BTC, ETH, BNB, XRP, SOL, ADA, DOGE, AVAX, DOT, LINK

Crypto markets are buzzing with space for a Bitcoin (BTC) exchange-traded fund to see the light of day in January. K33 Research analysts said in a December 19 report that BlackRock and ARK Invest agreed to a cash-creative setup for their funds, indicating that recent ETF updates were “nailed” for January.

Michael Saylor, founder of MicroStrategy, said in an interview with Bloomberg that the approval of the spot Bitcoin ETF “may be the biggest development on Wall Street in 30 years.” The ETF and Bitcoin halving are expected to set the stage for the “major bull run for the asset class” in April, 2024.

Continuing the narrative of chaos, Grayscale CEO Michael Sonnenschein said in a CNBC interview that the space will open up the Bitcoin ETF market to “$30 trillion in advised assets.”

Will Bitcoin and altcoins break above their recent local highs or will higher levels attract sellers? Let's examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin dipped below the 20-day moving average ($41,760) on December 18, but the bears failed to sustain the lows, indicating strong buying on the dips.

The bulls pushed the price above the low line on December 19, but the bears sold higher. However, the renewed purchase on December 20 immediately raised the price above $43,500. This would push the rally above the 52-week high at $44,700. If that happens, the BTC/USDT pair could rise to $48,000 and eventually $50,000.

On the contrary, if the price declines significantly from $44,700, it suggests that the sellers remain highly active. The bears need to sustain the price below the 20-day EMA to accelerate selling and challenge strong support at $37,980.

Ether price analysis

Ether (ETH) has been witnessing a fierce battle between bulls and bears near the $2,200 strong support.

The inability of bears to sustain the price below $2,200 indicates that they are buying at low levels. The flat 20-day EMA ($2,210) and RSI near the midpoint suggest range-bound action in the near term.

Buyers will try to push the ETH/USDT pair to $2,332 and then to $2,403. Sellers are expected to aggressively defend this zone. On the downside, the 50-day SMA ($2,091) remains a key level to watch. A break below it could result in a drop to $1,900.

BNB price analysis

BNB (BNB) broke below its moving averages on December 18 but quickly reversed course, indicating aggressive buying at lower levels.

Upward moving averages and an RSI in the positive zone indicate that the bulls have the edge. If buyers support the price above $260, the BNB/USDT pair may rally to the neckline of an inverse head and shoulders pattern. A break and close above the neckline completes the bullish position targeting the $333 pattern.

The immediate support on the downside is at $223 at the moving average and below. A fall below this level could sink the pair to $203.

XRP price analysis

As seen from the long tail on the candlestick, the bulls bought a dip in XRP (XRP) near the $0.56 strong support of the dip 18.

The bulls will try to drive the price above the moving averages. If they do that, the XRP/USDT pair can rise to $0.67, the bears will try to defend the level aggressively. If the price changes from $0.67, the range-bound action may continue for a few more days.

Conversely, if the price falls significantly below the 20-day EMA, it indicates that the bears are trying to take charge. A break below the critical support of $0.56 could open the low to $0.46.

Solana price analysis

Solana (SOL) is in strong growth. The bulls bought the 18-day dip to the 20-day EMA ($69.77), pushing the price above the $79.50 resistance.

Although an upward moving average indicates a benefit for buyers, a negative divergence on the RSI calls for caution. The bears need to break below the 20-day EMA to trigger multiple traders' stops, pulling the pair back to the 50-day SMA ($59.51) and then to $50.

Conversely, if buyers hold the price above $80, the SOL/USDT pair may start the next leg of the rally towards $100.

Cardano price analysis

Cardano (ADA) recovered from the 20-day EMA ($0.54) on December 18, as seen from the long tail on the candlestick.

The bulls need to overcome the minor barrier at $0.62 to challenge the 52-week high at $0.68. This level can act as a strong resistance but if buyers push the price above it, the ADA/USDT pair may attempt a rally towards $0.78.

Bears need to quickly pull the price below the 20-day EMA if they want to prevent an upward move. If they do, the pair could drop above $0.46, which could attract buyers.

Dogecoin price analysis

The bulls are not allowing the price of Dogecoin (DOGE) to stay below the 20-day EMA ($0.09), indicating strong buying at lower levels.

The 20-day EMA is stretched, and the RSI is near the midpoint, suggesting range-bound action in the near term. The DOGE/USDT pair may oscillate between the 50-day SMA ($0.08) and $0.11 for some time.

Buyers need to push the price above $0.11 if they want to take control. That could start the next leg of the rise to $0.16. Alternatively, a drop below the 50-day SMA would suggest a bearish advantage, taking the pair down to $0.07.

RELATED: As BTC Price Tests, Bitcoin's Dominance Returns and Begins to Climb $44,000

Price analysis

Avalanche (AVAX) is trying to recover $38, indicating that the bulls are trying to turn the level into support.

The rising 20-day EMA ($34.71) suggests a gain for buyers, but overbought levels on the RSI warn of possible consolidation or correction in the near term. Sellers are expected to defend the profit margin at $45.33, but if the barrier is cleared, the next stop may be $50.

The first sign of weakness would be a break below $38. That opens the door for a drop to the 20-day EMA. A break and close below the 20-day EMA indicates that the uptrend has ended in the short term.

Polkadot price analysis

Polkadot (DOT) is finding support at the 20-day EMA ($6.61), suggesting bulls will continue to buy the dips.

The bulls will try to push the resistance above $7.90, where they may face strong selling by the bears. If buyers overcome the resistance, the DOT/USDT pair could rally to $10, raising momentum.

The bears may have other plans. They will try to sell the rallies below the current level and try to push the price below the 20-day EMA. If they do, the sell-off may accelerate, and the pair may drop down to the 50-day SMA ($5.74).

Chainlink price analysis

Chainlink (LINK) has been consolidating in a large range between $12.85 and $16.60 for the past few days.

The moving averages are at the hidden intersection, and the RSI is above the midpoint, indicating that the sellers have a slight edge. If the price stays below the moving averages, the LINK/USDT pair could slide to strong support at $12.85.

Conversely, if the price rises above the 20-day EMA ($14.80), it indicates that the bulls are trying to dominate. The pair may rise to $15.58 and later to $16.60. If the price breaks from this resistance, it indicates that the pair may extend its range-bound action for some time.

This article does not contain investment advice or recommendations. Every investment and business activity involves risk, and readers should do their own research when making a decision.