Key Takeaways:
- Crypto price remained in the red on Dec 4.
- However, BTC, ETH, AVAX, and BTS are trying to recover from Dec 3's losses.
NEW DELHI (CoinChapter.com) — The cryptocurrency markets recovery rally seems to have fizzled out on Dec 3, with several crypto tokens like BTC, ETH, AVAX, and BTS registered minor to significant losses.
Non-farm payrolls in the US surpassed analysts expectations after rising by 263,000 in Nov. However, the numbers might not be enough for the Federal Reserve to slow down its policy of aggressive rate hikes.
Additionally, after the payrolls data, investors would become cautious and wait for the Fed’s comments in its Dec 13 and 14 meetings before entering the crypto market.
1. Bitcoin (BTC) Price Prediction
Bitcoin (BTC) price failed to break above multi-month descending trendline resistance, with the BTC to USD exchange rate dropping below $17,000. As a result, BTC price dropped 1.64% to a low of $16,868 on Dec 3.
However, bulls helped the BTC token needle above $17,000 on Dec 4, but the trendline resistance has impaired chances of further gains.
If the token continues falling, BTC price might break below its 20-day EMA (red wave) to test support near $16,600. The upcoming Fed decision might result in more sell-off for Bitcoin, resulting in the BTC to USD exchange rate testing support near $15,740 before recovering.
However, if buyers manage to sustain BTC price above the 20-day EMA (red wave), the token might needle above the descending trendline to challenge resistance near $17,200.
Breaking and consolidating above immediate resistance could attract buyers back into the market, helping the token’s price rise to $18,100 before downside corrections pare gains.
Meanwhile, the RSI for BTC remains neutral, clocking at 47.55 on the daily chart.
2. Ethereum (ETH) Price Prediction
Ethereum (ETH) price dropped along side Bitcoin price, but the fall in ETH to USD exchange rate was higher for the prime altcoin. Ether price dropped more than 5% to a low of $1,237.8 on Dec 3. On Dec 4, Ether price started moving up in the early hours, jumping to a high of $1,263.
ETH bulls would likely try to reclaim the 20-day EMA (red wave) as support to start a rally. If Ether price remains above the EMA, the prime altcoin might rise to challenge resistance from 50-day EMA (purple wave) near $1,300.
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Moreover, a break and hold above immediate resistance could help raise the ETH to USD exchange rate to target resistance from its 100-day EMA (blue wave) near $1,400 before downside corrections pare gains.
Meanwhile, the momentum-oscillator MACD might be turning bearish for the Ether token. Positive bars on the MACD histogram are contracting, indicating the MACD line (difference between 12-day and 26-day EMA) moves towards from the MACD signal line (9-day EMA of MACD).
Contracting MACD histogram bars suggest declining bullishness for ETH price.
If ETH’s downtrend continues, the Ether to USD conversion rate could fall to test support from its 20-day EMA (red wave) near $1,230. Additionally, breaching below immediate support might force ETH price shed 6.4% to drop to $1,160 before recovering.
3. Avalanche (AVAX) Price Prediction
AVAX price fell to a low of $13.3 on Dec 3, dropping 4.4% from the day’s high of $13.9. The 20-day EMA (red wave) helped arrest the AVAX crypto price’s fall. If bulls push off from the EMA support, AVAX token price might rise to resistance near $14.1.
Furthemore, breaking and consolidating above immediate resistance might help AVAX price move above its 50-day EMA (purple wave) to reach $15 before retreaing.
However, the upper wick on recent daily candles highlight the bearish pressure the AVAX token. If the selling pressure increases, AVAX crypto price might needle below the 20-day EMA support to test support near $13.1.
Moreover, breaching below the immediate support level might force the AVAX price to fall to support near $12.2 before recovering. Meanwhile, the relative strength index for AVAX remains neutral. Currently, AVAX’s RSI is clocking at 49.84 on the daily charts.
4. BitShares (BTS) Price Prediction
BitShares native token BTS spiked more than 76% on Dec 2 to reach a high of $0.155 before corrections pared gains. The downside movement continued on Dec 3, with BTS crypto price closing the day down by nearly 10%.
However, bulls moved in on Dec 4, helping push the BTS token price up by nearly 6% to a high of $0.012. If the uptrend continues, BTS price might rise to $0.012. Breaking above immediate resistance might help BTS token rise to challenge resistance from its 200-day EMA (green wave) near $0.0129 before retreating.
Conversely, if traders continue to book profits, the BTS crypto price might fall to support near $0.0108. Breaching below the immediate support level could induce more sell-offs, resulting in the BTS token dropping to test support near $0.0099 before recovering.
Meanwhile, the RSI for BTS returned from overbought levels on Dec 3. Currently, the relative strength index is neutral for the BTS token, with a value of 64.29 on the daily charts.
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