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On Tuesday, December 14th, Elon Musk announced that Tesla will start accepting Dogecoin as a means of payment for some of their merchandise.

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Source: Twitter

On Friday, December 17th, Adidas entered the NFT space of the crypto industry. The sportswear brand announced that it is going to launch an NFT collection with exclusive acces to streetwear drops:

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Source: Twitter

SBI Group, one of the biggest financial services companies in Japan, has entered the crypto market. On Saturday, December 18th, an official statement was published which says that SBI will launch a crypto fund investing in Bitcoin, Ether, XRP, Litecoin, and Bitcoin Cash: 

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Source: Twitter

Although this past week, many positive news and events showing that the crypto mass adoption is on the way, happened, the crypto market couldn’t revert the ongoing correction. The Monday market continues to decline as well. According to Coin360.com, one Bitcoin costs €40,849.53 (-2.39%), one Ethereum – €3,350.80 (-4.36%), one DOGE – €0.1373 (-0.48%), and one UNI – €12.64 (-7.25%): 

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Source: Coin360.com (Daily crypto market performance)

Now, let us analyze the price charts of the major cryptocurrencies against the Euro in the key time frames.

BTC/EUR

In the daily time frame (1D) of BTC/EUR, a bearish Moving Average Crossover has formed – the 30-day Moving Average (MA 30) has dropped below the 90-day Moving Average (MA 90):

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The Moving Average Crossover is a clear bearish technical pattern which many traders view as a potential trend reversal signal. We would like to outline that something similar formed at the beginning of May and after that a deep correction took place. That is why, for now, we prefer to stay away from the market. Of course, it would be nice if the 360-day Moving Average (MA 360) provides enough support for the price to revert the correction but, at the moment, the price continues to decline.

The bearish sentiment persists in the price chart of Bitcoin in the shorter time frames as well. For example, in the 1-hour (1H), BTC/EUR continues to slide down within the Descending channel (downtrend):

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In order for an uptrend renewal in the price chart of Bitcoin to start, first, BTC/EUR should exit this channel in the upward direction. That’s why it is worth keeping an eye on the 1-hour chart (1H) as well.

ETH/EUR

Let us remind you that, in the weekly time frame (1W), ETH/EUR has formed a Cup and Handle (C&H) technical pattern:

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The C&P is a common bullish pattern. That’s why if the price rebounds from the upper line of this technical formation and surpasses the last local high then a buy signal will occur. In this case, we may open a small long position.

However, in the 4-hour chart (4H), ETH/EUR continues to decline – the price chart has formed something similar to a Descending Narrowing Wedge:

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According to the Technical Analysis theory, a Descending Wedge is a common trend continuation pattern. That’s why if the price exits the wedge in the upward direction then it will validate the buy signal in the weekly time frame.

DOGE/EUR

In the daily chart (1D) of Dogecoin, the bearish sentiment remains. First, earlier this month, a bearish Moving Average Crossover took place – the 30-day Moving Average (MA 30) has dropped below the 90-day Moving Average (MA 90): 

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Second, the price of the cryptocurrency remains below MA 30, MA90, and has even dropped below the 360-day Moving Average (MA 360). Third, MA 30 is starting to challenge MA 360. If MA 30 dropps below MA 360 then an additional solid bearish signal will appear.

With all these confirmed and potential bearish signals we prefer to stay away from DOGE/EUR and wait for better times.

UNI/EUR

The price chart of Uniswap, in the daily time frame (1D), is very similar to the one of Dogecoin. First, a bearish Moving Average Crossover took place - MA 30 has dropped below MA 90:

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Second, at the moment, MA 90 is trying to drop below MA 360. This is a potential solid bearish formation. Third, it is obvious that the price of Uniswap is well below all these three key moving averages – also, a clear bearish signal.

In our view, as long as these bearish patterns remain on the chart of Uniswap it is better to stay away from the market.