Bitcoin is attempting to extend its recovery by rising above the psychological mark at $50,000, but several popular analysts appear to believe that BTC could remain range-bound for a few weeks or even months.
BTC
Bitcoin broke below the uptrend line and the psychological support at $50,000, which may have resulted in panic selling. Even though the bulls purchased at the dip aggressively, they are finding it difficult to push the price above $50,000. The down sloping 20-day exponential moving average of $55,551 and the RSI near the oversold zone indicate that bears are in command.
ETH
Ether plunged below the 100-day simple moving average of $3,873. The bears could not endure the lower levels. This indicates that traders are accruing on dips. The recovery attempt is facing stiff resistance near $4,250. The bears again attempted to pull the price below the $3,900 support but the t bulls are defending the level.
BNB
Binance Coin broke and closed below the 20-day EMA of $592 .That was followed by a sharp sell-off on which pulled the price to the 100-day SMA of $496. The buyers aggressively defended the 100-day SMA as seen from the long tail on the day’s candlestick. The recovery could reach the 20-day EMA where the bears are likely to mount a strong resistance.
SOL
Solana turned down and re-entered the triangle. This could have trapped the aggressive bulls who bought the breakout of the triangle. The selling picked up momentum after SOL broke and closed below the 20-day EMA of $209. The bears pulled the price below the support line of the triangle and the 100-day SMA of $181.
ADA
ADA turned down from the 20-day EMA ($1.63) on Dec. 3, indicating that sentiment remains negative and traders are selling on rallies. The selling intensified on Dec. 4 and ADA plunged to $1.18. Although bulls purchased this dip, they could not sustain the recovery. This indicates that demand dries up at higher levels.
