Crypto Market Outlook: Towards year end, Bitcoin tops $50K

Author: Rizqie Atsir Fadhlullah, Busdev Tokenomy

Bitcoin and some other crypto assets continue to bearish after briefly making new highs in mid-November. Will this bearish trend continue into early 2022?

  • BitcoinBitcoin continues to weaken after making a new all-time high in mid-November. Now Bitcoin is trading down 25% from its highest price at around $51,000. The above analysis indicates that 2 critical support areas for Bitcoin have been broken, namely the $53,000 horizontal support level and the bullish trendline area. A break of the bullish trendline is a sign that a bearish trend may have started. Then where will the next price movement be? The $39,900 and $29,900 support levels are the main targets for Bitcoin’s movement. If you are trading in a futures/contract market like TokenomyX, you can take advantage of the $53,000 resistance level to look for Short/Sell positions, with the main target being both supports.
  • Ethereum

Ethereum has been consolidating for the past 1 month after reaching a new high of around $4,900. In the analysis above, it can be seen that the price is now stuck in the range of $4,900-$3,900. With this, the next move of Ethereum depends on which area of support/resistance that will break. If Ethereum manages to break through its all-time high resistance area, the bullish movement will continue and Ethereum will have the potential to make new highs. However, if it turns out that the $3,900 support area is broken, then Ethereum has the potential to be bearish and the $2,600 area becomes the main target of the movement.

  • Ripple

Ripple continues to weaken and it approaches the major support area around $ 0.51. In the analysis above, it appears that Ripple has managed to get out of its consolidation area and now the main movement target of Ripple is towards the $ 0.51 support. If you trade in futures/contract markets like TokenomyX, you can take advantage of the $ 0.90 resistance area to look for Short/Sell positions with the main target at that support. However, if the price re-enters the consolidation area, you can aim for the $ 1.30 resistance area to make a Short/Sell position.

  • Stellar
    Stellar failed to break its strong resistance area and weakened again to the $0.26 support. Now Stellar has been rejected again from its support area and has the potential to consolidate in the range of $0.26 – $0.43. For those of you who want to take advantage of this consolidation momentum, you can wait until the price touches the 200 Moving Average area (yellow line) in the range of $ 0.34 or the $ 0.43 resistance area to do short selling.
  • Luna
    Not all crypto assets experience weakness. While Bitcoin was being corrected quite deeply, Luna increased more than 100% in the past week. Luna managed to surpass the previous high at $ 56, and is now forming a new high at $ 78. In the analysis above, the price is currently trading around $ 66. If you want to open a trading position, we suggest waiting at the support area of $ 56. You can open long/buy positions if there is a bullish pattern in that area.

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