Written by

Kevin Lopez
Published on

December 8, 2022

The FTX crisis weighed on bitcoin prices in November, but data from the Bitstamp exchange shows that institutional investors may have viewed the dip as a buying opportunity. The exchange told that revenue from institutions increased by 34% in November compared to October.

In another positive sign, Goldman Sachs executive Matthew McDermott told Reuters that the bank is conducting due diligence on crypto companies because they are "more reasonably valued" after the FTX crash.

In the latest issue of its monthly newsletter, Bitcoin Monthly, ARK Invest said the FTX implosion "could be the most damaging event in crypto history," but added that the decentralized blockchain is "as strong as ever."

Could Lower Levels Attract Bitcoin and Altcoin Buyers? Let’s examine the charts of the top 7 cryptocurrencies to see what levels buyers can enter.


After trading close to the 20-day exponential moving average ($16,966) for the past few days, Bitcoin is threatening to drop below the immediate support at $16,787.

BTC/USDT 1D Source - TradingViewBTC/USDT 1D. Source - TradingView

In this case, the near-term advantage may be tilted in favor of the bears, with the BTC/USDT pair possibly falling to $16,000. Such a move suggests that the pair may stay between $15,476 and $17,622 for a few days. The longer it stays in that range, the stronger the breakout.

On the upside, the bulls need to push and sustain the price above the 50-day simple moving average ($18,122) to gain the upper hand. The pair could then gain momentum and climb toward $20,000.

Binance Coin/USDT

The bulls attempted to push BNB above the overhead resistance at $300 on Dec. 5, but the bears held their ground. Sellers strengthened their positions on Dec. 7, pushing the price below the immediate support at $285.

BNB/USDT 1D. Source - TradingViewBNB/USDT 1D. Source - TradingView

If the price stays below $285, the BNB/USDT pair could drop to $275. This level can act as a minor support, but if broken, selling could increase and the pair could drop to the key $250 support.

If the bulls want to arrest the decline, they need to push the price higher and hold it above $300. This could catch aggressive bears off guard and push the price toward the overhead resistance at $338. At this level, another uphill battle between bulls and bears is likely to take place.


Litecoin broke through the $84 resistance on Dec. 5, but the long wicks on the candlestick that day indicated that it was selling at higher levels. This could tempt short-term traders to lock in profits, dragging the price to the $75 breakout level.

LTC/USDT 1D. Source - TradingViewLTC/USDT 1D. Source - TradingView

The moving averages are sloping up, but the RSI has formed a bearish divergence, suggesting that buying pressure may be easing. A breakout and close below the 20-day SMA ($74) could increase the chances of a drop to the 50-day SMA ($64).

Conversely, if the price bounces off the 20-day EMA ($74), it will indicate that the trend remains positive and traders will buy on dips. The bulls will then try again to clear the overhead barrier of $85 and push the LTC/USDT pair toward $104.


After trading between the moving averages for the past few days, Ether fell below the 20-day EMA ($1,250) on Dec. 7. This shows that the bears have overwhelmed the bulls.

ETH/USDT 1D Source - TradingViewETH/USDT 1D. Source - TradingView

If the price sustains below the 20-day EMA, the ETH/USDT pair could drop to $1,151 and then the key support at $1,073.

Conversely, if the price recovers quickly and falls back above the 20-day EMA, it will signal to buy on dips. This could increase the chances of a break above the 50-day SMA ($1,331). Above this level, there is no significant resistance until the pair touches the downtrend line of the descending channel.


Uniswap broke above the 50-day SMA ($6.16) on Dec. 2, but the bulls failed to sustain the buying pressure and pushed the price to the resistance line of the symmetrical triangle pattern.

UNI/USDT 1D. Source - TradingViewUNI/USDT 1D. Source - TradingView

The price declined on Dec. 7 and the bears attempted to sink the price back below the 20-day EMA ($5.92). If this level cannot be maintained, the selling momentum may increase and the UNI/USDT pair may drop to the support line of the triangle.

Alternatively, if the price rises and breaks above $6.55, the short-term advantage will favor buyers. The pair may then rally to the resistance line and the bulls may encounter strong selling from the bears again. The next trend move could start with a breakout above or below the triangle.


Buyers attempted to push Polygon above $0.95 on Dec. 5, but bears defended the level vigorously. The price declined and fell below the 20-day EMA ($0.90) on Dec. 7. This suggests that the bulls' efforts to turn the 20-day EMA towards support have failed.

MATIC/USDT 1D. Source - TradingViewMATIC/USDT 1D. Source - TradingView

The bears will try to seize this opportunity and pull the price above the uptrend line. This is an important level to watch as the bulls have successfully defended this level three times previously. If this support is broken, the MATIC/USDT pair could slide to the critical support at $0.69.

This negative view will be invalidated in the near term if the price corrects higher and breaks the overhead resistance at $0.97. This could pave the way for a potential rally toward $1.05.


The long wick on Dogecoin’s December 5 candlestick shows bears defending the 50% Fibonacci retracement level at $0.11.

DOGE/USDT 1D. Source - TradingViewDOGE/USDT 1D. Source - TradingView

The DOGE/USDT pair fell and broke below the 20-day SMA ($0.09) on Dec. 7, but at a small plus, the bulls are reading a drop to the 50-day SMA ($0,09). If the price rebounds from the current levels, the pair could rally to $0.11.

The RSI has fallen near the midpoint, suggesting that the bullish momentum may be fading. The bears may attempt to sink the price below the 50-day SMA and gain the upper hand. If successful, the pair could gradually slide toward $0.07.

From the blog

The latest industry news, interviews, technologies, and resources.

Comprehensive Btcman guide to show the perks and propositions of pragmatic play provider💲One of the most famouse in the casino gaming industry

Overview on slots, bonuses, software and features of Pragmatic Play

Comprehensive Btcman guide to swing trading crypto strategies, bots, taxes, platforms, and indicators for profiting from medium-term price moves.

Photo of Swing Trading Crypto ➤ Riding the Waves for Profit
View all posts