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

Bitcoin (BTC) price saw a shallow retracement this week, but the intraday rally at the $44,000 level is an indication that the bulls are in no rush to close their positions. Data from the popular HODL Waves gauge shows that investors who bought Bitcoin between December 2020 and December 2021 sat on their coins.

Investors did not sell into strength because they expected higher levels in the future. Asset manager VanEck said in its crypto forecast in 2024 that “Bitcoin will make a new all-time high, supported by political events and regulatory shifts after the US presidential election.”

Bitcoin's rally over the past few days has attracted investors to pick altcoins such as Ether (ETH), Cardano (ADA), and Solana (SOL). Research firm Sentiment remains positive on Bitcoin prospects. On December 7, he said that if FUD adds up, Bitcoin could rise to $50,000.

Will Bitcoin find buyers at the lows and continue its charge toward $48,000, or will the action shift to altcoins? Let's examine the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

On December 5, Bitcoin fell below $44,500, indicating profit booking by short-term traders. Pullbacks are often shallow in strong pullbacks and don't last long because bulls eagerly buy the pullbacks.

If the price reverses from the current level and breaks above $44,500, it will signal the start of the next uptrend towards $48,000. Sellers are expected to defend this level with all their might.

If the price declines from $44,500, the first support is at the 38.2% Fibonacci retracement level at $41,862. If this level is breached, the BTC/USDT pair may fall towards the 20-day exponential moving average ($39,868). Buyers should avoid this phase if they want to keep the momentum going.

Ether price analysis

Bears tried to pull Ether (ETH) below the $2,200 level on December 6, but bulls held their ground. This shows that buyers are trying to turn $2,200 into support.

The ETH/USDT pair completed a bullish ascending triangle pattern above $2,200. The target of this bullish setup is $3,400. However, the vertical dash is more likely to be higher. Sellers try to stop the advance at $2,500 and again at $3,000.

A critical support zone for the downside is between $2,200 and the 20-day EMA ($2,147). If the price slips below this zone, it can trap more aggressive bulls, resulting in a long liquidation. That could start a downward correction to $1,900.

BNB price analysis

BNB (BNB) remains stuck in the $223 to $239 range, indicating a balance between supply and demand.

The bulls pushed the price above the 20-day EMA ($233) and will try to overcome the barrier at $239. If they succeed, the BNB/USDT pair could increase momentum and jump to the upper barrier at $265. A break and close above this level completes a bullish reversal head and shoulders pattern.

If the price declines and falls below $223, this optimism is worthless in the near term. That could sink the pair to critical support at $203.

XRP price analysis

XRP (XRP) retook the 20-day EMA ($0.62) on December 6, indicating that the lows are being bought. The bulls will then try to push the price above $0.67.

However, sellers are more likely to give up easily. They will try to install a strong resistance at $0.67. If the price declines from the current level, the XRP/USDT pair may find support at the 20-day EMA.

If the 20-day EMA rebounds above the barrier at $0.67, the XRP/USDT pair could reach $0.74. This step can be a difficult hurdle to overcome.

If the bears want to regain control, the price will need to sink and sustain below the 50-day SMA ($0.61).

Solana price analysis

Solana recovered on December 7 and broke above its 52-week high at $68.20. This indicates the resumption of the uptrend.

The rally above $68.20 broke the bearish H&S pattern, which is a positive sign. This attracts buying from bulls that are sitting on the sidelines and short covered by aggressive bears. There is a small hurdle at $78, but if weighed, the SOL/USDT pair could rise to $100.

Bears need to drop below the 20-day EMA ($60) if they want to get back into the game. The next stop is at $51.

Cardano price analysis

Cardano has been on a roll since closing above $0.40 resistance on December 4th. Buyers pushed the price above $0.46 on December 7th and then another move above $0.52 on December 8th.

The next level to the upside is expected to be $0.60, but the overbought level on the RSI suggests a slight correction or consolidation in the near term. If the bulls don't give much ground from the current level, it increases the possibility of a rally to $0.70.

Conversely, if the ADA/USDT pair reverses from its current level, it is likely to recover at $0.52 and $0.46. A slide below this support clears the way for a rejection to the 20-day EMA ($0.41).

Dogecoin price analysis

Dogecoin (DOGE) rose to $0.11 on December 6 but the bulls could not sustain higher levels as seen from the long wick on the candlestick.

A small advantage for the bulls is that they do not allow the price to stay below $0.10. This means that every little dip is being bought. The bulls will again try to hit the price above the $0.11 resistance. If they manage to do that, the DOGE/USDT pair could rise to $0.14 and later to $0.16.

The first sign of weakness would be a drop below the 20-day EMA ($0.09). That indicates profit booking by short-term traders. The pair may drop to $0.07.

Related: Bitcoin's Many Deaths: Crypto Market ‘Passed the Point of No Return?'

Price analysis

Avalanche (AVAX) faced resistance near $28, but the bulls did not give ground to the bears. This indicates that the bulls are in control.

The bulls will try to continue the increase and the price will hit the upper resistance at $31. This level may attract aggressive selling by bears. Overbought levels on the RSI indicate the risk of a correction or consolidation.

The first support on the downside is at $24.69. If this level is breached, the AVAX/USDT pair may fall to the 20-day EMA ($22.37). Buyers are expected to strongly defend this level as the next support is much lower at $18.90.

Chainlink price analysis

Chainlink (LINK) took support at the 20-day EMA ($15.04) on December 7, indicating that sentiment remains positive and that traders are buying the dips.

The bulls continued to buy on December 8, pushing the price above the resistance above $16.60. If the buyers continue the gap, it indicates that the increase has started again. The LINK/USDT pair may jump to $18.30 and then to $19.50.

On the contrary, if the price is below $16.60 and closes, it suggests that the bears remain highly active. That raises the prospect of a drop below the 20-day EMA. The pair may drop to $13.

Multilateral cost analysis

Polygon (MATIC) has been range-bound between $0.89 and $0.49 for the past several days. The bulls are trying to drive the price above the upper resistance and start a new uptrend.

The 20-day EMA ($0.80) has started to turn, and the RSI is near the overbought territory, indicating that at least resistance is on the way up. If buyers push the price above $0.89, the MATIC/USDT pair could reach the $1 psychological level. This level can again provide strong resistance to the bulls.

If the price drops below $1 but rebounds from $0.89, it indicates that bulls remain in order. That could push the rally to $1.20. If the bears sink and keep the price below the 50-day SMA ($0.75), the bears will be back in the driver's seat.

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.