Price Analysis Dec 25: BTC, ETH, XRP, BCH, LTC, EOS, BNB, BSV, XTZ, TRX

As the year comes to an end, the focus volition shift to the major events that are expected to influence crypto prices next year. Cathay'southward launch of a digital yuan is ane such outcome that tin influence crypto prices. The People'south Bank of China's deputy director Mu Changchun said that the digital form of yuan would not have any room to speculate on its value as it would be different from Bitcoin and stablecoins.

Though Cathay has been confronting cryptocurrencies, it has been making major strides in supporting blockchain applied science. The Primal Bank of People's republic of china has used blockchain technology to issue 20 billion Chinese yuan ($2.8 billion) of special bonds. These bonds volition fund a pocket-sized portion of the bank's loan portfolio issued to small businesses.

Daily cryptocurrency market performance. Source: Coin360

The Shenzhen Stock Substitution has launched an index that will track the performance of stocks of l companies involved with the blockchain industry. Lu Lei, deputy head of the Land Administration of Strange Substitution said that the authorities "will push frontwards a prospective report on strange exchange reforms to bargain with cryptocurrency and explore the structure of the foreign substitution regulation and engineering science arrangement under the new state of affairs."

While China is getting heavily involved with blockchain technology, Japanese companies are attempting to heave crypto adoption. Japanese retail giant Rakuten volition allow its customers to convert their Rakuten Group loyalty points to three different cryptocurrencies, Bitcoin, Ether and Bitcoin Greenbacks.

With the fundamentals probable to improve side by side year, should the investors buy at electric current levels or do the technicals projection a deeper correction? Let's discover out.

BTC/USD

Bitcoin (BTC) turned downward from the overhead resistance at $7,856.76 on Dec. 23. This shows that bears are aggressively defending the resistance levels. The immediate support on the downside is $7,000. If this level cracks, a drop to $vi,435 is possible. We expect the bulls to defend this support but if information technology gives manner, the sentiment will turn extremely negative.

BTC USD daily chart. Source: Tradingview

The twenty-day EMA is flat and the RSI is just below 50, which points to a range-bound action for the next few days. If the BTC/USD pair bounces off $7,000, information technology will be a positive sign as it volition signal that bulls are not waiting for a deeper correction to purchase. If the pair consolidates betwixt $seven,000 and $vii,856.76, it volition increase the probability of a breakout out of this tight range.

We anticipate a change in tendency after the bulls breakout and shut (UTC time) the cost to a higher place $seven,856.76. Therefore, we retain the buy proposed in our previous analysis.

ETH/USD

Ether (ETH) turned down from the 20-solar day EMA and bankrupt beneath the immediate support at $125. Both moving averages are sloping down and the RSI is close to oversold territory, which suggests that bears are in command.

ETH USD daily chart. Source: Tradingview

The next terminate is likely to be $117.09. If this level as well cracks, the downtrend will resume. The next target to lookout man on the downside is $100.

Conversely, if the bulls defend the support at $117.09, a few days of range-bound action is likely. We will await for the ETH/USD pair to break out of the xx-day EMA before turning positive.

XRP/USD

The failure of the bulls to push XRP above $0.20041 has attracted turn a profit booking. The bears volition at present try to sink the price to the recent low of $0.17468. A breakdown of this support will be a huge negative every bit it will resume the downtrend.

XRP USD daily chart. Source: Tradingview

With both moving averages sloping down and RSI in the negative territory, the advantage is with the bears.

Yet, if the bulls defend the support at $0.17468, the XRP/USD pair might remain range-jump for a few days. The first sign of force will exist a breakout and close (UTC fourth dimension) above the overhead resistance at $0.20041. Until then, nosotros advise traders remain on the sidelines.

BCH/USD

Bitcoin Cash (BCH) turned downwardly from the 20-solar day EMA on December. 23. The bears are attempting to sink the price below the immediate support at $183.twoscore. If successful, a retest of $169.62 is possible. Both moving averages are sloping down and the RSI is in the negative zone, which indicates that bears take the upper manus.

BCH USD daily chart. Source: Tradingview

Yet, if the bulls defend the support at $183.40, the BCH/USD pair will make another attempt to break out of the aqueduct and the overhead resistance at $203.36. Above this level, a move to $227.01 is possible. We volition turn positive in a higher place $203.36. Until then, we suggest traders remain on the sidelines.

LTC/USD

Litecoin (LTC) turned down from the resistance line of the descending channel on Dec. 23. There is a small support at $39.252. If this support holds, the bulls will make another attempt to scale in a higher place the channel and the overhead resistance at $42.0599.

If successful, a rally to $fifty is possible. Hence, nosotros retain the buy recommendation given in the previous analysis.

LTC USD daily chart. Source: Tradingview

Conversely, if bears sink the LTC/USD pair below $39.252, a retest of the contempo low at $35.8582 is possible. If this back up as well cracks, a drop to the back up line of the channel at $33 is likely. A break below the channel will be a huge negative.

EOS/USD

EOS failed to ascension and close (UTC time) above $ii.5804 for the past two days. However, we like that the price has non given upwards much basis, which is a positive sign. The bulls are likely to attempt a breakout of $ii.5804 inside the adjacent few days.

EOS USD daily chart. Source: Tradingview

If the bulls can sustain the toll above $2.5804, a rally to $2.8695 is likely. The 50-day SMA is placed just beneath $two.8695, hence, we anticipate the bears to defend this level aggressively. The brusque-term traders tin participate in this move by initiating long positions as suggested in our previous assay.

Opposite to our assumption, if the bears sink the toll below $two.4001, a retest of $two.1624 volition be on the cards.

BNB/USD

The bulls could not extend the relief rally to a higher place the $13.88 to $14.2555 overhead resistance zone. This is a negative sign as it shows that the bulls are in no bustle to accumulate Binance Coin (BNB) at higher levels.

BNB USD daily chart. Source: Tradingview

If the bulls can continue the price above $12.9624 it will point strength and increase the possibility of a break above $14.2555. To a higher place this level, a rally to $sixteen.l is likely. The short-term traders can ride this up motion as recommended in our previous analysis.

Nonetheless, if the BNB/USD pair slips and sustains below $12.9624, a retest of the recent low at $12.1111 is possible. A breakdown of this back up will be a huge negative.

BSV/USD

Though Bitcoin SV (BSV) scaled higher up the downtrend line, the bulls could not build on the strength and push the price above the overhead resistance at $92.693. This shows that buying dries up at higher levels.

BSV USD daily chart. Source: Tradingview

The price might now consolidate between $78.506 and $92.693 for a few more days. A intermission beneath this range can sink the BSV/USD pair to $66.666.

Conversely, if the bulls can propel the price above $92.693, a motion to $113.96 is possible. Therefore, we retain the buy suggested in our previous assay.

XTZ/USD

The intraday range has been shrinking for the past few days. Usually, such tightening of the range is followed by range expansion. If Tezos (XTZ) moves upwards sharply, supported by higher volume, a rally to $1.65 is possible. Such a movement will signal a resumption of buying past the bulls.

XTZ USD daily chart. Source: Tradingview

Conversely, if the range expands to the downside and breaks below the l-day SMA, a retest of $1.18 will exist on the cards. A break beneath this level can drag the price to $1.10 and below it to $0.829651.

The 20-day EMA has flattened out and the RSI is close to the middle, which points to a range formation in the virtually term. Though nosotros are positive on the XTZ/USD pair, we will wait for the bulls to assert their supremacy before proposing a trade in information technology.

TRX/USD

TRON (TRX) has again slipped back below the 20-day EMA, which is a negative sign. Information technology shows that bears are agile at higher levels. They will at present attempt to sink the cost to the recent low of $0.0120843, below which a retest of the disquisitional level at $0.01124 is possible. If the bears sink the price below $0.01124, information technology volition exist a huge negative.

TRX USD daily chart. Source: Tradingview

Nonetheless, if the TRX/USD pair turns around from the electric current level, the bulls will again endeavor to push the toll to a higher place the descending aqueduct blueprint. If successful, the up move might again hit a barrier at the 50-twenty-four hours SMA and higher up it at $0.0163957.

A breakout of $0.0163957 volition betoken a probable alter in tendency that can carry the price to $0.020 and to a higher place $0.02340. We will turn positive on a breakout to a higher place $0.0163957.

The views and opinions expressed here are solely those of the writer and do not necessarily reflect the views of Cointelegraph. Every investment and trading motion involves chance. You should conduct your own research when making a decision.

Market place data is provided by HitBTC exchange.

Source: https://cointelegraph.com/news/price-analysis-dec-25-btc-eth-xrp-bch-ltc-eos-bnb-bsv-xtz-trx

Posted by: spencerwherser.blogspot.com

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