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

The S&P 500 Index (SPX) rose 2.49% last week, extending its weekly gain streak to seven weeks, its longest streak since 2017. bull. “Year-end profit taking and tax loss harvesting” will dominate in the near term, Trading Resource Material Indicators said in an X (formerly Twitter) post.

However, a crash is unlikely, as several analysts expect the U.S. Securities and Exchange Commission to approve applications for one more spot Bitcoin exchange-traded fund in January. If that happens, it could be a game-changer for the sector.

Jan van Eck, CEO of VanEck, said in an interview with CNBC that Bitcoin is likely to hit a new all-time high in the next 12 months. He expects Bitcoin to join gold.

What are the critical levels that can stop Bitcoin and altcoins from falling? Let’s analyze the chart to find out.

S&P 500 Index Price Analysis

The S&P 500 Index has witnessed a strong bullish movement over the past few days, breaking above the indirect resistance level of 4,650 from December 13.

The sharp rally has pushed the Relative Strength Index (RSI) deep into overbought territory, indicating a short-term overheating in the market. Modifications or integrations may begin over the next few days. Strong support to the downside lies at the breakout level of 4,650 and then the 20-day exponential moving average (4,601).

If the price continues to rise and surpass 4,740, the index may extend its upward trend to 4,819. This level is likely to witness a fierce battle between the bulls and bears again, but if the buyers emerge victorious, the rally could reach the psychological level of 5,000.

US Dollar Index Price Analysis

Bulls repeatedly failed to keep the US Dollar Index (DXY) above the 20-day EMA (103) from December 5-13.

This encouraged bears to resume selling, pushing the index lower. The bears pulled the price below the 61.8% Fibonacci retracement level of 102.55 on December 14, signaling the resumption of the correction phase. The next strong support is at 101.

The RSI is showing early signs of a positive divergence forming, indicating that selling pressure may be waning. If the price bounces from 101 and rises above the 20-day EMA, the index may continue to fluctuate within a large range between 101 and 108.

Bitcoin Price Analysis

The narrow range between Bitcoin’s 20-day EMA ($41,323) and the downtrend line unraveled to the downside on December 18, but the downside lacks momentum.

A flat 20-day EMA and RSI near the midpoint suggest a near-term range-bound move. If the price falls below $40,000, the BTC/USDT pair could break towards the important support level at $37,980. Aggressive buying by the bulls is likely at this level.

Alternatively, if the price rises and moves back above the 20-day EMA, it means there is strong demand at lower levels. Bulls will then try to overcome the barrier of the downtrend line. That could see the pair jump to $44,700.

Ether Price Analysis

Ethereum (ETH) fell below the strong support level of $2,200 on December 18, indicating that the bullish trend may be losing steam.

If the price stays below $2,200, the ETH/USDT pair may fall towards the 50-day SMA ($2,074). This level could again attract buyer interest, but bears will try to halt the recovery at $2,200. That increases the likelihood of a break below the 50-day SMA. The pair could then plummet to $1,900.

This negative view will be invalidated in the near term if the price rises above $2,200. This would suggest a strong buy at lower levels. The pair will then attempt to surge towards the overhead resistance at $2,332.

BNB price analysis

The bulls’ failure to push BNB (BNB) above $260 may have tempted short-term traders to book profits.

This started a downward trend and fell below the moving average on December 18th. The 20-day EMA ($240) has started to decline and the RSI has slipped below the midpoint, indicating that bears are trying to gain the upper hand. . This increases the likelihood of a decline to $223.

If the price bounces strongly from the $223 support and rises above the moving average, this would indicate strong buying at lower levels. The BNB/USDT pair could then fluctuate between $223 and $260 for a few days.

XRP Price Analysis

The failure of the bulls to get XRP (XRP) back above its moving average over the past few days has led to another selloff.

Bears will try to push the price down to the strong support level of $0.56. If the price rebounds from this level and rises above the 20-day EMA ($0.62), it suggests that the XRP/USDT pair could remain between $0.73 and $0.56 for some time.

The first sign of weakness would be a breakout and close below the strong support level of $0.56. This could pave the way for a decline to the important support level of $0.46. The next leg of the uptrend will likely begin after buyers push the price above $0.74.

Solana Price Analysis

Solana (SOL) declined from $79.50 on December 15 and reached the 20-day EMA ($67.77) on December 18.

Bulls have not allowed the SOL/USDT pair to close below the 20-day EMA since the rally began on October 16th. Therefore, a breakdown of this level is likely to trigger stops for several traders. This could start a decline towards the 50-day SMA ($57.83) and then towards the psychological support at $50.

If the bull wants to prevent a further downtrend, he or she should aggressively defend the 20-day EMA and push the price above $80. This would set the stage for a potential $100 rally.

Related: Spot Bitcoin ETF will be a ‘bloodbath’ for cryptocurrency exchanges, analyst says.

Cardano Price Analysis

Cardano (ADA) broke above $0.65 overhead resistance on December 13th, but the bulls were unable to maintain the momentum. The price fell on December 14, falling below $0.65.

The sharp decline from $0.68 indicates bulls are in a hurry to take profits. This means that the ADA/USDT pair could consolidate its recent gains in the coming days. If the price bounces from the 20-day EMA ($0.53), the pair will rise to $0.68 and remain between these two levels for some time.

A fall below the 20-day EMA could accelerate selling, opening the door for further declines towards strong support at $0.46.

Avalanche Price Analysis

Buyers pushed Avalanche (AVAX) above overhead resistance at $42.50 on December 16th and 17th, but it was unable to sustain the level higher.

The AVAX/USDT pair has started a downward trend and is finding strong support at the 20-day EMA ($33). If the price bounces from this level with strength, it means sentiment is still positive and bulls are buying the dip. On the positive side, a breakout and close above $45 would signal a resumption of the uptrend. The next goal is $50.

Conversely, if the price slides below the 20-day EMA, it would be a sign that the bulls are rushing for the exit. This could lead to a larger correction up to $25.

Dogecoin price analysis

Dogecoin (DOGE) bounced from the 20-day EMA ($0.09) on December 16, but the gains failed to sustain higher levels.

The price began a downward trend on December 17th and fell below the 20-day EMA on December 18th. The 20-day EMA is flattening and the RSI is near its midpoint, indicating a balance in supply and demand.

If the price stays below the 20-day EMA, the tilt is in favor of the bears. The DOGE/USDT pair may plunge towards its 50-day SMA ($0.08).

If the bulls want to rescue the situation, they will need to quickly push the price above the 20-day EMA. Bullish momentum may return after buyers clear the $0.11 hurdle.

This article does not contain investment advice or recommendations. All investment and trading activities involve risk and readers should conduct their own research when making any decisions.