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

Bitcoin (BTC) is struggling to rebound after falling roughly 9% last week. This suggests that the bulls are playing it safe and are not hurrying to buy the dips. One exception is MicroStrategy, which added 5,262 Bitcoin between Dec. 16 and Dec. 22 at an average price of about $106,662.

Although Bitcoin has given up ground from its all-time high of $108,353, a minor positive is that the bears have not been able to pull the price below the solid support at $90,000. This suggests that the bulls are not rushing to exit their long positions. 

However, some analysts believe that a correction may be around the corner. Popular trader and analyst Rekt Capital said in a post on X that Bitcoin has broken below the weekly support, increasing the likelihood of entering “into a multi-week correction.” 

Buying at lower levels and selling on rallies indicates a possible range-bound action in the near term. Will altcoins also enter a period of consolidation? Let’s analyze the charts to find out.

S&P 500 Index price analysis

The S&P 500 Index (SPX) broke below the support line of the rising wedge pattern on Dec. 18, signaling the start of a correction.

However, the buyers have not given up, and they aggressively defended the 5,853 level on Dec. 20. The bulls will try to push the price back into the wedge but are likely to face stiff resistance at the support line. If the price turns down from the support line and breaks below 5,853, the index may plunge to 5,670.

Contrarily, if buyers drive the price back into the wedge, it will signal that the breakdown may have been a bear trap. The index may then break out to a new all-time high and reach 6,221.

US dollar Index price analysis

The US dollar Index (DXY) soared and closed above the crucial overhead resistance of 108 on Dec. 18, but the bulls could not sustain the breakout.

Sellers pulled the price back below 108 on Dec. 20 but are struggling to keep the price down. The bulls have pushed the price back above 108. If the 108.55 level is taken out, the index may pick up momentum and rally to 111.

Alternatively, if the price turns down from 108.55 and breaks below 107.58, it will signal the start of a pullback to the 20-day exponential moving average (106.95). This is a critical level for the bulls to defend because a break below it may sink the index to 105.42.

Bitcoin price analysis

Bitcoin pulled back to the 50-day simple moving average ($93,383) on Dec. 23, indicating that the bears are maintaining the pressure.

The 20-day EMA ($98,206) is gradually sloping down, and the relative strength index (RSI) has dipped below 42, indicating that bears have a slight edge. If the 50-day SMA cracks, the BTC/USDT pair may plunge to $90,000 and later to $85,000. Buyers are expected to defend this level with vigor.

On the upside, a break and close above the 20-day EMA will be the first sign of strength. That opens the doors for a retest of the all-time high at $108,353. 

Ether price analysis

Ether (ETH) closed below the 50-day SMA ($3,432) on Dec. 21, signaling an advantage to sellers.

The bulls are trying to start a recovery, which is expected to face selling at the 20-day EMA ($3,594). If the price turns down sharply from the 20-day EMA, the bears will attempt to sink the ETH/USDT pair to $3,000. Buyers are expected to fiercely defend the $3,000 to $2,850 zone.

On the upside, a break and close above the 20-day EMA will suggest that the sellers are losing their grip. The pair will then attempt to rise to the overhead resistance at $4,094.

XRP price analysis

XRP (XRP) is witnessing a tough battle between the bulls and the bears at the 20-day EMA ($2.22). The flattening 20-day EMA and the RSI near the midpoint suggest a balance between supply and demand.

The price action of the past few days has formed a symmetrical triangle pattern, which usually acts as a continuation pattern but, on some occasions, behaves as a reversal pattern. If the price rises and breaks above the triangle, the possibility of a break above $2.91 increases. 

Conversely, a break and close below the triangle will suggest that the XRP/USDT pair may have topped out in the short term. The pair may dive to the 50-day SMA ($1.66).

Solana price analysis

The bulls are trying to arrest Solana’s (SOL) pullback at the uptrend line, indicating demand at lower levels.

The downsloping 20-day EMA ($209) and the RSI near the oversold territory indicate an advantage to bears. Any recovery attempt is expected to face selling at the 20-day EMA. If the price turns down from the 20-day EMA, the possibility of a break below the uptrend line increases. The SOL/USDT pair may drop to $155 and thereafter to $133.

If buyers want to prevent the downside, they will have to push and maintain the price above the moving averages. 

BNB price analysis

BNB (BNB) broke below the 50-day SMA ($658) on Dec. 22, but the bears could not sink the price below the $635 support.

The bulls are trying to start a relief rally, which is expected to hit a wall at the 20-day EMA ($685). If the price turns down from the 20-day EMA, the bears will attempt to yank the BNB/USDT pair below the uptrend line. If they succeed, the pair may plummet to $550.

Instead, if the price breaks above the 20-day EMA, it will suggest that the pair may remain range-bound between $635 and $722 for a few days. A break and close above $722 will put the bulls back in command.

Related: Here’s what happened in crypto today

Dogecoin price analysis

Dogecoin (DOGE) tried to start a recovery on Dec. 21, but the bears successfully defended the moving averages.

The bearish crossover on the moving averages and the RSI in the negative territory indicate the path of least resistance is to the downside. The DOGE/USDT pair may slide to the 61.8% Fibonacci retracement level of $0.27 and later to $0.23.

This negative view will be invalidated in the near term if the bulls push and maintain the price above the 20-day EMA ($0.36). The pair may climb to $0.43, which is likely to act as a stiff resistance.

Cardano price analysis

Cardano (ADA) completed a bearish head-and-shoulders pattern when the price broke below the neckline on Dec. 19.

The bulls tried to start a recovery but met with strong resistance at the 20-day EMA ($0.99) on Dec. 21. The bears are trying to sustain the ADA/USDT pair below the 50-day SMA ($0.88), opening the gates for a possible fall to $0.70.

Contrary to this assumption, if the price turns up from the current level and rises above the 20-day EMA, it will signal buying at lower levels. That may trap several aggressive bears, pushing the pair toward $1.18.

Avalanche price analysis

Avalanche (AVAX) closed below the 50-day SMA ($40.75) on Dec. 19, and the bears successfully thwarted attempts by the bulls to reclaim the level on Dec. 21.

The downsloping 20-day EMA ($43.52) and the RSI in the negative zone indicate that bears are in command. If sellers sink the price below $33.60, the AVAX/USDT pair could tumble to $30.50.

If buyers want to make a comeback, they will have to push and sustain the price above the 20-day EMA. That clears the path for a possible rally to the $51 to $56 overhead resistance zone.

This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.