Price analysis 12/30: BTC, ETH, BNB, XRP, DOGE, ADA, MATIC, DOT, LTC, UNI
Investors have faced a tumultuous year in 2022 as stocks, bonds, and the cryptocurrency sector have all witnessed sharp declines. As of Nov. 30, the performance of a traditional portfolio comprising 60% stocks and 40% bonds has been the worst since 1932, according to a report by Financial Times.
The next big question troubling crypto investors is whether the pain in Bitcoin (BTC) is over or will the downtrend continue in 2023.
Analysts seem to be divided in their opinion for the first quarter of the new year. While some expect a drop to $10,000 others anticipate a rally to $22,000.
While the near-term remains uncertain, research and trading firm Capriole Investments said in its latest edition of the Capriole Newsletter that Bitcoin could copy gold’s explosive bull move in the 1970s and if that happens, Bitcoin could soar past $600,000 over the next few years.
Could Bitcoin and altcoins start a recovery in the short term? Let’s study the charts of the top-10 cryptocurrencies to find out.
Bitcoin slipped below the immediate support of $16,559 on Dec. 28. This indicated that the tight range had resolved in favor of the bears. The next support on the downside is $16,256.
The bears tried to pull the price below $16,256 on Dec. 30 but the long tail on the candlestick shows that bulls are trying to protect the level. Buyers may face a strong resistance at the moving averages.
If the price turns down from the 20-day exponential moving average ($16,820), the possibility of a break below $16,256 increases. The BTC/USDT pair could then dive to the $16,000 and $15,476 support zones.
Conversely, if the price turns up from the current level and breaks above the moving averages, it will suggest strong buying at lower levels. That could
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