From cointelegraph by Rakesh Upadhyay

Bitcoin BTC$98,191 bulls are trying to start a Santa Claus rally by pushing the price back above the psychological level of $100,000, but higher levels may attract sellers. Bitcoin has gained nearly 2% in December, but it will have to do more work to catch up with the previous year’s 12.18% rise in December, per CoinGlass data.

CryptoQuant contributor Joo Hyun Ryu said in a Quicktake blog post that Bitcoin demand has increased from speculative short-term holders (STH) and Korean investors. The share of STH increased by 3% within a week, and the “Kimchi Premium,” the aggregate difference in price between South Korean exchanges and others, reached a local high of 5.12. 

However, Bitcoin’s up move is not a given because United States-based spot Bitcoin exchange-traded funds (ETFs) continue to bleed. CoinGlass data shows net outflows of roughly $1.52 billion from the ETFs since Dec. 19. 

What are the crucial support and resistance levels to watch out for in Bitcoin and the altcoins? Let’s analyze the charts of the top 10 cryptocurrencies to find out.

Bitcoin price analysis

Bitcoin turned up sharply from the 50-day simple moving average ($94,608) on Dec. 24, indicating that the bulls continue to defend the level with vigor.

Buyers are trying to push the price above the 20-day exponential moving average ($98,387). If they manage to do that, it will suggest that the correction is over. The BTC/USDT pair could rally toward the all-time high of $108,353. 

Contrary to this assumption, if the price turns down sharply from the 20-day EMA, it will indicate that the bears continue to sell on rallies. The pair could then drop to $90,000, where the buyers are expected to step in.

Ether price analysis

Ether’s ETH$3,435.17 relief rally is facing stiff resistance from the bears near the 20-day EMA ($3,584).

If the price maintains below the 50-day SMA ($3,478), the bears will attempt to sink the ETH/USDT pair below $3,200. If they succeed, the pair may collapse to $3,000 and subsequently to $2,850. Buyers are expected to aggressively defend the $2,850 to $3,000 zone.

On the upside, a break and close above the 20-day EMA will suggest that the bears are losing their grip. The pair may rally toward $4,094, where the bears are expected to mount a strong defense.

XRP price analysis

XRP XRP$2.25 is trading inside a symmetrical triangle pattern, indicating indecision between the bulls and the bears.

The flattening 20-day EMA ($2.25) and the RSI just above the midpoint do not give a clear advantage either to the bulls or the bears. If the price maintains above the 20-day EMA, the XRP/USDT pair could rise to the triangle’s resistance line.

Alternatively, if the price slips below the 20-day EMA, it will signal that the bears are selling on every minor rally. That clears the path for a drop to the triangle’s support line. The next trending move is expected to begin on a break above or below the triangle.

Solana price analysis

Solana SOL$194.79 rebounded off the uptrend line, signaling that the bulls are trying to start a relief rally.

The downsloping 20-day EMA ($207) and the RSI in the negative territory indicate advantage to sellers. If the price turns down sharply from the 20-day EMA, it increases the likelihood of a break below the uptrend line. The SOL/USDT pair could then descend to $155.

This negative view will be invalidated in the near term if the price continues higher and breaks above the moving averages. That will clear the path for a possible rally to $247 and eventually to $260.

BNB price analysis

BNB BNB$705.70 rebounded sharply off the $635 support on Dec. 23, indicating that the bulls are defending the level.

The flattish 20-day EMA ($689) and the RSI just above the midpoint suggest a possible range-bound action in the near term. The BNB/USDT pair could swing between $635 and $722 for some time.

If buyers shove the price above $722, it will signal the start of an up move to $760 and then to $794. The bears will gain the upper hand if they sink and sustain the price below the uptrend line.

Dogecoin price analysis

Dogecoin DOGE$0.3258 is trying to start a recovery, but the bounce lacks strength. This suggests a lack of demand at lower levels.

The moving averages have completed a bearish crossover, and the RSI remains in the negative territory, indicating advantage to sellers. If the price turns down from the current level and breaks below $0.30, the DOGE/USDT pair could drop to the 61.8% Fibonacci retracement level of $0.27. Buyers are expected to fiercely defend the $0.27 to $0.23 zone.

Alternatively, a break and close above the moving averages will suggest that the bulls are attempting a comeback. The pair may then rise to $0.43.

Cardano price analysis

Cardano ADA$0.8961 has been staying below the neckline of the head-and-shoulders pattern, but the bears are struggling to pull the price below $0.80.

This suggests that the bears have not given up and are buying the dips. If buyers push and maintain the price above the 20-day EMA ($0.98), it will signal that the markets have rejected the breakdown. The ADA/USDT pair may rise to $1.20.

Conversely, if the price turns down sharply from the moving averages, it will indicate that the bears are selling on rallies. That increases the likelihood of a retest of the $0.80 support. A break below this support could start a drop toward the pattern target of $0.50.

Related: Analyst ‘wouldn’t be surprised’ if Ethereum outperforms Bitcoin in January

Avalanche price analysis

Avalanche AVAX$39.26 is attempting to start a recovery, which is expected to face stiff resistance at the moving averages.

If the price turns down from the moving averages, it will suggest a negative sentiment. The bears will try to sink the AVAX/USDT pair below the $36 support. If they do that, the pair may slide to $30.50.

If buyers want to prevent the downside, they will have to drive and maintain the price above the 20-day EMA ($43.26). The pair may then attempt a rally to the $51 to $56 overhead resistance zone.

Chainlink price analysis

Chainlink LINK$23.63 turned up sharply and broke above the 20-day EMA ($24.20) on Dec. 23, indicating buying on dips.

The flattening 20-day EMA and the RSI just above the midpoint indicate a balance between supply and demand. The LINK/USDT pair is likely to swing between $27.50 and $20 for a few days.

If the price breaks below $20, the pair will complete a bearish head-and-shoulders pattern, opening the doors for a slide to $16. Contrarily, a break and close above $27.50 could propel the pair to the $31 resistance.

Toncoin price analysis

Toncoin TON$5.89 rebounded off the $4.72 support on Dec. 20, indicating that the bulls are active at lower levels.

The relief rally has broken above the moving averages, indicating sustained buying by the bulls. The TON/USDT pair could rally to $6.50 and then to $7, where the bears are expected to mount a strong defense. 

This positive view will be invalidated if the price turns down and breaks below the moving averages. The bears will then make one more attempt to sink the pair below the $4.72 to $4.44 support zone.