After staying above $50,000 on Christmas day, BTC faced selling pressure on the 26th of December. The reasons for the possible dip in Bitcoin’s price is due to the increase in inflows to the Binance exchange.
BTC
Bitcoin broke above the 20-day exponential moving average of ($49,832) on the 23rd but the recovery hit a barrier at the 38.2% Fibonacci retracement level at $52,314. This shows that the bears have not yet given up and continue to sell on rallies. BTC formed a Doji candlestick pattern on the 24th, signifying uncertainty among the bulls and the bears. This indecision resolved to the downside and the price has slipped to the 20-day EMA. If the price rebounds off the current level and breaks above $52,314, it will show a positive sing and traders are viewing the dips as a buying opportunity.
MATIC
MATIC has been in a strong uptrend. Although bears posed a stiff challenge at $2.70, the bulls did not give up much ground and have pushed the price to a new all-time high today. If bulls sustain MATIC price above $2.70, MATIC could start the next phase of the uptrend. The pair could first rise to $3.41 and if this level is crossed, the up-move may reach the mark at $5.
NEAR
The NEAR token picked up force after breaking above the falling wedge pattern on the 23rd. This carried the price above the strong resistance at $13.23, indicating the resumption of the uptrend. The bears are reluctant to allow the bulls to have their way and are aggressively defending the $16 level.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cryptonews. Every investment and trading move involves risk and the reader should conduct their own research when making a decision
