Bitcoin (BTC) and most altcoins sold off on December. iv with massive deleveraging seen in the crypto derivatives markets. Data suggests more than than $two.5 billion of crypto liquidations over a 24-hr menstruum.

During the recent fall, Ether (ETH) has continued to outperform Bitcoin. While Bitcoin'southward market dominance has dropped beneath 41%, Ether has continued to gain footing and its market place say-so has risen above 21%.

Crypto market data daily view. Source: Coin360

Some analysts believe that Bitcoin'due south recent decline could result in a lengthy phase of consolidation. Decentrader co-founder filbfilb expects Bitcoin to consolidate well into the first quarter of the side by side year. Lex Moskovski, CIO of Moskovski Uppercase, also expects "a slow grind upward."

Could Bitcoin hit a bottom within the side by side few days? Let's analyze the charts of the pinnacle v cryptocurrencies that could lead the markets college.

BTC/USDT

Bitcoin had taken stiff support at the 100-mean solar day uncomplicated moving average (SMA) ($54,496) in terminate-September, making this an important back up for the bulls to defend.

BTC/USDT daily nautical chart. Source: TradingView

However, the bears had other plans. They pulled the toll beneath the 100-day SMA on Dec. 3, which may have triggered several stop losses. That resulted in panic selling and the BTC/USDT pair plunged to $42,000 on Dec. 4. The bulls bought this reject with vigor as seen from the long tail on the mean solar day's candlestick.

The downsloping twenty-twenty-four hour period exponential moving average (EMA) ($56,219) and the relative strength index (RSI) nigh the oversold zone suggest that bears have the upper hand. If the pair continues lower from the electric current levels, the next stop could be the strong support at $twoscore,000.

Conversely, if the price turns up from the current level, the pair could rising to the 100-24-hour interval SMA, which may act as a stiff hurdle. A break and close in a higher place this level will be the first sign that a stronger recovery is possible.

BTC/USDT 4-hour nautical chart. Source: TradingView

The pair has been trading inside a descending channel pattern. The bears pulled the price beneath the back up line of the channel merely bulls purchased this dip and pushed the pair back into the channel.

If bulls successfully defend the support line, the pair could rise to the xx-EMA. This level is again expected to act as a potent resistance. If the price turns downwards from the xx-EMA, it volition bespeak that sentiment remains negative. That may increment the likelihood of a break beneath the channel.

If that happens, the pair could drop to the potent support zone at $42,000 to $40,000. Conversely, a break and close above the 20-EMA volition be the first sign that sellers may be losing their grip. The pair could then rise to the resistance line of the aqueduct.

ETH/USDT

Ether (ETH) has been range-spring between $4,868 and $3,900 for the past few days. Although bears pulled the price below the range on Dec. iv, they could not sustain the lower levels. The bulls bought this dip aggressively as seen from the long tail on the twenty-four hour period's candlestick.

ETH/USDT daily chart. Source: TradingView

If bulls sustain the cost higher up $3,900, the ETH/USDT pair could ascent to the twenty-day EMA ($four,326). A interruption and close above this level could clear the path for a possible rally to the all-fourth dimension high at $4,868. The bulls will take to overcome this barrier to point the resumption of the uptrend.

Reverse to this assumption, if the toll turns down from the current level, the bears will make i more than attempt to sink and sustain the pair below $3,900. If they succeed, the pair could plummet to the strong support at $3,400.

ETH/USDT four-hour chart. Source: TradingView

The pair's rebound is facing stiff resistance near the 61.8% Fibonacci retracement level at $4,215.12. The 20-EMA is sloping down and the RSI is in the negative territory, indicating a minor advantage to the bears.

If the toll breaks the $4,000 back up, the pair could drop to $three,823.98. A break and close below this level could event in a retest of $3,503.68.

Conversely, if bulls drive the price higher up the moving averages, the pair could rise to $iv,654.88 and then challenge the all-time loftier.

MATIC/USDT

Polygon (MATIC) has been trading inside an ascending channel blueprint for the past several days. The bulls pushed the price above the resistance line of the channel on Dec. three but could not sustain the college levels. This may have prompted profit-booking on Dec. 4.

MATIC/USDT daily chart. Source: TradingView

The MATIC/USDT pair plunged to the 100-twenty-four hours SMA ($one.54) but buyers stepped in and bought this dip. However, the long wick on Dec. half-dozen's candlestick indicates that bears are selling nearly the resistance line.

The 20-day EMA ($one.85) is sloping upward and the RSI is in the positive zone, signaling advantage to buyers. If the current rebound sustains, the bulls will again endeavour to thrust the cost to a higher place the resistance line.

Alternatively, a break and shut below the fifty-day SMA ($1.76) could pull the price to the 100-solar day SMA.

MATIC/USDT iv-hour nautical chart. Source: TradingView

The pair's recovery is facing selling at the 78.6% Fibonacci retracement level at $2.21. If bears sink the toll below the 20-EMA, the pair could decline to the 50-SMA and then to the 100-SMA. A break below this support could open the doors for a reject to $i.54.

Conversely, if the cost rebounds off the xx-EMA, the bulls volition again endeavor to thrust the pair above $2.21. If they manage to do that, the pair could rally to $2.forty. The bulls will take to clear this overhead hurdle to thrust the pair to the all-time high at $2.70.

Related: Bitmart hacked for $200M following Ethereum, Binance Smart Concatenation exploit

ALGO/USDT

Algorand (ALGO) plunged below the critical support at $one.50 on Dec. 4 merely the bulls bought the dip aggressively equally seen from the long tail on the candlestick. The bulls will at present endeavor to push the price to a higher place the moving averages.

ALGO/USDT daily chart. Source: TradingView

If they exercise that, the ALGO/USDT pair could rising to the resistance line. This is an of import level for the bears to defend because a break in a higher place it could invalidate the descending triangle blueprint. The pair could then rise to $2.36 and afterwards to $two.55.

Reverse to this assumption, if the cost turns down from the moving averages, information technology will betoken that bears are selling on rallies. The pair could then retest the back up at $1.50. A pause and shut beneath this level will complete the bearish setup. The pair could then drop to $0.80.

ALGO/USDT 4-hour chart. Source: TradingView

The pair has been trading between $1.lx and $2 for some time. The bears pulled the price below $one.60 but could not sustain the lower levels. This suggests aggressive buying on dips. The bulls have pushed the price back into the range.

If buyers drive the price above the moving averages, the pair could rally to the overhead resistance at $2. On the other hand, if the price turns down from the moving averages, the bears volition again try to sink and sustain the pair below $i.60. If they manage to practise that, a retest of $1.32 is probable.

EGLD/USDT

The sharp rally in Elrond (EGLD) from $287 on Nov. 17 to the all-time high at $544.25 on Nov. 31 pushed the RSI deep into the overbought zone. Vertical rallies are generally followed by waterfall declines and that is what happened in the past few days.

EGLD/USDT daily chart. Source: TradingView

The EGLD/USDT pair turned down from the all-fourth dimension loftier and plunged to $224.62 on Dec. four, completing a 100% retracement of the latest leg of the rally.

A minor positive is that bulls purchased the lows on Dec. iv equally seen from the long tail on the twenty-four hours's candlestick. The buyers are currently attempting to defend the uptrend line and button the price back above the 50-day SMA ($324).

If they manage to do that, the pair could rising to the 20-24-hour interval EMA ($364) where bears may again mount a potent resistance. If bulls overcome this hurdle, the pair could rally to $425.

Conversely, if the price dips and closes beneath the 100-twenty-four hour period SMA ($271), the pair could extend its slide to $200.

EGLD/USDT 4-60 minutes chart. Source: TradingView

Sharp selling pulled the price below the uptrend line merely the bears could non sustain the lower levels. This indicates strong aggregating on dips. The pair apace climbed back above the uptrend line but the bulls could not clear the bulwark at the 20-EMA.

This indicates that sentiment remains negative and traders are selling on rallies. If the price sustains below the uptrend line, the side by side finish could be $224.62.

On the opposite, if the cost turns upward from the current level and breaks above the 20-EMA, it volition point that the bears may be losing their grip. The pair could then start a recovery, which may reach the 50-SMA. A pause and shut above this resistance could clear the path for a possible rally to the $425 to $440 resistance zone.

The views and opinions expressed here are solely those of the writer and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk, you should conduct your own inquiry when making a decision.