SPX, DXY, BTC, ETH, BNB, XRP, SOL, ADA, AVAX, DOGE

The S&P 500 Index ( SPX ) rose 2.49 percent last week, extending its weekly winning streak to seven weeks, the longest winning streak since 2017. However, Bitcoin (BTC) was unable to sustain the momentum and lost to profit booking. Bulls. Trading resources material indicators in X's (formerly Twitter) post said that “year-end profit taking and tax loss harvesting” will win in the short term.

However, a crash is unlikely as many analysts expect the United States Securities and Exchange Commission to approve one or more bitcoin exchange-traded fund applications in January. If so, it could be game-changing for the sector.

VanEck CEO Jan Van Eck said in an interview with CNBC that Bitcoin could reach a new all-time high in the next 12 months. He expects Bitcoin to be the companion of gold.

What are the important stages that can catch a fall in Bitcoin and altcoins? Let's examine the charts to find out.

S&P 500 Index Price Analysis

The S&P 500 index has seen strong bull activity over the past few days, with prices holding back above the 4,650 high on December 13.

The sharp rally has caused the Relative Strength Index (RSI) to dip into overbought territory, indicating that the markets are overheated in the short term. That could start a correction or consolidation in the next few days. Strong support on the downside is at the 4,650 break-even level and then the 20-day moving average (4,601).

If the price continues higher and breaks above 4,740, the index may rise to 4,819. This level is likely to see a fierce battle between the bulls and the bears again, but if the buyers are victorious, the rally may reach the psychological level of 5,000.

Analysis of the price of the US dollar index

The bulls have repeatedly failed to hold the US Dollar Index (DXY) above the 20-day EMA (103) from December 5-13.

That encouraged the bears to resume selling, lowering the index. The bears broke price below the 61.8% Fibonacci retracement level of 102.55 on December 14, indicating the resumption of the correction phase. Next up is strong support 101.

The RSI is showing early signs of a positive divergence, indicating that the selling pressure may be weakening. If the price recovers from 101 and rises above the 20-day EMA, the index may continue to fluctuate in a larger range between 101 and 108.

Bitcoin price analysis

Bitcoin's tight range between the 20-day EMA ($41,323) and the lower trend line was resolved to the downside on December 18, but the gap lacks momentum.

The flat 20-day EMA and RSI near the midpoint suggest range-bound action in the near term. If the price falls below $40,000, the BTC/USD pair may fall to critical support at $37,980. This level is likely to witness aggressive buying by bulls.

Alternatively, if the price breaks out and bounces back above the 20-day EMA, it suggests strong demand at lower levels. The bulls will try to overcome the obstacle on the bottom line. If they do, the pair could jump to $44,700.

Ether price analysis

Ether (ETH) slipped below the strong support at $2,200 on December 18, indicating that the bulls may lose their grip.

If the price falls below $2,200, the ETH/USDT pair may drop to the 50-day SMA ($2,074). This level can attract buyers again, but the bears will try to stop the recovery at $2,200. If that happens, a break below the 50-day SMA is likely. The pair may drop to $1,900.

This negative view will be worth it in the near term if the price rises above $2,200. This suggests strong buying at lower levels. The pair will then try to increase the resistance to the upside at $2,332.

BNB price analysis

The bulls' inability to push BNB (BNB) above $260 may have tempted short-term traders to book profits.

That started a rebound below the December 18 moving averages. The 20-day EMA ($240) has started to decline, and the RSI has crept below the midpoint, indicating that the bears are trying to dominate. . This increases the probability of failure to $223.

If the price recovers strength from the $223 support and rises above the moving averages, it indicates strong buying at lower levels. The BNB/USDT pair may fluctuate between $223 and $260 for a few more days.

XRP price analysis

In the past few days, the inability of the bulls to push XRP (XRP) back above its moving average has attracted another round of selling.

The bears will try to dive into the strong support at $0.56. If the price recovers from this level and rises above the 20-day EMA ($0.62), it suggests that the XRP/USDT pair may remain stuck between $0.73 and $0.56 for a while.

The first sign of weakness breaks and closes below strong support at $0.56. That could clear the way to a drop to critical support at $0.46. The next level of growth begins after buyers drive the price above $0.74.

Solana price analysis

Solana (SOL) declined from $79.50 on December 15 and reached the 20-day EMA ($67.77) on December 18.

The bulls have not allowed the SOL/USDT pair to close below the 20-day EMA since the rally began on October 16. Therefore, a break of the level could trigger many traders' stops. That could start a decline towards the 50-day SMA ($57.83) and then psychological support at $50.

If bulls want to prevent a deep pullback, they need to strongly defend the 20-day EMA and push the price above $80. This sets the possible rally to $100.

Related: Spot Bitcoin ETF Will Be ‘Bloodbath' For Crypto Exchange, Says Analyst

Cardano price analysis

Cardano ( ADA ) rose above resistance at $0.65 on December 13, but the bulls could not sustain the momentum. The price dropped on December 14th and fell below $0.65.

A sharp pullback from $0.68 indicates that the bulls are taking profits in a hurry. That suggests that the ADA/USDT pair could consolidate its recent gains over the next few days. If the price recovers from the 20-day EMA ($0.53), the pair may rise to $0.68 and remain stuck between these two levels for some time.

A break below the 20-day EMA could accelerate the sell-off, opening the door for further declines to strong support at $0.46.

Price analysis

On December 16th and 17th, buyers pushed Avalanche (AVAX) above $42.50 but failed to sustain higher levels.

The AVAX/USDT pair has started to pull back, with strong support at the 20-day EMA ($33). If the price recovers strongly from this level, it suggests that the sentiment remains positive and the bulls will buy on the dips. On the downside, a break and close above $45 would signal a resumption of the uptrend. The next target is $50.

Conversely, if the price is below the 20-day EMA, it indicates that the bulls are rushing to the exit. That could lead to a deeper correction of $25.

Dogecoin price analysis

Dogecoin (DOGE) bounced back from the 20-day EMA ($0.09) on December 16, but the bulls could not maintain the highs.

The price declined on December 17 and fell below the 20-day EMA on December 18. The 20-day EMA is flat, and the RSI is near the midpoint, indicating a balance between supply and demand.

If the price is below the 20-day EMA, the advantage is tilted to the bears. The DOGE/USDT pair may drop to the 50-day SMA ($0.08).

If the bulls want to save the situation, they need to quickly push the price above the 20-day EMA. Once buyers clear the barrier at $0.11, the momentum may pick up.

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.