BTC continues to lose ground , this is a signal that traders may be locking in their gains before the end of the year. The lack of a Santa rally in the U.S. equity markets indicates that the risk-off sentiment prevails due to the uncertainty regarding the spread of the COVID-19 omicron variant in several parts of the world.
BTC
The bulls have been guarding the 200-day simple moving average of ($47,130) for the past few days, but they have not been able to push the price above the 20-day exponential moving average of ($49,622). This shows a lack of demand at higher levels. The bears pulled the price below the 200-day SMA on Dec. 20 and if the price sustains below this crucial level, the selling may pick up momentum.
ETH
ETH has been trading inside a descending channel for the past few days. The bounce off the support line of the channel on the 13th failed to rise above the 20-day EMA of ($4,058), indicating that bears are selling on rallies. The down sloping 20-day EMA and the RSI below 43 suggest that the path of least resistance is to the downside.
BNB
The buyers effectively defended the 100-day SMA of ($509) for the past few days but they could not push (BNB) above the 20-day EMA ($552). This suggests that demand dries up at higher levels. The down sloping 20-day EMA and the RSI in the negative zone suggest that bears have the upper hand.
SOL
SOL turned down from the 20-day EMA ($183), indicating that bears are protecting this level with force. If the price slips and sustains below $167.88, a retest of $148.04 is possible.
ADA
ADA repeatedly bounced off the strong support at $1.18 in the past few days but the bulls have not been able to push the price above the 20-day EMA of ($1.35). This suggests a lack of demand at higher levels. The bears will now attempt to sink and sustain the price below $1.18.
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