Price analysis 12/2: BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI
Non-farm payrolls in the United States rose by 263,000 in November, exceeding economists’ expectations of an increase of 200,000. Analysts believe that the numbers remain hot and do not allow much scope for the Federal Reserve to slow down its aggressive rate hikes.
This is contrary to Fed Chair Jerome Powell’s remarks delivered at the Brookings Institution where he said that the central bank could reduce the pace of rate hikes “as soon as December.” That triggered a sharp rally in risk assets. After the latest jobs report, the market participants will closely watch the Fed’s comments and decision in its Dec. 13 and Dec.14 meeting.
The Fed’s decision may also affect Bitcoin (BTC), which remains in a firm bear grip. Coinglass data shows that Bitcoin’s monthly returns in November of 2018, 2019, and 2021 were negative and that was followed by a further fall in December.
Will history repeat itself and Bitcoin decline again in December or will buyers come out on top and push the price higher? Let’s study the charts of the top-10 cryptocurrencies to gain some insight.
Bitcoin soared above the descending triangle and the 20-day exponential moving average ($16,949) on Nov. 30. This is the first indication that the downtrend could be ending.
The 20-day EMA has flattened out and the relative strength index (RSI) is just below the midpoint, indicating a balance between supply and demand. This equilibrium would shift in favor of the bulls if they thrust the price above the overhead resistance at $17,622.
If buyers sustain the price above this level, the BTC/USDT pair could pick up momentum and rally to the 50-day simple moving average ($18,349). This level may again act as a huddle but is likely to be crossed. The pair could then start
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