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Technical Analysis for BTCUSD for 12th December 2022

Technical Analysis for BTCUSD for 12th December 2022

Bitcoin Accumulation Continues as BTC Firm above $16.5k

Past Performance of Bitcoin

There is more to yearn for from the Bitcoin price action. Although there are hints of strength, prices are flat. From the daily chart, buyers appear to be in control. However, BTCUSDT is essentially consolidating, trapped inside a $2k range with caps at $17.5k and $15.5k. With the coin relatively higher, there must be substantial gains above or below these limits for proper trend confirmation.

Bitcoin Technical Analysis

Bitcoin bulls are confident. All the same, there must be a clear trend for traders to commit. Presently, BTC prices are consolidating. Depending on the breakout direction, bulls will either surge, building from November 2022 lows. As reiterated, there must be a defining breakout above $17.5k or, safely, the $1k zone above $18.5k with rising trading volumes. If not, bears from the better part of the year, pronounced especially in early November 2022, will remain in control. If BTC falls below $16.5k, it could sink further to November lows, pressuring traders.

What to Expect from BTC

Traders are closely monitoring the BTC price action. As it is, sellers are in charge, and the coin is in consolidation. It is bearish from an effort versus result perspective unless there is a clear breakout above critical support or resistance levels.

Resistance level to watch: $17.5k

Support level to watch: $16.5k

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Technical Analysis for XMRUSD for 12th December 2022

Technical Analysis for XMRUSD for 12th December 2022

Monero Roars 30% from November Lows, XMR Bullish above $140

Past Performance of XMR

The Monero climb to spot rates is encouraging. From the daily chart, XMR is up roughly 30 percent from November lows. The good news is that the losses of early November have almost been reversed. Therefore, although trading volumes are light and traders are hoping for even more gains, sellers are in a commanding position from a top-down analysis.

Monero Technical Analysis

There are higher highs visible from the XMR price action in the daily chart. With a 30 percent spike from November floors and bulls redoubling their efforts to stem losses, there is more room for more gains. Even though XMR is bearish from volume analysis, traders’ resilience is worth mentioning. Ideally, XMR must close above $160 for the new trend definition. Even so, at spot rates, XMR is solid as long as prices are above $140. Therefore, aggressive traders can be loading the dips, targeting $160. Meanwhile, with rising volumes, any spike above $160 could allow conservative traders to buy the dips in a breakout formation, setting their eyes at $175 or Q3 2022 highs.

What to Expect from XMR

Candlestick arrangement favors bears. Nonetheless, the rejection of lower lows over the past month qualifies buyers. As aforementioned, there is more room for gains if XMR holds above $140.

Resistance level to watch: $160

Support level to watch: $140

Disclaimer: Opinions expressed are not investment advice. Do your research.

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Technical Analysis for BTCUSD for 9th December 2022

Technical Analysis for BTCUSD for 9th December 2022

Bitcoin Remains Wavy But Up 2%, Will BTC Bulls Succeed?

Past Performance of BTC

Bitcoin turned higher on December 8, rising two percent at spot rates, rejuvenating the markets. With the recovery, the coin is squarely in range, but prices are moving against sellers. Notably, the expansion backs buyers of November 28, increasing the odds of a possible breach of $17.5k. In the days ahead, how prices react at this liquidation level will shape the short to medium-term.

Bitcoin Technical Analysis

Prices ticked to favor bulls on December 9, assuaging fears of further losses. Although there has been no clear development to confirm bottoms, bulls appear to be in control. In the days ahead, how prices react at $17.5k will shape the medium-term trajectory. Notably, this preview is because BTC is within a breakout formation above the bear flag defined in late November. Because BTC prices are consolidating in a possible accumulation, optimistic bulls can wait for a clean break above $17.5k, and ideally $18.5k, with increasing volumes before loading the dips. Unexpected losses forcing BTC below $16.5k may cancel this preview, allowing sellers of H1 2022 back in contention.

What to Expect from BTC

BTC is technically bearish and has been the case for the past year. However, at spot rates, BTC may find a bottom, an anchor for a leg up. Therefore, traders can wait for a clear breakout before committing. Confirmation of yesterday’s bull bar may see BTC soar to new December highs.

Resistance level to watch: $17.5k

Support level to watch: $16.5k

Disclaimer: Opinions expressed are not investment advice. Do your research.

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Technical Analysis for SOLUSD for 9th December 2022

Technical Analysis for SOLUSD for 9th December 2022

Solana Consolidates After Dumping 65%, Resistance at $14.8

Past Performance of SOL

There are glimpses of hope for Solana. However, SOL is bearish, and there needs to be a price action for this preview to change. As an illustration, the coin is down 65 percent from November highs at spot rates. Besides, despite gains across the board on December 8, SOL prices are within a bear-engulfing bar in the daily chart.

Solana Technical Analysis

From the daily chart, Solana prices are under pressure. SOL stabilized on December 8, edging higher. However, the December 7 bearish engulfing bar defines the short term. Resistance is at $14.8, and bulls must break above the current consolidation for the uptrend to take shape. Ideally, if SOL edges above this week’s highs, the coin could expand to correct the undervaluation of November 10. In that case, SOL bulls can target $18.1. Losses below $12.9 will invalidate this bearish preview.

What to Expect from SOL

Solana is plagued by their exposure to FTX and projects losing confidence in the network. The combination of these events could slow down SOL’s uptrend.

Resistance level to watch: $14.8

Support level to watch: $12.9

Disclaimer: Opinions expressed are not investment advice. Do your research.

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