The United States equities markets shrugged off the hotter-than-expected labor data on Dec. 2 and recovered sharply from their intraday low. This suggests that market observers believe the Federal Reserve may not change its stance of slowing the pace of rate hikes because of the latest jobs data.

Although the FTX crisis broke the positive correlation between the U.S. equities markets and Bitcoin (

TWT/USDT

Trust Wallet Token (TWT) rebounded sharply off the 20-day EMA ($2.07) on Nov. 27 and broke above the resistance at $2.45 on Dec. 2. This suggests that the trend remains bullish and traders are viewing the dips as a buying opportunity.

The bears may again pose a strong challenge at $2.73 but if bulls overcome this barrier, the TWT/USDT pair could resume the uptrend. The next stop on the upside could be $3, and if this level is also taken out, the pair could soar to the pattern target of $3.51.

Contrarily, if the price turns down and breaks below $2.25, the pair could drop to the 20-day EMA. This remains the key level to watch on the downside because a break below it could pull the pair toward $1.81. A bounce off this level could suggest that the pair may consolidate between $1.81 and $2.54 for a few days.

The 20-EMA on the four-hour chart has turned up and the RSI is in the positive zone, indicating that buyers have an edge. The bulls will attempt to drive the price above the overhead resistance zone between $2.54 and $2.73. If they succeed, the pair could start the next leg of the uptrend.

Contrary to this assumption, if the price turns down and breaks below the 20-EMA, the bullish momentum may weaken and the pair could slide to the 50-day simple moving average (SMA). The pair could then remain range-bound for some time before starting the next trending move.

AAVE/USDT

Aave (AAVE) recovered sharply from the psychological support at $50 and broke above the 20-day EMA ($63). Buyers are currently striving to strengthen their position by flipping the 20-day EMA into support.

The bears are trying to defend the 32.8% Fibonacci retracement level of $68, but a minor positive is that the bulls have not given up much ground. This indicates that buyers anticipate a move higher.

The 20-day EMA has flattened out and the RSI is near the midpoint, indicating that the bears may be losing their grip. If buyers thrust the price above $68, the AAVE/USDT pair could rally to the 50-day SMA ($71) and thereafter to the 61.8% retracement level at $80.

On the contrary, if the price turns down and breaks below the 20-day EMA, the pair could drop to the support line of the channel.

The pair is facing resistance near $66 and the RSI has formed a negative divergence on the four-hour chart, suggesting that the bullish momentum could be weakening in the near term. A break below the 50-SMA could pull the price to the $56 to $58 support zone.

Alternatively, if the price turns up from the current level and breaks above $66, the pair could rally to $71. This level may again act as a resistance, but if bulls push the price above it, the rally could extend to $80.