Price Analysis Dec 30: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XLM, XTZ

Every bit 2022 comes to an finish, traders will closely analyze the events scheduled for 2022 that might boost cryptocurrency prices. I of the most talked-about and watched events would be the halving of Bitcoin miner rewards in May 2022.

While Bitcoin'due south cost had surged following the previous two halving events in 2022 and 2022, information technology is difficult to say with certainty how the crypto markets will react this fourth dimension. Many analysts are as well divided on their expectations about the event. Nevertheless, as halving nears, we anticipate the chart patterns will provide an insight into the likely reaction to the event.

Daily cryptocurrency market performance. Source: Coin360

Central banks accept been ownership golden at a record pace for the past two years. This shows that the central banks are themselves moving away from the reserve currencies and are attempting to hedge the trade war and geopolitical risks with aureate.

Every bit risks increase, the institutional investors will besides expect at other asset classes to hedge their portfolio. As cryptocurrencies do non correlate with any asset form, we anticipate investment in cryptocurrencies to pick upward next year. Fifty-fifty a small portion of institutional money can showtime a new balderdash run in crypto.

While a few altcoins are looking potent, can they go on their relief rally without support from Bitcoin? Let'south analyze the charts to notice out.

BTC/USD

The bears foiled the attempts past the bulls to calibration the 50-solar day SMA on Dec. 23 and again on Dec. 29. This shows selling at higher levels. With twenty-mean solar day EMA flattening out and RSI shut to the midpoint, a few days of range-bound action is likely.

Bitcoin (BTC) will signal a trend reversal if the bulls tin calibration above the overhead resistance at $7,856.76. The downtrend line is also placed just above this level, hence, nosotros expect a breakout of $7,856.76 to starting time a new uptrend. Therefore, we take retained the buy recommended in an earlier analysis.

BTC USD daily chart. Source: Tradingview

Conversely, if the bulls fail to scale higher up $7,856.76, a few more days of range-jump action is likely. If the BTC/USD pair consolidates between $vii,000 and $7,856.76, it will signal strength.

Yet, a interruption beneath the firsthand support at $7,000 will be a bearish sign. The next support on the downside is $6,435. Repeated retests of a support level weakens it. If the bears can sink the price beneath $half-dozen,435, it will be a huge negative and can result in panic selling.

ETH/USD

The bulls pushed Ether (ETH) back above the overhead resistance at $131.84 and the 20-day EMA at $133 on December. 29. This was the get-go occasion that price had closed (UTC fourth dimension) above the 20-day EMA since Nov. xv.

ETH USD daily chart. Source: Tradingview

However, the bulls could non build up momentum and are facing stiff resistance at the downtrend line. The bears are currently attempting to sink the toll back below $131.484. If successful, a reject to $122.496 is possible.

If the bulls defend the back up at $122.496, a few days of range-bound action is likely. The ETH/USD pair will option upwardly momentum on a interruption higher up the downtrend line. Above this level, a rally to $157.50 is possible. The l-day SMA at $149 might offering pocket-sized resistance but nosotros expect it to be crossed.

XRP/USD

XRP continues to merchandise inside the $0.18339 and $0.20041 range. The 20-day EMA is located shut to the resistance of the range, hence, nosotros anticipate the bears to defend this level aggressively.

XRP USD daily chart. Source: Tradingview

If the toll turns down from the current levels, information technology is probable to extend its stay inside the range for a few more days. A break below the range volition exist a negative sign as information technology will resume the downtrend.

Still, if the bulls manage to push the price above $0.20041 and sustain it, a rally to $0.2326 is possible. Therefore, aggressive traders can buy on a shut (UTC time) to a higher place $0.20041 and proceed a terminate loss of $0.183.

BCH/USD

Bitcoin Cash (BCH) broke out of the twenty-day EMA on Dec. 27 and closed (UTC time) above $203.36 on Dec. 28. This triggered the buy recommendation given in our previous assay. The 20-day EMA is turning up and the RSI has climbed higher up 50, which suggests that the bulls are making a comeback.

BCH USD daily chart. Source: Tradingview

Currently, the bears are attempting to defend the 50-day SMA, which is sloping downwards. If the cost turns down from the current levels and breaks below $203.36, it will betoken a lack of buyers at higher levels. Therefore, traders can go along the stop loss on the long position at $181.

Conversely, if the BCH/USD pair scales to a higher place the l-day SMA, information technology can move up to $227.01, which might once again act as a resistance. Aggressive traders can book fractional profits at this level if the bulls struggle to break above it. However, if the buyers can carry the price to a higher place $227.01, the traders can trail the stops closely.

LTC/USD

Litecoin (LTC) airtight (UTC time) above $43 on Dec. 29, which triggered the purchase proposed in our previous analysis. Though the cost has risen above the 20-solar day EMA, it lacks momentum. This shows that the bulls are in no urgency to buy at college levels.

LTC USD daily chart. Source: Tradingview

If the bulls fail to defend the support at $42.0599, the bears might over again sink the price to $39.252. If this support breaks, a retest of the recent low at $35.8582 is possible.

However, if the bulls defend the support at $42.0599, we conceptualize the LTC/USD pair to movement up to the 50-day SMA at $46.6 and above it to $50. The traders can keep an initial stop loss at $38, which can be trailed college later.

EOS/USD

The bulls pushed EOS above the resistance at $ii.5804 on December. 27, which triggered our buy suggested in an earlier analysis. The altcoin has reached the l-day SMA, which is acting equally a stiff resistance. If the cost turns down from the electric current level and slips below $2.5804, it will bespeak a lack of buyers at college levels. The traders tin can continue the end loss at $2.twoscore.

EOS USD daily chart. Source: Tradingview

However, if the bulls go along the price above $2.5804, information technology volition indicate force. The twenty-day EMA is trying to turn up and the RSI has climbed into the positive zone, which suggests that bulls are attempting a comeback.

A break to a higher place the 50-day SMA tin carry the EOS/USD pair to $two.8695, which is likely to act equally a stiff resistance. The traders can sentry the toll action at this level closely and book partial profits if the bulls struggle to scale above it.

BNB/USD

The bulls are attempting to propel Binance Money (BNB) to a higher place the overhead resistance at $14.5201. If successful, aggressive traders tin enter long positions as suggested in our previous analysis.

BNB USD daily chart. Source: Tradingview

A breakout of $14.5201 can push the price to $16.50. The 20-day EMA has flattened out and the RSI is just below the midpoint, which suggests that the selling pressure has reduced.

However, if the bulls neglect to calibration above $14.5201, the BNB/USD pair might proceed to merchandise inside the range for a few more days. It will plough negative on a break below the contempo low at $12.1111.

BSV/USD

Bitcoin SV (BSV) scaled above the overhead resistance at $92.694 on December. 28, which triggered our buy recommended in an earlier analysis. Thereafter, momentum picked up and the altcoin broke in a higher place the downtrend line.

BSV USD daily nautical chart. Source: Tradingview

However, the upward move is facing stiff resistance at the 50-24-hour interval SMA. If the bears sink the cost back below $92.693, information technology volition indicate weakness. For at present, the traders can keep the terminate loss at $83.

If the BSV/USD pair rebounds off $92.693 and breaks out of the 50-twenty-four hours SMA, a rally to $113.96 will be on the cards. The traders tin can book partial profits at this level and trail the stops on the rest.

XLM/USD

Stellar Lumens (XLM) continues to merchandise inside the $0.042133 to $0.047799 range. The xx-day EMA is placed just above the resistance of the range. Hence, nosotros look the bears to defend it aggressively.

XLM USD daily chart. Source: Tradingview

If the price turns downwards from the current levels, it volition extend its stay inside the range for a few more days. The XLM/USD pair will turn negative on a break below the range.

Conversely, if the bulls tin can push button the toll above $0.047799, it will indicate strength. However, we expect the pair to again striking a wall close to $0.051014. We will wait for the price to breakout and shut (UTC time) above $0.051014 earlier proposing a trade in it.

XTZ/USD

Tezos (XTZ) has cleaved down of the 50-day SMA, which is a bearish sign. There is a minor support at $i.2 below which a drop to $1.1 is possible. The moving averages are on the verge of a bearish crossover, which indicates that sellers have the upper hand.

XTZ USD daily chart. Source: Tradingview

If the XTZ/USD pair finds support at $i.2, the bulls will make another attempt to resume the uptrend. A breakout of the moving averages will be the first sign that bulls are back in the game. We will wait for a new buy setup to grade before turning positive. Until then, we suggest traders remain on the sidelines.

The views and opinions expressed here are solely those of the author and do non necessarily reverberate the views of Cointelegraph. Every investment and trading move involves risk. Yous should conduct your own research when making a decision.

Market data is provided by HitBTC substitution.

Source: https://cointelegraph.com/news/price-analysis-dec-30-btc-eth-xrp-bch-ltc-eos-bnb-bsv-xlm-xtz

Posted by: duncanfachaps00.blogspot.com

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