Price analysis 12/9: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
The United States equities markets are headed for a down week as market participants remain cautious ahead of next week's key consumer price index data for November.
The CPI report will be followed by the Federal Reserve’s Federal Open Market Committee meeting on Dec. 13-14 where the central bank is expected to hike rates by 50 basis points, according to the FedWatch Tool.
The outcome of the events next week could increase the volatility in Bitcoin (BTC) and result in a trending move.
After a terrible year that saw some high-profile cryptocurrency companies go bust, the bulls will expect 2022 to end on a strong note. Bears will also try to maintain their stronghold and extend the decline in the next year.
What is the path of least resistance in Bitcoin and altcoins? Let’s study the charts of the top-10 cryptocurrencies to find out.
The bulls successfully held the $16,787 support on Dec. 7, indicating strong demand at lower levels. Buyers propelled Bitcoin back above the 20-day exponential moving average ($17,004) on Dec. 8.
The flat 20-day EMA and the relative strength index (RSI) near the midpoint suggest a possible range-bound action in the near term. Usually, tight range trading is followed by a range expansion, which leads to a trending move.
At times, the first breakout tends to be a fake move, hence traders could wait for a confirmation before jumping on to take the trade.
If the price breaks above the resistance zone between $17,622 and the 50-day simple moving average ($18,046), the BTC/USDT pair could signal a potential trend change. The pair could then attempt a rally to $20,000 and later to $21,500.
Conversely, if the price breaks below $16,787, the bears will try to pull the pair to the pivotal support at $15,476.
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