Crypto Coin Price analysis for 5th DEC: SPX DXY BTC and ETH
Crypto markets seem to be losing some of their positive momentum, however an encouraging tailwind from equity markets could spark an upward trend in Bitcoin and other altcoins.
It's the end of the year, and analysts have released their forecasts for the coming year. In an announcement addressed to the investors Standard Chartered suggested that "The financial-market surprises of 2023" include Bitcoin
BTC
$17,031
Price soaring up to $5,000 At some point during the course of the year. The decline could be triggered by a liquidity crisis and could cause more bankruptcies , and a decline in confidence of investors in the crypto market.
If you think this is an extreme situation, the venture capitalist Tim Draper went in the opposite direction, predicting the possibility that Bitcoin could climb into $250,000 in the end of 2023. In an interview with CNBC, Draper said that Bitcoin's massive rise will likely be fueled by increased participation by women, who account for a significant portion of retail spending.
In the near-term analysts remain split on the possibility of an Bitcoin increase. While certain analysts anticipate a rally around Christmas to propel Bitcoin to $19,000or more, other analysts aren't as optimistic..
Can the S&P 500 index (SPX) be witnessing profit-booking in the near-term? Are it possible that the U.S. dollar index (DXY) ready for a rebound? What's the impact both asset types have on cryptocurrency? Let's look at the charts to discover.
SPX
The S&P 500 index rebounded off the 20-day exponential moving average (3,967) on November. 30, which suggests that bulls are still viewing the dips as an investment opportunity.
The price crossed its downtrendline on Dec. 1. However, the bulls could not break through this resistance. This suggests that the line of downtrend will be a powerful resistance. Price could fluctuate between this line of resistance and the 20-day EMA for several days.
The upwardly sloping 20-day EMA and the relative strength index (RSI) in the positive zone indicate that the path with the lowest resistance is upwards.
If the price is just above the line of downtrend the momentum of bulls could increase further, and the index could climb up to 4,300.
The positive outlook could be invalidated in the near-term in the event that the price falls and goes lower than the 20-day EMA. This could push the index back to the 50-day simple moving average (3,818).
DXY
The rally of relief within the U.S. dollar index (DXY) ended in the mid-point of twenty-day EMA (107) the day of November. 30. This indicates that the mood is now bearish as traders have sold gains to at least the 20-day EMA.
The bears pushed the price down below the high support of 100 in December. 1 and stopped attempts by bulls to push it higher on Dec. 2. While the downward slope of moving averages as well as an RSI being in negative zone show a positive sign for bears, they weren't able to take advantage of the weakness and continue the downward trend.
The price has been pushed by buyers up to 105 points on December. 5. If bulls continue to push the price above this mark then the index could rise towards the 200-day EMA. This level may be a barrier, however when bulls launch price over this level, it may climb to 108.
BTC/USDT
After trading in the vicinity of that 20-day EMA ($16,979) over the last four days, Bitcoin tried to move higher in December. 5. However, the longer candlestick's wick indicates that it is likely to sell with higher price levels.
The bears will protect the overhead zone of $17,622 to the 50-day SMA ($18,223) and the 50-day SMA ($18,223) with determination. If the price falls from the zone , but does not reach the 20-day EMA It could suggest that traders are buying declines. This could raise the possibility of a rally that could reach $20,000 . Then, it could go up to $21,500.
If, on the other hand, the price declines away from overhead resistance, and drops to below 20 days EMA It could suggest that the BTC/USDT exchange rate is likely to remain in a range of $15,476 to $18,200 for a couple of days.
ETH
$1,263
It was back to below to the level of 20 days EMA ($1,251) in December. 3. However, the bulls stood their ground. This indicates that buyers are trying to defend the 20-day EMA with a lot of force.
The 20-day EMA is beginning to move upwards slowly as well. The RSI is hovering just above the midpoint, which suggests that bulls hold an advantage. This is a boost for an upward move over the 50-day SMA ($1,334).
If this occurs the ETH/USDT exchange rate could gain momentum and then rally towards the resistance line of the channel that could be a significant obstacle.
On the other hand an eventual break and close below $1,236 could indicate that bears may be attempting to make a comeback. The pair could slide down to $1,150.
Crypto Coin Price analysis for 5th DEC: SPX DXY BTC and ETH
Crypto markets seem to be losing some of their positive momentum, however an encouraging tailwind from equity markets could spark an upward trend in Bitcoin and other altcoins.
It's the end of the year, and analysts have released their forecasts for the coming year. In an announcement addressed to the investors Standard Chartered suggested that "The financial-market surprises of 2023" include Bitcoin
BTC
$17,031
Price soaring up to $5,000 At some point during the course of the year. The decline could be triggered by a liquidity crisis and could cause more bankruptcies , and a decline in confidence of investors in the crypto market.
If you think this is an extreme situation, the venture capitalist Tim Draper went in the opposite direction, predicting the possibility that Bitcoin could climb into $250,000 in the end of 2023. In an interview with CNBC, Draper said that Bitcoin's massive rise will likely be fueled by increased participation by women, who account for a significant portion of retail spending.
In the near-term analysts remain split on the possibility of an Bitcoin increase. While certain analysts anticipate a rally around Christmas to propel Bitcoin to $19,000or more, other analysts aren't as optimistic..
Can the S&P 500 index (SPX) be witnessing profit-booking in the near-term? Are it possible that the U.S. dollar index (DXY) ready for a rebound? What's the impact both asset types have on cryptocurrency? Let's look at the charts to discover.
SPX
The S&P 500 index rebounded off the 20-day exponential moving average (3,967) on November. 30, which suggests that bulls are still viewing the dips as an investment opportunity.
The price crossed its downtrendline on Dec. 1. However, the bulls could not break through this resistance. This suggests that the line of downtrend will be a powerful resistance. Price could fluctuate between this line of resistance and the 20-day EMA for several days.
The upwardly sloping 20-day EMA and the relative strength index (RSI) in the positive zone indicate that the path with the lowest resistance is upwards.
If the price is just above the line of downtrend the momentum of bulls could increase further, and the index could climb up to 4,300.
The positive outlook could be invalidated in the near-term in the event that the price falls and goes lower than the 20-day EMA. This could push the index back to the 50-day simple moving average (3,818).
DXY
The rally of relief within the U.S. dollar index (DXY) ended in the mid-point of twenty-day EMA (107) the day of November. 30. This indicates that the mood is now bearish as traders have sold gains to at least the 20-day EMA.
The bears pushed the price down below the high support of 100 in December. 1 and stopped attempts by bulls to push it higher on Dec. 2. While the downward slope of moving averages as well as an RSI being in negative zone show a positive sign for bears, they weren't able to take advantage of the weakness and continue the downward trend.
The price has been pushed by buyers up to 105 points on December. 5. If bulls continue to push the price above this mark then the index could rise towards the 200-day EMA. This level may be a barrier, however when bulls launch price over this level, it may climb to 108.
BTC/USDT
After trading in the vicinity of that 20-day EMA ($16,979) over the last four days, Bitcoin tried to move higher in December. 5. However, the longer candlestick's wick indicates that it is likely to sell with higher price levels.
The bears will protect the overhead zone of $17,622 to the 50-day SMA ($18,223) and the 50-day SMA ($18,223) with determination. If the price falls from the zone , but does not reach the 20-day EMA It could suggest that traders are buying declines. This could raise the possibility of a rally that could reach $20,000 . Then, it could go up to $21,500.
If, on the other hand, the price declines away from overhead resistance, and drops to below 20 days EMA It could suggest that the BTC/USDT exchange rate is likely to remain in a range of $15,476 to $18,200 for a couple of days.
ETH
$1,263
It was back to below to the level of 20 days EMA ($1,251) in December. 3. However, the bulls stood their ground. This indicates that buyers are trying to defend the 20-day EMA with a lot of force.
The 20-day EMA is beginning to move upwards slowly as well. The RSI is hovering just above the midpoint, which suggests that bulls hold an advantage. This is a boost for an upward move over the 50-day SMA ($1,334).
If this occurs the ETH/USDT exchange rate could gain momentum and then rally towards the resistance line of the channel that could be a significant obstacle.
On the other hand an eventual break and close below $1,236 could indicate that bears may be attempting to make a comeback. The pair could slide down to $1,150.
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