Bitcoin (BTC) continued to fall below the $ 50,000 level psychologically in the first days of the new year, signaling a decline in aggressive buying by retailers. Former BTCC CEO Bobby Lee said the exit of the Chinese retailer, which was due to hit the Chinese stock market by December 31, could keep prices low by the end of the year.
However, Salvadoran President Naked Buckley, the first country to accept Bitcoin as a legal tender, believes bitcoin could rise to $ 100,000 this year. President Buckley also said that two other countries will accept Bitcoin as a legal tender in 2022.
Daily review of cryptographic market data. Source: Coin360
The adoption of cryptocurrencies by institutional investors in 2021 is another positive long-term outcome. According to CoinShares, net income from cryptocurrencies is more than $ 9.3 billion in 2021. Bitcoin usually accounts for more than two-thirds of cryptocurrency revenue.
Can Bitcoin start a new movement in January when it promotes selected altcoins? Let’s look at the 5 largest cryptographic scales that can stay positive in the short term.
BTC / USDT
Bitcoin has been trading in the last few days between the 20 day fast moving average ($ 48,720) and solid support of $ 45,456. This suggests that the purchase stopped at a higher level.
Daily chart of BTC / USDT. Source: TradingView
Both are moving below average, and the Relative Strength Index (RSI) is in the negative zone, indicating that beer is on the rise. If the price falls below the 20 day EMA, the bears will try to cut the price below $ 45,456. If they manage to do that, the next step is down to $ 42,000, and then up to $ 40,000 it can start.
Contrary to this assumption, if the price goes above the 20-day EMA, the BTC / USDT pair may rise to its simple 50-day moving average ($ 52,332). Breaking and closing above this level could signal the start of a new move that could reach the Fibonacci return level of 61.8% to $ 58,686.
BTC / USDT chart 4 hours. Source: TradingView
The 4-hour chart shows pairs between $ 45,456 and $ 51,936.33. Prices go down below $ 45,456 and if the bells push more than 50-SMA, it would be recommended to drop the lower one. It can cost up to $ 51,936.33.
Conversely, if the price falls to 50-SMA, the beer will once again try to push the pair below $ 45,456. If successful, the pair may continue to trend down with the next target of $ 38,975.67.
LALIN / USDT
The Terrin LUNA sign is trying to keep up with its rising trend, but the Bears have other plans, drawing a line closer to $ 93.81.
Daily chart of LUNA / USDT. Source: TradingView
Rising moving averages and RSI offer little benefit to clients in the positive area. If the price is deducted again from the 20-day EMA ($ 82), it will mean that the bills continue to accrue.
Then the LUNA / USDT pair will try to break above $ 93.81 with the maximum challenge of all time at $ 103.60. Breaking and closing the resistance may start the next section of the uptrend at $ 135.26.
On the other hand, if the price rises and falls below the 20 day EMA, it will signal a change in short term trend. Then the pair may fall to $ 65.15.
MOON / USDT Chart 4 hours. Source: TradingView
Traders in the area may face 50% Fibonacci returns between $ 92.35 and 61.8% return levels at $ 95.01, with a decrease of $ 81.11. Bears will now try to push prices down to 20-EMA with uptrend lines.
If they do, the pair may fall to $ 84 and then to $ 81.11. An interval with a shutdown under this support could signal that the bears are back in the game.
Conversely, if the price deviates from the current level or uptrend line, buyers will try to push the pair above $ 95.01 and test resistance above $ 103.60.
FTM / USDT
Phantom (FTM) rejected Fish Resistance at $ 2.67, suggesting that bears are firmly advocating this level.
FTM / USDT daily chart. Source: TradingView
The FTM / USDT pair can reach a 20-day EMA that can act as solid support. A quick deduction from this support will suggest that customers submit the following.
The 20-day rising EMA ($ 2.03) and RSI Fish 68 suggest that the minimum resistance path is rising.
A break with up to $ 2.67 suggests the Bulls are back in the game. Then the pair can go north for $ 3.17 and then $ 3.48. Beer must be removed at a cost below $ 2 to return the temper.
FTM / USDT Chart 4 hours. Source: TradingView
The 4-hour chart shows a round bottom formation, which will end at a break and close above resistance at $ 2.67. If the price drops below the 20-EMA, the Bulls will again seek to remove the barrier at $ 2.67. If so