Bitcoin (BTC) and Ethereum (ETH) Market Update December 8, 2022
The total crypto market cap is down by $27 billion for the period since Monday and now stands at $841 billion. The top ten currencies are flat for the day with only XRP (XRP) trading in green with a 1.7 percent increase. At the time of writing bitcoin (BTC) is trading at $16,830. Ethereum (ETH) is at $1,233.
BTC/USD
Bitcoin closed the trading day on Sunday, December 4 at $17,114, turning green after a red day on Saturday. The coin ended the week of November 28- December 4 with a 4 percent price increase. It was the second consecutive week in an uptrend after BTC found a local bottom at the long-term diagonal support near $15,600.
The new seven-day period started with an early push from bulls to $17,400. The move, however, was fully retraced later in the day and the coin stopped at $16,950.
It was more than clear that the BTC/USDT pair was now trading in a narrow range between $16,900 and $17,200 with the 21-day EMA in the middle of the trading area.
On Tuesday, the biggest cryptocurrency moved up to $17,080 but it was again unable to make a significant break in either direction. The market participants are cautious at the end of the year and so close to the next CPI data and the Federal Reserve rates decision announcements next week.
The mid-week session on Wednesday came with a drop to $16,670 in the first part of the trading day. Bulls managed to partially erase the losses, but BTC still closed in red at $16,830.
Looking at the weekly chart it is quite possible that we see a bear flag pattern there, especially if the mentioned economic data turns out to be better than expected. That can push the price to $18,500 before reversing to the downside again.
What we are seeing midday on Thursday is a flat session with low volatility.
ETH/USD
The Ethereum Project token ETH ended the week of November 28- December 4 with a solid 7 percent increase to find itself at the first major resistance on the chart – the previous support zone of $1,270-$1,300.
On Monday, December 5 the ether managed to break above $1,300 in the early hours of trading but bears were quick to react and defended their territory. The coin closed the day at $1,260, below the horizontal resistance but still above the short-term EMA.
The Tuesday session was not that different as the ETH/USDT pair continued to be trading within the range from the previous day.
Then on the third day of the workweek, it was hard rejected at $1,300 which resulted in a reversal to the downside and a 3 percent price correction down to $1,230.
As of the time of writing this market update, the leading altcoin is trading around the previous day’s closure.
Buyers will hope for a solid weekly candle close above $1,300 while bears will need to push below $1,200 and properly consolidate there. In the meantime, ETH remains range-bound.
