Price Analysis Dec 18: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XTZ, XLM

The crypto markets are currently held tight in the grasp of the bears. At the moment, at that place does not seem to exist any specific news or effect that has triggered the stiff refuse but one possibility is that some short-term investors who had been holding on to their positions in hopes of a rally are dumping at the electric current prices.

The proclamation of the outset phase of a merchandise deal betwixt China and the United States and the likelihood of the Usa Fed will not raise rates in 2022 appears to have additional sentiment in the US stock market which are again close to reaching new all-time highs. Hence, information technology'southward possible that some money might menstruation out of crypto and into the stock markets.

This selling in cryptocurrencies is likely to finish within the next few days after which, the long-term investors who had been waiting on the sidelines to build up positions are likely to get-go value ownership. Bitcoin too appears to be in the early on stages of a bottoming procedure and the price action is like to 2022 when it had bottomed out in mid-December.

Daily cryptocurrency market functioning. Source: Coin360

After such a sharp fall, most cryptocurrencies are likely to go through a bottoming process before starting a new uptrend. Fresh allocations to the crypto space might happen early next year but larger players are unlikely to buy in a hurry. They would endeavor to accumulate at bonny prices earlier pushing prices higher. Hence, retail traders would have to ride out the volatility earlier a new uptrend starts.

While short-term traders tin merchandise the relief rallies in a downtrend, positional traders should wait for the trend to alter from downwardly to up before buying. Permit'south look at the important levels to watch out for.

BTC/USD

Bitcoin (BTC) is currently attempting to bounce off the critical back up at $6,512.01. The developing bullish divergence on the RSI is a minor positive which indicates that the selling is near to end. However, unless the price shows signs of sustaining the relief rally, we exercise not propose buying on this setup alone.

BTC USD daily chart. Source: Tradingview

The bulls volition now try to push the price in a higher place the 20-day EMA. This is an important resistance to watch out for because the BTC/USD pair has non airtight (UTC time) higher up the 20-twenty-four hour period EMA since Nov. 15.

If the bulls manage a shut (UTC fourth dimension) higher up the 20-day EMA, it will betoken ownership past the aggressive bulls. Above the 20-twenty-four hour period EMA, a move to $7,856.76 is possible. Aggressive traders can attempt to trade this motility but should go on a small position size because the tendency is still downward. For the positional traders, nosotros will await for the cost to breakout and close (UTC fourth dimension) above $7,856.76 earlier recommending a trade in information technology.

Opposite to our assumption, if the toll turns down from the 20-day EMA, the bears will attempt to resume the downtrend. Below $half-dozen,512.01, the next support is at $v,533.90.

ETH/USD

Ether (ETH) plummeted beneath the support at $131.484 on Dec. 16 and followed it up with another downwards twenty-four hours that dragged the price to $119.61. The RSI has dipped into oversold territory, which indicates that the selling has been overdone in the short-term.

ETH USD daily chart. Source: Tradingview

The bulls are currently attempting a rebound off the support at $120. The start resistance is probable to be $131.484. If this level is scaled, the next resistance will exist at the 20-day EMA.

If the ETH/USD pair turns downwardly from the overhead resistance one time once again, the downtrend could extend to $100 if the $120 back up cracks. We will wait for a new purchase setup to form before recommending a trade in it.

XRP/USD

XRP dived beneath the critical support at $0.20041 on Dec. 17. The fall has resumed the downtrend, which has a minor support at $0.xviii. The RSI has dropped deep into the oversold territory, which indicates that a relief rally is possible.

XRP USD daily chart. Source: Tradingview

The pullback from the electric current level will face stiff resistance between $0.20041 and $0.2326. If the price turns down from the overhead resistance, the bears will attempt to sink the price below $0.xviii. If successful, the XRP/USD pair can drop to $0.15.

As the pair has been making new yearly lows consistently, nosotros advise traders wait for the price to signal a turn around earlier jumping in to buy.

BCH/USD

Bitcoin Greenbacks (BCH) broke below the support at $192.52 on Dec. 17 and dipped close to our target objective of $166.98. Currently, the bulls are attempting to defend the support at $166.98. The RSI is oversold territory, which also points to a probable relief rally in the next few days.

BCH USD daily chart. Source: Tradingview

The bulls will attempt to carry the price back above the $192.52 to $203.36 resistance zone. If successful, it will indicate demand at lower levels.

Withal, if the relief rally fails to climb above the overhead resistance, the bears will effort to resume the downtrend. If the bears sink the toll below $166.98, the BCH/USD pair can extend its autumn to $125. We volition await for a new buy setup to form before suggesting a trade in it.

LTC/USD

Litecoin (LTC) is in a firm comport grip. Information technology resumed its downtrend with a break below $42.0599 on December. xvi that has dragged the cost to our target objective of $36. The decline has negated the bullish divergence that was setting up on the RSI.

LTC USD daily nautical chart. Source: Tradingview

The bulls are attempting a rebound off the support at $36. The securely oversold readings on the RSI also indicate to a likely relief rally in the next few days.

If the bounciness from the current levels is shallow, it will signal a lack of buyers even at these levels. Below $36, the drib can extend to the $28 to $30 support zone. Our bearish view will be invalidated if the bulls push the LTC/USD pair above the 20-twenty-four hour period EMA and sustain it.

EOS/USD

EOS slipped beneath the support at $2.4001 on Dec. 16. The bulls are currently attempting to defend the $ii.2 to $2 support zone. With the fall, the RSI had slipped into oversold territory. During three previous occasions (marked via ellipses on the chart), the cost had staged a recovery from close to 25 levels on the RSI.

EOS USD daily chart. Source: Tradingview

We are seeing history repeats itself as a relief rally is underway. However, any attempt to move up will confront potent resistance at $ii.4001. If the EOS/USD pair turns down from this resistance, the bears will effort to resume the downtrend and sink the price to the next support at $1.55.

Conversely, if the bulls can push the toll back above $2.4001 and sustain it, a move to the xx-24-hour interval EMA and to a higher place information technology to $2.8695 is possible. Aggressive traders tin can buy if the toll sustains to a higher place $2.4001 for a couple of days.

BNB/USD

Binance Coin (BNB) plunged beneath the $xiv.2555 to $13.88 support zone on Dec. 16. With the fall, the bullish departure that was developing on the RSI has been invalidated. The next support on the downside is $11.30.

BNB USD daily chart. Source: Tradingview

Yet, the bulls are currently attempting to defend the back up at $12. A bounce from the electric current level is likely to find stiff resistance at $xiv.2555. This level, which had previously acted as a strong support will now human action as a potent resistance. If the BNB/USD pair turns down from $14.2555, the downtrend will resume.

On the other hand, if the bulls can scale and sustain the cost above $14.2555, it volition indicate buying at lower levels. Nosotros will wait for a reversal pattern to form before recommending a trade in it.

BSV/USD

Bitcoin SV (BSV) has dropped to the critical support at $78.506. If this back up likewise gives style, the decline can extend to $66.666, which is the intraday depression made on Sep. 24. We anticipate the bulls to defend the zone between $78.506 and $66.666 aggressively.

BSV USD daily chart. Source: Tradingview

A bounciness from the current levels or from $66.666 is likely to face stiff resistance at the 20-24-hour interval EMA, which is sloping down.

Our surly view will be invalidated if the BSV/USD pair rebounds sharply from the current levels and rises to a higher place the 20-day EMA. Such a move will indicate a strong need close to support levels. Traders can wait for a new purchase setup to form before initiating a long position in information technology.

XTZ/USD

The bulls could non propel Tezos (XTZ) to a higher place the $one.65 to $1.85 resistance zone in the past ii days. This attracted turn a profit booking that has dragged the price to the 50-mean solar day SMA. We had suggested caution in our previous analysis due to the negative difference on the RSI.

XTZ USD daily chart. Source: Tradingview

The bulls are currently attempting to defend the support at the 50-day SMA. If successful, a few days of consolidation between $ane.eighteen and $1.65 is possible.

We are positive on the XTZ/USD pair since it has been a strong outperformer just we will wait for the overall sentiment to improve before recommending a trade in it. Contrary to our assumption, if the bears sink the price below the 50-day SMA, a driblet to $1.10 is possible.

XLM/USD

Stellar (XLM) picked up momentum after breaking below the critical support at $0.051014. The turn down in the past two days has been sharp and it has dragged the price closer to our target objective of $0.041748. If the selling continues, the side by side level to watch is $0.036769.

XLM USD daily chart. Source: Tradingview

New yearly lows suggest that bears are in consummate command. All the same, the RSI has declined deep into the oversold territory, which suggests that the selling has been overdone in the short-term.

The bulls are likely to effort a bounciness from the current levels, which volition face a stiff resistance at $0.051014. We will look for the XLM/USD pair to terminate declining and signal a turn effectually before proposing a trade in it.

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

Market information is provided past HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-dec-18-btc-eth-xrp-bch-ltc-eos-bnb-bsv-xtz-xlm

Posted by: raineyprilloomply1968.blogspot.com

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