If that happens, the short-term advantage could tilt in favor of the bears and the BTC/USDT pair could drop to $16,000. Such a move would suggest that the pair might remain stuck between $15,476 and $17,622 for a few more days. The more time spent within the range, the stronger the penetration from it will be.
On the upside, bulls will have to push and hold the price above the 50-day simple moving average ($18,122) to gain the upper hand. After that, the pair could gain momentum and rise to $20,000.
After trading between moving averages for the past few days, Ether has worked
It broke below the 20-day moving average ($1,250) on Dec. 7. This indicates that the bears have overpowered the bulls.
ETH/USDT daily chart. Source: TradingView
If the price holds below the 20-day EMA, the ETH/USDT pair could drop to $1,151 and then to the important support at $1,073.
Conversely, if the price rises quickly and rises back above the 20-day moving average, that would indicate a strong buy on dips. That could increase the possibility of a break above the 50-day SMA ($1,331). Above this level, there is no significant resistance until the pair reaches the downtrend line of the descending channel.
The bulls tried to push BNB
Above the overhead resistance at $300 on Dec 5 but the bears held. The sellers consolidated their position on December 7 by dragging the price below the immediate support at $285.
BNB/USDT daily chart. Source: TradingView
If the price continues below $285, the BNB/USDT pair could drop to $275. This level could act as minor support but if it breaks down, selling could go higher and the pair could drop to the crucial support at $250.
If the bulls want to prevent a fall, they will have to push the price and hold it above $300. This could trap the bears on the wrong foot and push the price towards the overhead resistance at $338. This level could once again witness a tough battle between the bulls and the bears.
The bears successfully defended the 20-day moving average ($0.39) in the past few days and pulled back XRP.
Below the rising trend line on December 7th. This invalidates the growth of the ascending triangle pattern.
XRP/USDT daily chart. Source: TradingView
Buyers will try to salvage the situation by defending the strong support at $0.37. If the price bounces off this level and rises above the 20-day EMA, the XRP/USDT pair may consolidate between $0.37 and $0.41 for some time. A break and close above $0.41 would indicate the start of a new bullish move.
The bears likely had other plans. They will try to break the support at $0.37 and pull the price down to $0.34. This pair could keep it range bound between $0.30 and $0.41 for a few more days.
It failed to hold above the 20-day moving average ($0.32) on December 5, which could tempt short-term buyers to close their long positions and the bears to create new short positions.
ADA/USDT daily chart. Source: TradingView
The sellers will try to pull the price below the crucial support at $0.29 but they could face strong resistance from the bulls because if the level fades, ADA/USDT could signal a resumption of the bearish trend.
Although the trend is down, the Relative Strength Index (RSI) is maintaining its bullish divergence. This indicates that lower levels may attract buyers. The first sign of a sustainable recovery might be a breakout and close above $0.33. The pair could then rise to the downtrend line.
The long wick on Dogecoin
The December 5 candlestick shows bears defending the 50% Fibonacci retracement level at $0.11.
DOGE/USDT daily chart. Source: TradingView
DOGE/USDT turned lower and broke below the 20-day moving average ($0.09) on December 7, but the slight positive is that the bulls are buying dips into the 50-day moving average ($0.09). If the price rebounds from the current level, the pair may rise again to $0.11.
The RSI has declined near the center indicating that the bullish momentum may be waning. The bears may try to push the price below the 50-day SMA and gain the upper hand. If they succeed, the pair may gradually slide towards $0.07.
Matic / USDT
Buyers tried to push Polygon
Above $0.95 on Dec 5 but the bears aggressively defended the level. The price declined and broke below the 20-day moving average ($0.90) on December 7. This indicates that the bulls’ efforts to turn the 20-day moving average into support have failed.
MATIC/USDT daily chart. Source: TradingView
The bears will try to take advantage of this opportunity and pull the price to the uptrend line. This is an important level to watch as the Bulls have successfully defended it on three previous occasions. If this support breaks down, the MATIC/USDT pair could slide to the crucial support level at $0.69.
This negative view will be invalidated in the near term if the price rises and breaches the upper resistance level of the dollar