Bitcoin is still facing difficulty in going above the price range of US$ 60,000. However, this difficulty does not seem to be applicable to altcoins which are still making upward progress efficiently. In fact, their upward movement is so boosted that they are nearing their ever best values.
The month of November saw a decline of 7% in the value of Bitcoin. This was in total negation of the prediction of US$ 98,000 stemming from the widely known “Plan B”. Bitcoiners yet believe that it was a great opportunity that somehow was missed by Bitcoin. In the meanwhile, Bitcoiners have now glued their eyes towards the happening of “Santa Claus” rally for Bitcoin. They are expected that Bitcoin might repeat the 2020’s history when, because of the Santa Claus rally, Bitcoin’s value rose to 47%. The Santa Claus rally was also seen in 2017. At that time, the value of Bitcoin surged by at least 80% i.e. all-time high in any Santa Claus rally.
In contrast to Bitcoin, Ethereum’s prior year-end progress is very promising. Although Ethereum’s present value is US$ 4,477 per Ether coin, yet on 1st December, the value suddenly increased to US$ 4,868.
Ethereum has however started to witness the triggering of its 20-day Exponential Moving Average (EMA). In addition, the Relative Strength Index (RSI) for Ethereum too has started to creep in and is on the plus side. This means that Ethereum is in control of the bulls. In case the bulls take their turn, then it is likely that the price of Ethereum will go past US$ 4,868. If that happens then this will overturn prospective head and shoulders, which is widely known as the pattern of “H&S”.
If the H&S pattern is triggered, then the Ethereum pair with USDT will move towards its targeted value of US$ 5,796. However, if there is no triggering of the H&S pattern, then Ethereum bears will lead the value down to US$ 4,289 i.e. the 50-day SMA.
On the contrary, Bitcoin’s 20-day EMA is rather snugly and trying to reach the price range of US$ 58,463 since 30th November. With regard to Bitcoin, this simply means that bears are trying their best to shield the 20-day EMA. Yet the bears haven’t yielded any positive results so far.
Meanwhile, Bitcoin investors are trying their best to take Bitcoin’s value across the 20-day EMA through buying. If such buyers somehow become successful in doing so, then it would reduce the selling pressure. Again, if this happens, then it will boost the 50-day Simple Moving Average (SMA) for the BTC/USDT pair where the value expected is US$ 60,828. In case selling pressure is not reduced and there is no boost in 50-day SMA, then Bitcoin’s value can go down to US$ 54,343.