A temporary stabilization of cryptocurrencies, but for combinations of time? The crypto point of the weekend

A temporary stabilization of cryptocurrencies, but for combinations of time?  The crypto point of the weekend


The FTX storm has generally passed in terms of impact on cryptocurrency market volatility. Although the quantum consequences are not totally identifiable with certain actors of the ecosystem which may have been weakened, some are already at harm such as BlockFi which declared a failure a few days. In this rather nebulous context, cryptocurrencies continue on their merry way and are part of a phase of lateralization by continuing to digest the recent events of November. At the new crypto point of the weekend, analyzes let him determine the direction he could take at the end of 2022.

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Cryptocurrencies find themselves in a squeeze situation

Price of the total market capitalization of cryptocurrencies on a daily scale (Bitcoin, Ethereum and altcoins).

then no previous point crypto of the weekend, it is clear that the situation has changed little in the cryptocurrency market. Since the powerful bearish leg, after some swings under theAll time top From 2017 I also corresponded to the low point of June, the market rebounded slightly. It doesn’t matter, you cryptocurrency prices continues to evolve under a former support of the month of June and July 2022, which testifies to the lack of strength of the buyers.

In order for the market to enter a rather bullish bias, the challenge is relatively simple: the capitalization will have to break free from the old support by closing above the $845 billion. In this setting, the EMA trio will be married to the house, with the woman having a rather interesting bullish setup.

If I left you free from these levels, the next resistance will be dynamic as it will be the MA100 which found itself below a technical level at $919 billion. This will be the watch level should the price return above $845 million. At the moment, the market is in a compression situation, evolving for several days between the EMA13 and the EMA25. Part of the first moving average will be the trigger for a price return to the $760 billion.

Altcoins in a situation of obvious weakness?

A temporary stabilization of cryptocurrencies, but for combinations of time?  The crypto point of the weekend
Cryptocurrency market capitalization price on 3D time unit (excluding Bitcoin and Ethereum)

When we analyze the total market capitalization by removing that of Bitcoin and Ethereum, it can be seen that the situation is relatively similar. The difference is in the rebound which is significantly larger than the total capitalization which includes the two interim market majors. However, successful altcoins will retain the level technique we identified in the previous analysis by holding above the $320 billion.

Thus, the range that took place during the month of June between the 320 billion and the $443 billion is still relevant. However, since August, the bearish force has not faded. Altcoins, on the 3D time frame, continue to move below this trio of EMAs which is an interesting indicator of price momentum in the short term. Wait for a trend return and a return to 400 billion dollarsthe altcoins will have to break through a confluence technique which is the previous support even if the EMA32 which is between 350 and 365 million dollars.

The king of cryptocurrencies evolves in a range

Course of the dominance of Bitcoin against other cryptocurrencies on a daily scale
Course of the dominance of Bitcoin against other cryptocurrencies on a daily scale

In the previous analysis of the weekend, mention was made of a retaliation in force from the king of cryptocurrencies Since this one bounced off the 40% dominance. However, it is fair to reject many recoveries on a resistance that stands at 40.90%. This level is in confluence with a dynamic resistance, the MA100. If you want Bitcoin to gain strength in this market, the dominance should come out at 40.90%. This allows to take the direction of the technical level at 41.32% which is closer and closer to the EMA200

At the moment, dominance is in a range configuration moving between the resistance and support that have been identified. The evolution of dominance provides a clear idea of ​​the investments that are made within the cryptocurrency ecosystem. A declining dominance reflects a sidelining of Bitcoin for Ethereum as well as some altcoins. If Bitcoin is threatened with falling below 40% dominance and it already accepts this development with a price swing below this level, this could be an opportunity for other cryptocurrencies to take the bullish path.

However, given the current dominance pattern and its crossing of the trio of EMAs, a price acceptance above the 40.44% could be an opportunity for Bitcoin, over the next few days, to gain strength and head towards the resistance we have identified.

Ethereum evolution still under key resistance against Bitcoin

Price of the Ethereum cryptocurrency against Bitcoin on a daily basis
Ethereum price against Bitcoin on a daily basisand

as I expect, Ethereum reacted quickly to the king of cryptocurrencies By rebounding from 0.068BTC. This is a technical level that was previously resistance on the asset. Ethereum is sold at its level after losing the EMA200. However, this was temporary as the exponential moving average quickly rallied higher. So there was no acceptance of the course below this level, which is a good thing.

Finally, at the beginning of the previous weeks, Ethereum technically rose to a level that stood at 0.0735BTC. At this level, in confluence with the trio of EMAs as well as the MA100, it is imperative that we have price strength in Ethereum over the next few weeks. However, the asset is unable, for the moment, to overcome a resistance which is located at 0.0761BTC. This is the level to regain so that Ethereum can return to 0.0783BTC. This is the most important resistance at the moment. If the act manages to overcome this set of levels, which is not won for the moment, it is likely that it will see a strong outperformance against Bitcoin.

It’s dead calm for DeFi cryptocurrencies

Decentralized finance cryptocurrency capitalization price on 3D time unit
Decentralized finance cryptocurrency capitalization price on 3D time unit

To complete the analysis, we can temporarily look at the decentralized finance sector which continues to be undermined. To tell the truth, the interest for the investors is less and less important in view of the course which is totally amorphous. The capitalization of decentralized finance continues to evolve above the $34 billion. However, the EMA13 still functions as key resistance. However, the price is in a situation of compression which will probably diminish during a period of the most crucial volatility over the next few weeks.

Thus, it will be necessary to monitor the reaction of the price and its ability to overcome the EMA13. In this case, we may consider a return to the EMA32 with a potential upward trend reversal. However, if sellers continue to hold the principal and cause the industry to fall below $34 billion, shipping costs will be raised by $18 billion by the year 2023.

Here we are at the end of this first crypto point of the month of December! What should be remembered is the rather amorphous market situation. This one is still digesting the sharp decline. Especially since he is probably awaiting certain economic data on November inflation. Even so, on December 13, we are safer than the inflation situation. This will confirm (or not) the Fed’s slowdown in rate hikes. The latter will give the dynamic for the end of 2022. If the market is surprised and inflation does not drop enough, cryptocurrencies will most likely turn red. This could cause prices to move below the major supports that are currently maintained despite the current context. To wait, until next weekend’s crypto point, do not hesitate to read our next analysis on Bitcoin!

Falling prices affect us all, but keep a cool head! Take advantage of current market conditions to quietly accumulate Bitcoin. Sign up for the Binance platformmore than ever THE absolute benchmark in the sector (commercial link).




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