Bitcoin (BTC) continued to fall in December, indicating that traders can make a profit before the end of the year. The lack of recovery of Santa Claus on the US stock market shows that risk aversion prevails due to uncertainty about the spread of micronutrients of SOVID-19 in many parts of the world.

Even after the sharp drop in Bitcoin prices, demand from institutional investors remains lukewarm. The data show that the largest institutional product Bitcoin Grayscale Bitcoin Trust (GBTC) has a discount of more than 20%.

Daily performance of the cryptocurrency market. Source: Coin360
Veteran trader Peter Brant said “a lot of panic deliveries” usually hint at the fall of Bitcoin, something that has not yet happened during the current downturn. This may mean that the “actual” delivery has not yet been made.

Can bitcoin and most major altcoins continue to fall in the coming days or will Santa’s gathering come to the rescue? Let’s take a look at the charts of the top 10 cryptocurrencies to find out.

Bitcoin / USD
In recent days, the bulls have defended the simple 200-day moving average (SMA) ($ 47,130), but have failed to push the price above the 20-day exponential moving average (EMA) ($ 49,622). This shows that higher level needs are insufficient.

Daily chart of BTC / USDT. Source: TradingView
The shorts pulled the price below the moving average of 200 days on December 20. If the price stays below this key level, the potential for sales may increase. The BTC / USDT currency pair is likely to reach a strong support zone from $ 42,000 to $ 39,600. The Bulls may be actively defending the area, but recovery could face serious challenges in the 200-day moving average.

If the price recovers from the current level and rises above the 20-day moving average, this negative perception can be abandoned. Such a move would indicate that the break below the moving average of 200 days could be a trap in the bear market. The pair can then climb to $ 52,000 and then try to return to $ 60,000.

Ethereum / USDT
Ether (ETH) has been trading on a declining channel in recent days. The recovery from the canal support line on December 13 failed to exceed the 20-day moving average ($ 4,058), indicating that the bears are selling at the rally.

Daily chart of ETH / USDT. Source: TradingView
The 20-day moving average and the relative resistance index (RSI) below 43 indicate that the minimum resistance path is down. The ETH / USDT pair may fall to $ 3,643.73 and then to the channel support line.

The strong recovery of the support line can extend the stay in the channel for several more days. Then the bulls will try to push the price over the channel again. If they succeed, it means that the sales pressure can be reduced.

Or, if the price falls below the channel, the bears may reconsider the 200-day moving average ($ 3,288). Breaking through and closing below this level can make sales worse.

Buyers have successfully defended the 100-day MA (509 USD) in recent days, but have not been able to push the Binance (BNB) currency above the 20-day MA (552 USD). This shows that demand is falling to a higher level.

Daily chart BNB / USDT. Source: TradingView
The 20-day downtrend on the EMA and the negative RSI indicate that the bears have an advantage. If the price exceeds and remains below the 100-day moving average, the BNB / USDT currency pair may fall to the 200-day moving average (436 USD).

Conversely, if the price recovers from the current level and rises above the 20-day moving average, it indicates that the bulls have absorbed the offer. This could start rising from $ 617 and close to the upper resistance of $ 669.30.

Solana (SOL) retreated from the 20-day moving average ($ 183) on December 19, indicating that the bears are strongly defending this level. If the price drops and stays below $ 167.88, you can try again at $ 148.04.

Daily chart SOL / USDT. Source: TradingView
This is an important support to look out for, as a break below it could cause the SOL / USDT pair to fall below the 200-day moving average ($ 120). The 20-day low EMA and RSI below 43 indicate that the bears are in control.

If the price rises from the current level and breaks the 20-day moving average, this

Source: CoinTelegraph