Bitcoin and altcoins ETH, BNB, XRP, DOGE could be getting ready for a short-term relief rally.
with the other two being 2014 and 2018. In comparison, the S&P 500 has fared much better but that is also down close to 20% in 2022.
Although cryptocurrency prices have seen deep cuts this year, traders have continued to plow money into the space. An online survey conducted by Blockchain.com shows thatCoin360 However, a sustained recovery in risk-assets may happen only after inflation shows signs of cooling. That would raise expectations of a pivot by the United States Federal Reserve from its aggressive monetary tightening to an expansionary policy.
In the short term, markets may remain volatile as the volumes are likely to remain thin during the holiday season. Could Bitcoin and altcoins start a recovery? Let’s study the charts of the top-10 cryptocurrencies to find out.Bitcoin is trying to cling to the 20-day exponential moving average . The bears tried to pull the price lower on Dec. 22 but the long tail on the candlestick shows strong buying on dips.The bulls will try to clear the overhead hurdle at the moving averages.
If bulls fail to push the price above the moving averages, it will suggest a lack of demand at higher levels. The bears will try to make use of this opportunity and pull the pair below $16,256. If they do that, the pair could plummet to the support at $15,476.
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Price analysis 12/21: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNIBitcoin and select altcoins are trying to form a higher low but the bulls may struggle to form a higher high in the short term.
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