 200 day SMA ($ 442).

SOL / USDT

Solana (GROUND) broke and closed above the 20-day EMA ($ 187) on December 23, indicating that the correction may end. The bears tried to push the price below the 20-day EMA on December 24, but the bulls did not give in.

SOL / USDT daily chart. Source: TradingView

This may have attracted further purchases from traders. SOL / USDT could now move up to the resistance line of the descending wedge pattern where bears are likely to build strong resistance.

If the price drops from the resistance line but rebounds from the 20-day EMA, it will suggest that the bulls are buying at every minor drop. This will increase the possibility of a breakout above the corner, opening the door for a further test of $ 259.90.

Conversely, if the price drops and crosses below the 20-day EMA, the pair could slide to $ 167.88. A break below this support could push the pair down towards the 200 day SMA ($ 125).

ADA / USDT

The bulls have successfully defended the 20-day EMA ($ 1.39) in the past three days. This indicates that the sentiment has turned positive and traders are buying when there is a dip. Cardano (ADA) resumed its resumption on December 27.

ADA / USDT daily chart. Source: TradingView

The RSI rose above 58 and the 20-day EMA started to rise, indicating the bulls are attempting a comeback. ADA / USDT could climb to $ 1.76, then strong air resistance at $ 1.87.

This bullish view will be invalidated if the price drops from the current level and goes below the 20 day EMA. Such a move will suggest that bears sell on rallies. The bears will then attempt to pull the pair below $ 1.18. If they do, the pair could drop to $ 1.

XRP / USDT

Ripple (XRP) declined psychological resistance to $ 1 on December 24, indicating that bears are active at higher levels. The sellers pulled the price up to the 20-day EMA ($ 0.90), but one minor positive is that the bulls have held that level for the past three days.

XRP / USDT daily chart. Source: TradingView

Price is currently stuck between moving averages. If the buyers push the price above the 200 day SMA ($ 0.94), the XRP / USDT pair could move up to $ 1. A breakout and close above that level could complete an inverted head-and-shoulders setup, which could open the door for a possible rally to $ 1.25.

On the contrary, if the price breaks and holds below the 20-day EMA, the pair could drop to $ 0.85. If that level also cracks, the downside could hit critical support at $ 0.75. A strong rebound from this level could keep the pair in a range between $ 0.75 and $ 1 for a few more days.

LUNA / USDT

The bulls have repeatedly pushed the Terra MOON token above the resistance of $ 100 for the past three days, but they haven’t been able to maintain the higher levels. This suggests that bears continue to aggressively defend this level.

LUNA / USDT daily chart. Source: TradingView

LUNA / USDT could now correct to the 38.2% Fibonacci retracement level at $ 83.83, then to the 50% retracement level at $ 77.72. This area is likely to act as a solid support.

If the price bounces out of this zone, it will suggest that the trend remains bullish and traders are buying on the lows. The bulls will then try again to push the price above the all time high of $ 103.60.

If they succeed, the pair could climb back up to $ 124.65 and then back to $ 150. This positive opinion will be invalidated if the price drops below the 61.8% Fibonacci retracement level at $ 71.61.

Related: Bitcoin surpasses $ 51,000 as dollar flexes against euro

AVAX / USDT

Avalanche (AVAX) rebounded again on the 20-day EMA ($ 109) on December 26, indicating that the bulls are buying on the lows. The 20-day higher EMA and RSI above 57 indicate that the bulls have the upper hand.

AVAX / USDT daily chart. Source: TradingView

If price holds above the 20-day EMA, the bulls will attempt to clear the air resistance zone between the 61.8% Fibonacci retracement level at $ 119.69 and the retracement level of 78.6% to $ 131.70. If successful, AVAX / USDT could hit all-time high at $ 147.

On the contrary, if the price drops from the current level or from the air zone and drops below the 20 day EMA, it will suggest that traders are reserving profits at higher levels. The pair could then drop to $ 98, where buyers could try to slow the decline.

DOT / USDT

The bulls successfully defended the 20-day EMA ($ 28.91) on December 24-25, indicating sentiment has turned positive and traders are buying on lows. Sustained buying pushed Polkadot (POINT) above overhead resistance at $ 31.49 on December 27.

DOT / USDT daily chart. Source: TradingView

The 20-day EMA has started to show up gradually and the RSI has moved into positive territory indicating that the bulls are in the driver’s seat.

If the buyers hold the price above $ 31.49, the bullish momentum could accelerate further and the DOT / USDT pair could start a further rise. The first target on the upside is $ 39.35 and if that level is crossed the next stop could be $ 43.56.

Contrary to this assumption, if the price drops and crosses below the moving averages, the pair could fall into the solid support area at $ 25 to $ 22.66.

DOGE / USDT

Dogecoin (DOGE) traded between the 20-day EMA ($ 0.18) and overhead resistance at $ 0.19 over the past three days. This suggests that both bulls and bears are playing it safe and not making big bets.

DOGE / USDT daily chart. Source: TradingView

A breakout and close above $ 0.19 will signal that the bulls have absorbed the offer. This could start a rally to $ 0.22 and if that level is crossed DOGE / USDT could hit the 200 day SMA ($ 0.23).

Bulls will need to clear this hurdle to signal the start of a sustained bullish move. Alternatively, if the price drops and goes below the 20-day EMA, it will suggest a bear advantage. The pair could then slide to the strong support at $ 0.15.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trade move involves risk. You should do your own research before making a decision.

Market data is provided by HitBTC exchange.

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