Price analysis 12/12: SPX, DXY, BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT

cointelegraph.com:

The consumer price index (CPI) data on Dec. 13 and the outcome of the Federal Reserve meeting on Dec. 14 could influence the United States stock markets and the cryptocurrency markets in the near term.

Traders are likely to play it safe and not take large directional bets until the CPI print because any nasty surprise could produce a sharp knee-jerk reaction.

Some analysts believe that Bitcoin (BTC) could fall further before it hits a bottom, but Arthur Hayes, the former CEO of crypto derivatives platform BitMEX, thinks that Bitcoin may have passed its worst phase for this cycle.

While speaking with podcaster and independent market analyst Scott Melker, Hayes said that he believesthe “largest most irresponsible entities” have largely dumped their Bitcoin and “pretty much everyone who could go bankrupt has gone bankrupt.” Hayes expects Bitcoin to recover sometime in 2023.

Could risky assets witness a Santa rally and end the year on a strong footing? Let’s study the charts to find out.

The failure of the bulls to push the S&P 500 index (SPX) above the downtrend line may have tempted short-term traders to book profits. The price turned down on Dec. 1 and broke below the 20-day exponential moving average (3,958) on Dec. 6.

The bears are trying to flip the 20-day EMA into resistance. If they succeed, the index could witness further selling and break below the immediate support at 3,918. That could pull the price down to the 50-day simple moving average (3,847).

Alternatively, if the price turns up and breaks above the 20-day EMA, it will suggest demand at lower levels. The index could then rise to the downtrend line. A break above this level could signal a potential trend change. The index could then rally to 4,300.

The U.S.