As a seasoned cryptocurrency investor and trader with over a decade of experience under my belt, I find myself constantly intrigued by the dynamic nature of this ever-evolving market. The past week has been particularly captivating, with several coins showing promising signs of growth.
Bitcoin (BTC) fell below $95,000, but lower prices drew in buyers. Despite Bitcoin’s rapid surge towards $100,000, the two biggest corporate Bitcoin owners, MicroStrategy and MARA Holdings, have persisted in increasing their holdings with recent purchases over the past few weeks.
Traders are staying hopeful about Bitcoin’s potential performance in December, given its 37% increase in November. According to Markus Thielen, founder and CEO of 10x Research, Bitcoin has historically shown significant growth, averaging approximately +28%, during halving years in the month of December. Remarkably, it has posted positive returns every time this happens.
For long-term investors, temporary market drops may present themselves as excellent chances to buy. Experts predict that Bitcoin will gain speed once it surpasses the $100,000 mark.
In a recent post on X, Capriole Investments founder Charles Edwards stated that genuine fear of missing out (FOMO) arises when prices surpass $100K. After the significant selling barrier collapses, we’ll enter a situation with reduced supply due to intense retail demand, creating an everlasting high bid. So, do your calculations!
Is Bitcoin set to continue climbing or will it move sideways, prompting attention towards other cryptocurrencies instead? Let’s take a look at the graphs for some insights.
S&P 500 Index price analysis
On December 2, the S&P 500 Index (SPX) reached an unprecedented peak, suggesting robust interest in investment at elevated price points.
With rising moving averages and the Relative Strength Index (RSI) in a favorable position, it suggests that buyers are currently in control. If the price continues to stay above 6,000, there’s potential for the index to reach 6,221, followed by a possible rise to 6,500.
The bears’ chance of resurging is rapidly diminishing. To achieve this, they must forcefully push the price beneath the 50-day moving average (around 5,845). If successful, the index may initiate a more substantial downtrend, potentially reaching 5,670.
US Dollar Index price analysis
As a crypto investor, I noticed that the U.S. Dollar Index (DXY) took a steep dive after hitting the resistance level of 108, but it’s currently holding steady near the 20-day exponential moving average, which stands at 105.93.
In simpler terms, buyers might attempt to raise the price closer to 108, but strong sellers are predicted to resist this move vigorously. The horizontal line of the 20-day Exponential Moving Average (EMA) and the Relative Strength Index (RSI) being positive indicate that the bullish trend is starting to slow down. This could potentially lead to a period where the price fluctuates between the 20-day EMA and 108 for the short term.
To take charge, sellers must lower and keep prices under the 20-day Exponential Moving Average (EMA). If this happens, the index might drop towards the 50-day Simple Moving Average (SMA) at approximately 104.15.
Bitcoin price analysis
Bitcoin has hit a significant barrier at the psychologically important price point of $100,000. If it can’t surpass this upper resistance, some temporary investors might decide to cash out their gains.
Initially, the bottom support is found at the 20-day Exponential Moving Average (EMA) of $92,534 for the BTC/USDT pair. If the price bounces back from this EMA, the bulls will make another attempt to push the pair over $100,000. If they succeed, the pair might surge to reach approximately $113,331 and subsequently aim for $125,000.
Instead of breaking above the 20-day Exponential Moving Average (EMA), going below it might indicate a potential formation of a trading range in the short term. The price could potentially decrease to around $90,000 and then further to $85,000. Traders are anticipated to put up a strong resistance at the $85,000 to $90,000 price level, acting as a significant support zone.
Ether price analysis
Ethereum (ETH) has held steadily above its downward trendline, yet bullish efforts have so far been unsuccessful in driving the cost beyond $3,900.
Sellers aim to regain ground by reducing the price below the 20-day Exponential Moving Average (EMA) at $3,379, but bullish investors are likely to seize any drops in price. If the price recovers from the 20-day EMA with vigor, the chances of a surge toward $4,094 become more probable.
Instead, if there’s a drop and a break under the 20-day Exponential Moving Average (EMA), it might suggest that the rise above the downtrend line was potentially a false signal, or a bull trap. This could lead to an increase in selling pressure, possibly causing the ETH/USDT pair to fall towards $3,000.
XRP price analysis
On November 29th, XRP (XRP) resumed its upward trend by overcoming the resistance at $1.63. The anticipated strong resistance at $1.97 was breached effortlessly by the buyers.
The price of XRP against USDT might climb up to $3, and then try to revisit its record high of $3.84. The rapid increase over the last few days has pushed the RSI into an area where a significant drop is more likely, raising the odds of a swift correction. Keep in mind that volatility could surge, so be prepared for market swings and practice careful trading.
In simpler terms, when the price falls, it’s expected that $2 could serve as a robust foundation. For the price to drop further and indicate a reversal, traders need to push the price beneath $2 consistently.
Solana price analysis
As an analyst, I’ve observed that the price of Solana (SOL) has dipped beneath its 20-day Exponential Moving Average (EMA), currently at $230. This suggests that the control the bulls have had over the market may be weakening.
At $222, there’s some minor resistance, but if this level weakens, the SOL/USDT pair might drop down to the crucial breakout point of $210. This level is significant for buyers to defend if they wish to maintain the positive momentum. If the price recovers from $210, it would suggest that the level has become a new foundation.
Looking on the optimistic side, surpassing $236 might initiate an upward trend potentially reaching $265. However, the bears might put up a fierce resistance at $265. If the bulls manage to overcome this obstacle, the pair could escalate further towards $304.
BNB price analysis
On November 30th, BNB’s price dropped from $677, suggesting that the sellers are actively pushing back against the potential resistance level of approximately $687.
For the BNB/USDT pair, the 20-day Exponential Moving Average (EMA) at approximately $635 serves as the initial line of defense on a potential downturn. If the price bounces back from this EMA level, the bulls will strive to push the pair past $687. If they manage to do so, the pair might surge towards $722.
As a researcher, I’ve observed that if the 20-day Exponential Moving Average (EMA) were to breach its current level, the pair might experience a downturn, potentially reaching the 50-day Simple Moving Average ($609). This 50-day SMA is a crucial point for bullish investors as a break below it could lead the pair to plummet towards the uptrend line.
Dogecoin price analysis
On December 2nd, Dogecoin (DOGE) displayed an outside day candlestick formation, suggesting a struggle between the bullish and bearish forces in the market.
It’s quite probable that an upward trend could encounter selling when it reaches the channel’s resistance level. Should the price reverse from this resistance, it would indicate that the Dogecoin (DOGE) and Tether (USDT) pair might stay within the channel for a while longer.
If the price falls through and ends below its current trading channel, it might indicate that short-term traders are taking profits, potentially causing the price to drop to around $0.33 initially, and then possibly down to $0.30 later on. On the flip side, if the price rises through and ends above the trading channel, it could pave the way for an upward trend towards approximately $0.59.
Cardano price analysis
In simpler terms, the bulls are working hard to keep Cardano’s price over $1.15, a previous obstacle, which suggests that the upward trend may start again.
If the price attempts to rise towards $1.25, but this level might act as a significant barrier. If the price drops from $1.25 but later rises from $1.15, it suggests that the bulls have managed to turn this level into a support. This makes it more likely for the price to break above $1.25. As a result, the Cardano (ADA/USDT) pair could potentially increase and reach $1.64.
If the price doesn’t stay above $1.15, it could signal that the sellers are taking advantage of any increases (rallies), potentially causing the price to drop to $1, followed by a further decline down to the 20-day Exponential Moving Average (EMA) at approximately $0.91.
Avalanche price analysis
Avalanche (AVAX) has sprinted toward $51, where the bears are likely to mount a strong defense.
If the price significantly drops from $51, the AVAX/USDT pair might dip to around $40.19 (the 20-day Exponential Moving Average). The rising 20-day EMA and the Relative Strength Index (RSI) being in the overbought zone suggest that buyers have an edge. A solid rebound from the 20-day EMA could enhance the likelihood of a rise above $51, potentially taking the pair up to $60.
To regain momentum, sellers must lower the price under the 20-day Exponential Moving Average (EMA). Once that happens, the pair might dip to around $38, a level anticipated to provide robust support.
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2024-12-02 21:44