Technical Analysis December 2: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, BCH

Bitcoin (BTC) enters December with a weak performance, indicating that the bears are still in control of the market. Famous trader Peter Brandt commented on platform X that the BTC price chart is currently forming a wide support zone, extending from below the 70,000 USD mark down to the mid 40,000 USD area.

Sharing a cautious view in the short term, network economist Timothy Peterson stated that historical data shows that the second half of 2025 for BTC has many similarities with the second half of 2022. If the old scenario repeats, the market is likely not to see a strong growth phase until the end of the first quarter of next year.

Nevertheless, the bulls also received a positive signal as the cryptocurrency trading products listed on the exchange (ETP) recorded a net inflow of 1.07 billion USD in the past week, ending a four-week streak of outflows, according to data from CoinShares. This trend indicates that demand is returning at lower price zones.

Will BTC and major altcoins be able to hold strong on important support zones? Let's analyze the charts of the top 10 cryptocurrencies to find the answer.

Technical analysis SPX

The S&P 500 Index (SPX) rose above the moving average lines on Tuesday and continued to extend its recovery past the resistance line on Friday.

Daily SPX Chart | Source: TradingViewThe bulls are expected to face significant selling pressure at the 6,920 mark. If the price reverses down from the resistance zone of 6,920 and breaks below the moving averages, this indicates the formation of a trading range. At that point, the index may accumulate within a range of 6,550 to 6,920 for a period of time. The bears will regain control if they pull the price below the 6,550 mark.

On the contrary, breaking and closing above the resistance level of 6,920 indicates that the upward trend has resumed. The index could break above the 7,000 level and then reach 7,300.

Technical analysis of DXY

The US Dollar Index (DXY) has reversed and decreased from the resistance zone of 100.50 and broke below the 20-day exponential moving average (EMA) at 99.57 on Wednesday.

Daily DXY chart | Source: TradingViewThe nearest support level below is at the simple moving average (SMA) 50 days at 99.05. If the price bounces back from the 50-day SMA, the bulls will continue to attempt to break through the resistance zone at 100.50. If successful, the index could surge up to the zone 102.

Conversely, breaking and closing below the 50-day SMA indicates that the bulls are gradually losing control. At that point, the index could drop to the level of 98. This suggests the possibility of forming a sideways phase within a range from 96.21 to 100.50 for a while.

Technical analysis BTC

BTC sharply reversed down on Monday after failing to break above the 20-day EMA at 91,999 USD in recent days.

BTC/USDT daily chart | Source: TradingViewIf Bitcoin's price closes below the 84,000 USD mark, the BTC/USDT pair may plunge down to 80,600 USD. Buyers are expected to defend vigorously in the zone from 80,600 to 73,777 USD. On the upside, bulls will need to push and maintain the price above the 20-day EMA to signal strength. At that point, this currency pair could rise to the 50-day SMA at 101,438 USD.

Conversely to the above scenario, if the support zone of 73,777 USD is breached, selling pressure may increase significantly and the currency pair is at risk of plummeting to the 54,000 USD mark.

Technical analysis ETH

Ether (ETH) has turned down from the 20-day EMA at 3,052 USD on Sunday, indicating that market sentiment remains negative and traders are selling as the price rebounds.

ETH/USDT daily chart | Source: TradingViewThe bears will attempt to pull the price of Ether below the 2,623 USD mark, thereby initiating the next leg of the downtrend. If this occurs, the ETH/USDT pair could drop to 2,400 USD and then to 2,111 USD.

The bulls will need to push and hold the price above the 20-day EMA to signal strength. At that point, this currency pair could rise to the previously broken price zone at 3,350 USD, which is a crucial level for the bears to defend.

Technical analysis of XRP

XRP has reversed from the 20-day EMA at 2.18 USD on Sunday, indicating that the bulls have abandoned the game.

XRP/USDT daily chart | Source: TradingViewThe XRP/USDT pair may drop to the support line of the descending channel model, where buyers are expected to step in. If the XRP price bounces strongly from the support line and breaks above the 20-day EMA, this indicates that the currency pair may continue to fluctuate within the channel for a while.

On the contrary, breaking and closing below the support line will open up the possibility of a decline to the support level of 1.61 USD. Buyers are expected to protect the level of 1.61 USD at all costs, as losing it could cause the pair to drop to 1.25 USD.

Technical analysis of BNB

The recovery of BNB has stalled at the 20-day EMA at 894 USD, indicating that the bears are still actively operating at high price zones.

Daily BNB/USDT chart | Source: TradingViewThe bears are trying to pull the BNB price below the bottom of November 21 at 790 USD. If they succeed, the BNB/USDT pair may resume the downtrend towards the next target at 730 USD.

Conversely, if the price turns around and breaks above the 20-day EMA line, it indicates that the bulls are buying at lower price zones. At that point, the currency pair may rise towards the 50-day SMA at 999 USD, where the bears are expected to resume selling activity.

Technical analysis SOL

Solana (SOL) was rejected at the 20-day EMA ($140) on Sunday and is facing the risk of sliding below the support zone $126.

Daily chart of SOL/USDT | Source: TradingViewIf the price remains below $126, the SOL/USDT pair may drop to $110 and then to the strong support zone at $95.

This negative outlook will be invalidated in the short term if the price reverses and rises sharply above the 20-day EMA line. At that point, the price of Solana could climb to the 50-day SMA line ($163), where the bears are expected to once again mount a strong defense. A close above the 50-day SMA will signal the beginning of a new upward trend.

Technical analysis of DOGE

Dogecoin (DOGE) has been unable to rise above the 20-day EMA ($0.15) in the past few days, indicating that the bears are still in control.

Daily DOGE/USDT chart | Source: TradingViewBears are trying to consolidate their position by pulling the price of Dogecoin below the support zone of $0.13. If they succeed, the DOGE/USDT pair could plummet to the bottom level of $0.10 on October 10.

Time is running out for the bulls. They will need to quickly push the price above the 20-day EMA to signal a comeback. The trading range from $0.14 to $0.29 will be reactivated after buyers push this pair above the 50-day SMA ($0.17).

Technical analysis of ADA

The Cardano bear group (ADA) is looking to initiate the next downward trend by breaking the support zone $0.38.

ADA/USDT daily chart | Source: TradingViewIf the closing price is below $0.38, the ADA/USDT pair may plummet to the bottom level on 10/10 at $0.27. Buyers are expected to defend aggressively at the $0.27 level, as a breach could lead this pair to continue falling to $0.23.

The 20-day EMA line ($0.45) remains an important upper resistance level to watch in the short term. A breakout and close above the 20-day EMA indicates that selling pressure is weakening. However, buyers will need to push Cardano's price above the 50-day SMA line ($0.55) to signal that the downtrend may have ended.

Technical analysis of BCH

The buyers attempted to push Bitcoin Cash (BCH) above the resistance zone $568 on Sunday, but the bears held their ground.

Daily BCH/USDT chart | Source: TradaingViewThe continuous failure to conquer the upper resistance increases the risk of breaking below the 50-day SMA ($514). If that happens, the BCH/USDT pair may slide back to the solid support zone at $443.

The moving averages are moving sideways along with the RSI indicator sitting just below the neutral level, indicating a high possibility that the market will enter a sideways phase in the short term. Buyers will need to push the price of Bitcoin Cash above $568 to regain the advantage. At that point, this currency pair could rise to $615.

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