Price analysis 12/7: BTC. ETH. BNB. XRP. ADA. DOGE. MATIC. DOT. LTC. UNI.


The current weakness of BTC and major altcoins indicates that investor sentiment is still negative and that bears remain active at higher levels. Price Analysis Buy this piece of crypto history. Source: Coin360ARK Invest. The exchange said that November’s revenue from institutions increased by 34% compared to October. However, data from Bitstamp shows that institutional investors may have seen the dip as a buying opportunity. Source: Coin360ARK Invest stated in its latest edition of “The Bitcoin Monthly,” that the FTX implosion could be “the most devastating event in crypto history,” but that decentralized blockchains are “as strong and as ever.” Could lower levels attract buyers for Bitcoin and other altcoins. Let’s look at the charts of the top 10 cryptocurrencies to see where buyers might be interested. Bitcoin/USDT: Bitcoin has been trading near the 20-day exponentially moving average ($16.966) for the past few sessions. Daily chart of BTC/USDT Source: TradingViewIf this happens, the short-term advantage may tilt in favor the bears and the BTC/USDT exchange rate could drop to $16,000. This would mean that the pair could stay between $15,476 & $17,622 for a few days more. To gain the upper hand, bulls will need to push the price above the 50 day simple moving average ($18.122). The pair could then gain momentum and rally to $20,000. ETH/USDTAfter trading below the moving averages for the last few days, Ether(ETH) broke below $11,250 on Dec. 7. This indicates that the bulls have been defeated by the bears.ETH/USDT daily charts. Source: TradingView If the price falls below the 20-day EMA the ETH/USDT pair may plunge to $1,151, then to the support at $1,073. If the price rises quickly and reaches the 20-day EMA, this will signal strong buying of dips. This could increase the chances of the pair breaking above the 50-day SMA ($1,331). BNB/USDTThe bulls attempted to push BNB (BNB), above the overhead resistance of $300 on Dec. 5, but the bears held firm. The sellers strengthened their position by pulling the price below $285 on Dec. 7. Daily chart of BNB/USDT Source: TradingView. The BNB/USDT pair may plummet to $275 if the price falls below $285. This level may be a minor support, but if it falls, the selling could pick-up and the pair could plunge to $250. Bulls must push the price higher than $300 if they want to stop the fall. This could put the aggressive bears on a wrong foot and push the price towards the overhead resistance of $338. This level could see a rematch between bulls and bears. XRP/USDTThe bears have successfully defended the 20 day EMA ($0.39) in recent days and pulled XRP(XRP) below its uptrend line on December 7. This invalidates the ascending triangle pattern. XRP/USDT daily charts. Source: TradingViewBuyers will attempt to salvage the situation by defending $0.37 as strong support. If the price rises above the 20 day EMA and bounces off it, the XRP/USDT currency pair could consolidate between $0.37 to $0.41 for a while. A break above $0.41 will signal the beginning of a new up-move. However, bears may have other plans. They will attempt to break the $0.37 support and pull the price down to $0.34. Source: TradingView. The pair could remain range-bound between $0.30 to $0.41 for a few days. Source: TradingView The sellers will try to push the price below $0.29, but they could face strong resistance from bulls. If the level is broken, the ADA/USDT pairing could signal a resumption or continuation of the downtrend. This suggests that buyers may be attracted to lower levels. A break and close above $0.33 could be the first sign of a sustainable recovery. Source: TradingView. The first sign of a sustained recovery could be a break and close above $0.33. Source: TradingViewThe DOGE/USDT price pair fell below the 20-day EMA ($0.09) Dec. 7, but a minor upside is that bulls are buying dips to the 50 day SMA ($0.09). The pair could rise to $0.11 if the price recovers from its current level. The RSI is close to the middle, which suggests that bullish momentum may be waning. The bears could try to pull the price below the 50 day SMA and gain the upperhand. If they succeed, the pair could gradually slip toward $0.07.MATIC/USDTBuyers tried to thrust Polygon (MATIC) above $0.95 on Dec. 5 but the bears vigorously defended the level. The price fell below the $20-day EMA ($0.90), and it was broken on Dec. 7. This shows that the bulls’ attempts to turn the 20-day EMA into support failed. MATIC/USDT daily chart. Source: TradingView. The bears will attempt to capitalize on this opportunity and drag prices to the uptrend line. This is an important level to watch as the bulls have successfully protected it on three occasions. This support could collapse, and the MATIC/USDT pairs could slide to $0.69. If the price rises above $0.97, this negative view will be invalidated in the near term. That could clear the path for a possible rally to $1.05.Related: Why is Bitcoin price down today?DOT/USDTPolkadot (DOT) repeatedly broke above the 20-day EMA ($5.50) from Dec. 2 to 5 but the bulls could not build upon this strength. This shows that demand is drying up at higher levels. DOT/USDT daily chart. Source: TradingViewThe bears are trying to reverse the downtrend by pulling the price lower than the $5 support. If they do this, the DOT/USDT exchange rate could fall to $4.32. Another possibility is that the price recovers from $5. This will indicate strong buying at lower levels. The bulls will attempt to push the price higher than $5.73. If they are able to pull it off, it could signal an upcoming double bottom pattern. The pair could then rise to $6.18 and later to the pattern target of $6.46, which is near the downtrend line.LTC/USDTLitecoin (LTC) broke above the $84 resistance on Dec. 5 but the long wick on the day’s candlestick shows selling at higher levels. This may have tempted traders to book profits, which has pushed the price to the breakout point of $75.LTC/USDT daily charts. Source: TradingViewThe moving Averages are trending upwards, but the RSI has formed a bearish divergence which indicates that the buying pressure might be decreasing. The bulls will then attempt to clear the overhead hurdle at $85 and push the LTC/USDT pair towards $104. The bulls will attempt to clear the $85 overhead hurdle and push the LTC/USDT pairing towards $104.UNI/USDTUniswap climbed above the 50 day SMA (6.16) Dec. 2, but the bulls were unable to sustain the buying pressure and push it to the resistance line for the symmetrical triangle pattern. Source: TradingViewThe price fell on Dec. 7, and the bears are trying lower the price below the 20-day EMA ($5.92). If this level is not held, the selling momentum may pick up and the UNI/USDT price pair could fall to the support line. If the price rises and breaks above $6.55 it will tilt the short-term advantage to the buyers. The pair could then reach the resistance line, where the bears could again sell strongly. The triangle could be broken and the next trending move could occur. These views, thoughts, and opinions are solely those of the authors and do not necessarily reflect the views or opinions of Cointelegraph.
This article does NOT contain any investment advice or recommendations. Every trade and investment involves risk. Readers should do their own research before making a decision.


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