On December 5th, Bitcoin achieved a historic milestone after crossing $100,000. However, the bears have pulled the coin below that mark as of this writing. While a few analysts claim that BTC has topped out, ARK Invest founder Cathie Wood insists that the asset is still in the early stages of the bull run, urging investors to choose it over gold.
Like Wood, Tony Sycamore is bullish on Bitcoin and expects aggressive upward moves when pro-Bitcoin Donald Trump takes over from Joe Biden next month. However, he does not rule out the possibility of a pullback in the coming days, arguing that some long-term holders could decide to book profits after surviving the 2022 crash.
So, if a pullback eventually happens, what support areas should we watch keenly? Let’s examine the charts to find out.
Bitcoin Price Analysis
The daily candlestick closed with a long wick on December 6th, signaling increased selling at prices above $100,000. The bears have now dragged Bitcoin below $99,000 to $98,274. If selling pressure persists and the $95,163 support is violated, a journey to $90,450 could begin.
We expect the bulls to defend $90,450 because failing to do so could cause BTC to plummet to the 50-day Simple Moving Average of $82,800. Meanwhile, a rebound from $95,163 could help the bulls push BTC above $100,000 again. As such, the all-time high of $104,093 could be breached, with $113,000 being the next stop.
Ethereum Price Analysis
The bulls have not found it easy to keep Ethereum above $4,000 in the past few days, indicating profit booking at higher prices. The coin has dipped to $3,857 at press time. Continued selling could put ETH at risk of plunging to the 20-day Exponential Moving Average of $3,571, where intense buying is anticipated.
If buyers purchase the dip at $3,571, it will mean that sentiment around ETH remains positive. In this case, the asset could rally above $4,000 and head toward $4,490.
XRP Price Analysis
XRP is under intense selling pressure after rallying to $2.89 in late November. The bears have pulled the token to $2.39 as of this writing. If a move to $2.27 happens and the bulls fuel a rebound, $2.89 could give way, triggering a rally to $3.30.
On the bearish side, a dip below $2.27 may invite more selling pressure on XRP. In such a scenario, the Ripple-issued asset could drop to the $2.08 support or even depreciate to the 20-day Exponential Moving Average of $1.78.
Solana Price Analysis
The sellers have continued to defend the $247 resistance level, signaling their unwillingness to let the buyers push Solana to higher levels. The 20-day Exponential Moving Average of $231.67 has now been breached. If the downtrend continues, SOL could move to the 50-day Simple Moving Average of $206.40.
Conversely, pushing and sustaining the coin above $231.67 enhances the buyers’ chances of fueling a rally to $263.73 (an all-time high) and later to $300.
BNB Price Analysis
A drop below the $722.83 resistance has finally happened, suggesting that the bulls have given up on keeping BNB at higher levels. However, if they manage to thrust the coin above that mark, it will mean that selling pressure is declining. As such, the newly created resistance at $793 could collapse, allowing the bulls to push BNB to $809.
On the contrary, the 20-day Exponential Moving Average of 664.98 could become the next bears’ target if they keep BNB below $722.83 for an extended period.
Dogecoin Price Analysis
DOGE bulls pushed the meme coin to $0.468 on December 8th, but the bears have caused a correction to $0.442 as of this writing. While the bulls still have the upper hand, if they let Dogecoin slide below the 20-day Exponential Moving Average of $0.396, then the bears will gain the advantage, dragging DOGE to the $0.338 support.
From a bullish perspective, the largest meme coin by market cap could head to the $0.503 resistance if the $0.468 barrier gives way.
