Cryptocurrencies’ prices analysis for Dec 7, 2021
Bitcoin and most major altcoins attempt to recover, but higher levels are likely to face stiff resistance. Bitcoin attempts to extend its recovery by breaking through the psychological level of $50,000. Still, several prominent analysts believe that BTC will remain range-bound for several weeks or even months.
Bitcoin fell below the uptrend line and psychological support level of $50,000, leading to panic selling by traders. Although bulls aggressively bought the dip, they have difficulty pushing the price above $50,000. Bears are in command, according to the downsloping 20-day exponential moving average (EMA) ($55,551) and the relative strength index (RSI) near the oversold zone.
If bulls push the price above the uptrend line, the pair could rally to the 20-day moving average. It is a significant level to watch because a break and close above it will be the first indication that bears are losing control.
On December 4, Ether fell below the 100-day simple moving average, but the bears could not maintain the lower levels. The bears attempted to push the price below the $3,900 support level once more. However the candlestick’s long tail indicates that the bulls are defending the level. If buyers move the price above the 20-day EMA and keep it there, the ETH/USDT pair could rise to the overhead resistance at $4,868. The resumption of the uptrend will be indicated by a break and close above this resistance.
If the price falls below the 20-day EMA, the bears will attempt to drag the pair below the 100-day SMA once more. If they are successful, the cost of the team could drop to $3,400.
On December 3, Binance Coin fell below the 20-day moving average and closed below it. As evidenced by the long tail on the day’s candlestick, buyers aggressively defended the 100-day SMA. The recovery could reach the 20-day moving average, where the bears will likely mount a strong resistance.
The BNB/USDT pair may remain trapped between the moving averages if the price falls below the overhead resistance.
The pair may then fall to $435.30.
The selling accelerated after the SOL/USDT pair broke and closed below the 20-day EMA. The bears dragged the price below the triangle’s support line and the 100-day SMA.
Although bulls bought the dip and defended the 100-day SMA again on December 5, they could not build on the recovery.
The bears pounced on this opportunity and are currently attempting to drive the price below the 100-day simple moving average (SMA). If they succeed, the pair could fall to the strong support zone of $120 to $140.
On December 4, the selling accelerated, and the ADA/USDT pair fell to $1.18. Although bulls bought the dip, they were unable to sustain the recovery. It indicates that demand begins to dwindle at higher levels.
If bears push the price below $1.18, the pair could fall to the strong support level of $1. The bears’ first sign is that they are losing their grip will be a break and close above the 20-day EMA.