Bitcoin and most major altcoins remain stuck within a range, as traders keep an eye on macroeconomic events in the coming week.
US stock markets are set for a down week as market participants remain cautious ahead of next week’s key Consumer Price Index data.
After a terrible year in which some high-profile cryptocurrency companies failed, bulls are hoping that 2022 ends on a positive note. The bears will also look to maintain their strength and extend the decline into next year.
What is the path of least resistance in Bitcoin and altcoins? Let’s study the charts of the top four cryptocurrencies to find out.
USDT/BTC
The bulls successfully held the support at $16,787 on Dec. 7, indicating strong demand at the lower levels. On Dec. 8, buyers pushed Bitcoin above the 20-day EMA of $17,004.
If the price breaks out of the resistance zone between $17,622 and the 50-day SMA at $18,046, the BTC/Tether (USDT) pair could signal a possible trend reversal.
Conversely, if the price falls below $16,787, the bears will try to drag the pair toward the fundamental support of $15,476.
EUR/USDT
Ether (ETH) broke below the 20-day EMA of $1,254 on Dec. 7, but the bears failed to hold lower levels. On Dec. 8, the bulls bought the downside and pushed the price above the 20-day EMA.
Once again, the buyers will look to push the price above the overhead resistance at the 50-day SMA of $1331.
Conversely, if the price turns down from the 50-day SMA, it could keep the pair range-bound for a few days. The flat moving averages, and the RSI just above the midpoint, also point to a near-term consolidation.
USD/USDT
BNB (BNB) closed below the $285 support on Dec. 7, but the bears failed to capitalize on this opportunity. The bulls bought the downside and pushed the price to the 20-day EMA of $291.
If the price turns down from the moving averages, the bears will try to push the BNB/USDT pair below $281. If the bulls want to take control, they will need to push and hold the price above $300.
USD/XRP
XRP (XRP) has risen from the strong support of $0.37 on Dec. 7, indicating that the bulls are buying the bears.
If the buyers push the price above the 20-day EMA, the pair can rally to $0.41. This level could serve as a major barrier for the bulls, but if they can break above it, the pair could pick up momentum and go as high as $0.51.
If the price turns down from the 20-day EMA, the bears will try again to push the pair below $0.37 and strengthen their hold. If they do, the pair could drop to $0.34.
By Audy Castaneda
