#Dogecoin Symmetrical Triangle | Explore Tumblr posts and blogs

ailtrahq · 2 years ago

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Dogecoin price is hovering in a downtrend and continues to drain the gains and lost the initial momentum by facing rejection from the trendline near $0.08300. Afterward, DOGE, unable to hold the strength and slow & steady losing the gains for the past sessions. Moreover, the DOGE price action shows that buyers are trying for a pullback, but due to strong seller strength, bulls failed to stretch the gains and faced rejection and being in the congestion range below $0.07000. Furthermore, the chart structure showcased a breakdown of the symmetrical triangle pattern and DOGE price is trading below the key moving averages indicating weaker cues for the upcoming sessions. If price sustains near $0.06150, a short covering move toward $0.07000 could be seen, whereas if the break leads to a retest of the immediate swing of $0.06000. Dogecoin price is looking to retest the trendline and is holding the gains near its primary support of $0.06100. Moreover, the price action indicates short buildup activity and suggests a volatile chart structure. Follow-on selling will likely be witnessed in the upcoming sessions. At press time, DOGE price is trading at $0.06154 with an intraday gain of 0.15%, showing neutrality on the charts. Moreover, the trading volume increased by 2.67% to $238.05 Million and the pair of DOGE/BTC is at 0.0000234 BTC. However, the market cap of DOGE is $8.64 Billion. Moreover, analysts maintained a neutral rating, suggesting that further volatility can be seen in the next sessions. DOGE Shows Breakdown On Daily Charts Source: DOGE Price Chart At TradingView On the daily charts, DOGE price is trading below the 20 day EMA, showcasing a bearish chart structure. Moreover, the chart structure indicates that DOGE price is in the bear trajectory and faced selling pressure in the past sessions. Moreover, DOGE price slipped below the 38.2% Fib level and is on the verge of the lower bollinger band showing seller dominance, indicating further downfall for the upcoming sessions. Will DOGE Retest Its Demand Zone Near $0.5500? Source: DOGE Price Chart At TradingView On the 4 hour charts, DOGE price is trading below neutrality. It has been bearish in past sessions. Moreover, due to breakdown below the trendline of $0.06500, buyers started to unwind their positions and remained cautious in the past sessions. Furthermore, the chart structure indicates a further downfall toward the demand zone of $0.05500 could be seen in the next session. The RSI curve stayed near neutrality and formed a bearish divergence, suggesting a further downfall in the following sessions. The MACD indicator showcased a bullish crossover, forming green bars on the histogram, suggesting neutrality on the charts. Summary Dogecoin price showcased a breakdown of the symmetrical triangle pattern and is trading below the 20 day EMA showing bearishness on the charts. Moreover, the price action suggests a further downfall toward the demand zone and that sellers might be interested to throw DOGE price to retest the region near $0.05500 in the upcoming sessions. Technical Levels Support Levels: $0.06000 and $0.05800 Resistance Levels: $0.06400 and $0.06800 Disclaimer Source

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your-dietician · 3 years ago

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Shiba Inu Price Prediction - Is SHIB About to Pump This Week?

New Post has been published on https://medianwire.com/shiba-inu-price-prediction-is-shib-about-to-pump-this-week/

Shiba Inu Price Prediction - Is SHIB About to Pump This Week?

Shiba Inu has endured another day of sideways and downwards price action as the meme coin continues to struggle to maintain any momentum.

As CryptoNews reported last week, the SHIB community has had some exciting announcements recently, but none have prompted any significant gains.

The coin is currently trading at $0.00001085, a near 2% decrease in the last 24hrs despite trading volume increasing 28% to $120 million in the same timeframe.

SHIB remains the second-largest meme coin by volume, trailing only Dogecoin.

SHIB Gets New Exchange Listing

One announcement that could get the price moving this week is SHIB getting a listing on another new exchange.

The ‘listing effect’ is a well-known phenomenon in crypto where coins pump ahead of and after release on a new exchange.

It generally happens not only because new investors with untapped liquidity on that exchange become interested in buying the token. But also because investors and traders on other exchanges know of the knock-on effect a listing can have on the price and also take up positions.

SHIB will be listed on BitMEX this week – although it has not been confirmed when exactly it will take place.

SHIB Whale Withdraws 1.72 Trillion Tokens

At the end of last week, a Shiba Inu whale withdrew 1.72 trillion SHIB from the Huobi exchange to an unknown wallet.

It is not yet clear what the whale intends to do with the tokens, but at the time of the withdrawal, they were worth more than $19 million.

Taking coins off an exchange is usually a sign that the investor is looking to hold onto the investment and not sell for a while.

ETH Whales Load up on SHIB

According to WhaleStats, which tracks the top 100 ETH holders in crypto, SHIB flipped Locus Chain (LOCUS) after a period of accumulation to become their top holding.

WhaleStats tracking data also shows the top 5,000 ETH holders have accumulated SHIB worth nearly $140 million.

That is also their top holding – outside of stablecoins – nearly double their second-largest holding, BIT.

Crypto influencer David Gokhshtein also made a bullish statement on Twitter, writing: “When it came to meme tokens, should have just went all in on SHIB.”

Shib Eternity Debuts as Top Download on Android and Apple

Shiba Inu launched as a meme coin with little utility, but in 2022 has continued to build out its ecosystem.

Its new Shib Eternity game launched on October 6 and reached the top of the downloads chart for card games and as high as 13th overall, although, again, the news did not do much to improve the price of SHIB.

While many praised the “fun” gameplay, others have criticized some of the more complicated elements, such as crafting.

The game currently has a 4.7-star rating on both Android and iOS stores, and the Shiba Inu founders will now release a full how-to guide to help players with the more difficult parts of the gameplay.

Writing on Discord, pseudonymous founder Shytoshi Kusama wrote: “For those of you who found the game a bit confusing, don’t worry, the ‘players guide’ is complete and getting polished before release. It will be searchable.”

SHIB Burn Increase

As is well documented, SHIB has a huge supply of tokens that continues to suppress the price.

There are currently around 550 trillion coins in circulation, arguably the biggest factor in the coin ever reaching a large individual price per token.

However, according to ShibBurn, burn efforts are increasing.

In fact, 56 million SHIB tokens have been burned in the last 24hrs alone.

Price Prediction: Will SHIB Pump This Week?

While there is lots of good news surrounding the project, bears are in control of SHIB, and the latest news has not been able to drive significant growth.

The short-term outlook is bearish – as CryptoNews analyzed here – having broken through the symmetrical triangle pattern.

Despite a lot of hype leading up to ‘Download Day,’ the day Shib Eternity was released, Shiba Inu remains in a bearish trend and looks set to continue that way.

Shiba Inu Alternative – Tamadoge

A viable alternative to SHIB is the third-largest meme coin on the market, Tamadoge.

TAMA pumped after its initial exchange offering (IEO) at the end of September, making near 2,000% gains for early investors.

The price has since retracted, but TAMA’s strong tokenomics and wider ecosystem – as well as rumored listings – should see growth again soon.

Tamadoge has a max supply of only 2 billion, which is 275,000 times less than SHIB and is also deflationary, with 5% of all transactions being burned.

A play-to-earn game based on the 90s craze Tamagotchi is set for release soon, with players growing their pets and battling to move up a global leaderboard for rewards.

The first 100 ultra-rare Tamadoge pets are on sale on OpenSea now.

Other P2E arcade games and an augmented reality app are also set for release in 2023.

Buy TAMA on OKX CEX

Buy TAMA on OKX DEX

Read full article here

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cryptosnewss · 3 years ago

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Dogecoin Will Rally 15% If This Pattern Plays Out Correctly

Arman Shirinyan Dogecoin may be eligible for a rally if the popular chart pattern ends up bullish The first memecoin in the cryptocurrency market, Dogecoin, has a hint for intraday traders thanks to the symmetrical triangle pattern, which can launch DOGE forward if it plays in favor of the bulls. Traders generally view a symmetrical triangle as a bullish pattern because it statistically…

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crypto-commutes · 4 years ago

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cryptoevent · 4 years ago

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BTC, ETH, ADA, BNB, XRP, DOGE, DOT, SOL, UNI, LUNA

According to Buy Bitcoin Worldwide, asset managers and companies currently hold over 6% of the circulating supply of Bitcoin (BTC). A breakdown of the data shows that bitcoin fund issuers and asset managers hold about 4% of the supply of bitcoin, public corporations hold almost 1%, and private companies hold about 0.83% of the supply of cryptocurrency.

It’s clear that institutional investors have continued to add crypto to their portfolios, and Adam Proctor, the executive director of billionaire Simon Nixon’s investment firm Seek Ventures, said the company plans to increase the “allocation to crypto” as they do it for you “Important area” hold for the future. “

Daily performance of the cryptocurrency market. Source: Coin360

CNBC Mad Money host Jim Cramer recently said he was a “believer in crypto” and recommended that investors put 5% of their investment portfolio in digital currencies.

Will Bitcoin break the psychological barrier of $ 50,000, causing a rush to buy in the industry? Let’s check out the top 10 cryptocurrency charts to find out.

BTC / USDT

Strong resistance near the $ 50,000 mark could have led to profit posting from short-term traders on Aug 26. This pulled Bitcoin below the support line of the rising wedge pattern, but the bears were unable to capitalize on this move and the price below the moving average.

BTC / USDT daily chart. Source: TradingView

The bulls pushed the price back into the wedge today. If the rebound continues, the BTC / USDT pair could gradually move towards the overhead resistance zone of $ 50,000 to $ 50,500. A breakout and close above this zone indicate the resumption of the uptrend.

The pair could then climb to the resistance line of the wedge, where bears could build up stiff resistance again. If the price deviates from this resistance, the pair may continue to rise within the wedge.

A break in the wedge signals an increase in momentum. That could rally to $ 60,000.

The relative strength index (RSI) has fallen below a symmetrical triangle pattern, indicating a marginal advantage for the bears. If the price drops from current levels and falls below the moving averages, the pair can drop to $ 42,451.67.

ETH / USDT

Ether (ETH) has consolidated in a tight range between $ 3,000 and $ 3,335 for the past few days. The 20-day exponential moving average ($ 3.097) is flattening out and the RSI is just above the middle, suggesting an equilibrium between supply and demand.

ETH / USDT daily chart. Source: TradingView

The price bounced back from the 20-day EMA today and the bulls will now try to push the price above $ 3,335. When that happens, it suggests that the bulls have amassed the ETH / USDT pair within the range. The pair could then rise to $ 3,670 and later to $ 4,000.

A breakout and a close below $ 3,000 suggests the bears have overpowered the bulls. This could lead to further selling as multiple stop losses can be hit. The pair could then fall to the nearest support at the 200-day simple moving average ($ 2,366).

ADA / USDT

Generally, the outbreak is retested from a critical level, as shown in Cardano (ADA). The price fell from an all-time high of $ 2.97 on Aug 23 to the breakout level of $ 2.47 on Aug 26.

ADA / USDT daily chart. Source: TradingView

The ADA / USDT pair rebounded from $ 2.47 today, suggesting sentiment remains positive and traders buy on every small decline. The bulls will make another attempt to push the price above the overhead resistance at $ 2.97.

If successful, the pair could rise to $ 3.50. The rising 20-day EMA ($ 2.29) and the RSI in the overbought territory suggest an advantage for buyers.

Conversely, if the price drops from current levels or from overhead resistance, it indicates that the bulls are closing their positions on rallies. A break and close below the 20-day EMA signal the beginning of a deeper correction.

BNB / USDT

Binance Coin’s (BNB) intraday high on May 19 was $ 516.50 and that level should act as a strong resistance. The bulls pushed the price above this resistance on August 26, but failed to hold the altcoin above it.

BNB / USDT daily chart. Source: TradingView

If buyers don’t give in much from current levels, it will indicate strength. The cops will then make one more attempt to overcome the overhead hurdle. If they do, the BNB / USDT pair could rise to $ 600.

The rising 20-day EMA ($ 432) and the RSI in positive territory suggest an advantage for buyers. This positive view will be invalidated if the price goes down and falls below the 20-day EMA. This could lead to a decline to the 200-day SMA ($ 362).

XRP / USDT

XRP has again fallen to the breakout level at $ 1.07. This is an important level for the bulls to defend because if it cracks the altcoin could see a long liquidation and fall to the nearest support at the 200-day SMA ($ 0.86).

XRP / USDT daily chart. Source: TradingView

The flattening 20-day EMA ($ 1.08) and the RSI just above the middle suggest that the bulls may be losing control.

If the price recovers from current levels, the XRP / USDT pair could climb onto the downtrend line. A breakout and close above the downtrendline increases the likelihood of a rally to the overhead resistance at $ 1.66.

On the other hand, if the price starts to deviate from the downtrendline again, the pair may be at greater risk of initiating a deeper correction.

DOGE / USDT

Dogecoin (DOGE) fell below the 20-day EMA ($ 0.28) on Aug 27, suggesting that supply is outstripping demand. The bulls are currently trying to push the price back above the overhead resistance at $ 0.29.

DOGE / USDT daily chart. Source: TradingView

If the DOGE / USDT pair breaks the downtrendline, bullish momentum could increase. The pair could then rise to $ 0.35 and if that level is exceeded the next move could lead to overhead resistance at $ 0.45.

On the contrary, if the price is pulling down from current levels, it suggests that the bears are aggressively defending at $ 0.29. The pair could then fall to $ 0.21. A strong rebound from this support could hold the pair between $ 0.21 and $ 0.29 for a few days.

DOT / USDT

Polkadot (DOT) moved down from the overhead resistance at $ 28.60 and corrected to the 20-day EMA ($ 24.03). The strong rebound from this level shows that bulls pile up on dips.

DOT / USDT daily chart. Source: TradingView

If the rally continues, the bulls will attempt to push the price above the overhead resistance at $ 28.60. If the DOT / USDT pair holds above $ 28.60 it will complete a v-bottom which is targeted at $ 46.83.

Alternatively, if the rally fizzles out, the bears will seek to bring the price below the 20-day EMA. If so, the pair could fall to the next strong support at $ 18. If the price rebounds from these levels, the pair can stay in a range of $ 18-28.60 for a few days.

SOL / USDT

The long tail of the Solana (SOL) candle on August 25th and 26th shows strong buying at lower levels. A shallow correction after a sharp move higher is a sign of strength as it suggests that traders are not closing their positions and buying on small drops.

SOL / USDT daily chart. Source: TradingView

The bulls pushed the price above the all-time high of $ 82 today. If buyers hold the price above $ 82, the SOL / USDT pair could begin its journey towards the next psychological barrier at $ 100.

The rising 20-day EMA ($ 63) and the RSI in the overbought territory suggest that the bulls are in control. If the price fails to hold above $ 82, the pair could remain in a range for a few days. The bears will need to pull the price below $ 58.38 to break bullish momentum.

Related: Bitcoin could hit $ 30,000 or $ 100,000 this year as analysts warn that “the next few months are key”

UNI / USDT

Uniswap (UNI) fell below the moving averages on August 24th, indicating weakness. The bulls attempted to push the price back above the moving averages on August 25th and 26th, but were unable to hold the higher levels.

UNI / USDT daily chart. Source: TradingView

The bulls are currently trying again to push price above the moving averages. If they do that, the UNI / USDT pair could rise to $ 30. A break out of the overhead resistance zone of $ 30- $ 31.25 could signal the start of a new uptrend.

Conversely, the UNI / USDT pair could fall to the critical support at USD 23.45 if the price deviates from the moving averages. A strong rebound from this level could hold the pair between $ 23.45 and $ 30 for the short term. The flat moving averages and the RSI near the middle also suggest a consolidation for a few days.

MOON / USDT

The Terra Protocol’s LUNA token has consolidated between $ 26 and $ 32 in the past few days. Although the bulls pushed the price above $ 32 on August 19th and 24th, they were unable to sustain the higher levels.

LUNA / USDT daily chart. Source: TradingView

The LUNA / USDT pair bounced back from support today and the bulls will try again to continue the uptrend. If the price closes above the $ 32 to $ 34.67 resistance zone, the pair could rise to $ 43.

The rising 20-day EMA ($ 24.44) and the RSI in the overbought territory suggest that the path of least resistance is on the upside. This bullish view will be dashed if the price drops from current levels or overhead resistance and drops below the breakout level at $ 22.40.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement carries risks. You should do your own research when making a decision.

Market data is provided by HitBTC Exchange.

#Crypto #Bitcoin

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ailtrahq · 2 years ago

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Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and financial market Advisor and analyst with a background in IT and financial market Strategist. He specialises in Market Strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the financial markets. Latest posts by Pratik Chadhokar (see all) Dogecoin (DOGE) price shows a narrow range consolidation moves and hovers below the cluster of $0.07000, indicating a mild negative outlook. However, the price was trading near neutrality and did not indicate a fall, but due to the short buildup activity, buyers’ uncertainty was there, and the price remained in the congestion zone. Moreover, the price action shows a volatile chart structure where the price failed to surpass the primary hurdle of $0.07000 and trading below it. DOGE price shows a reversal and seller control in the past sessions, suggesting a volatile structure. However, the price action shows that if the price sustains below the 20-day EMA, DOGE may revisit the support of $0.06000. The technicals suggest a follow-on selling got pace below the swing of $0.06200, and bears will get strength. Moreover, the buyers are also trying to pull back and accumulate to revisit the 50-day EMA swing near $0.06800. Furthermore, the price is close to the lower trendline and may attain a bounce in the following sessions. At press time, the DOGE coin price is trading at $0.06410 with an intraday gain of 1.30%, showing neutrality on the charts. Moreover, the trading volume increased by 2.11% to $192.85 Million, and the Market cap is $9.03 Billion. However, the pair of DOGE/BTC is at 0.00000025 BTC. Moreover, Analysts maintain a neutral rating, and technicals suggest a rebound in the upcoming sessions. DOGE Remained In Congestion Zone On Daily Charts Source: DOGE Price Chart At TradingView On the daily charts, the DOGE price shows a symmetrical triangle pattern and may get a bounce toward the upper trendline of $0.07000 in the following sessions. Moreover, the price is near the crucial support zone and indicates buyers’ grip. Furthermore, the chart structure shows seller dominance and bears persisted in making short buildup activity. What technical indicators Say? Source: DOGE Price Chart At TradingView On the 4-hour charts, the DOGE coin price suggests a short-term bounce and may revisit the cluster of $0.07000. Moreover, the price action shows that the DOGE coin price is hovering and consolidating below the 20-day EMA. The RSI curve shows a rebound from the oversold region, and a positive crossover suggests a bounce in the following sessions. The MACD indicator showed a bullish crossover, and forming the green bars on the histogram suggests a positive crossover. Summary DOGE coin price shows a narrow range consolidation and stayed below the 20-day EMA for the past sessions. Furthermore, the chart structure shows a bearish outlook and persists in rejection near the upper trendline of the symmetrical triangle pattern on the charts. The upper trajectory is near $0.07000, which, if surpassed, may lead to a retest of the swing of $0.07500, whereas if it breaks below $0.06300, it will lead to revisiting the swing of $0.06000. Technical Levels Support Levels: $0.06300 and $0.06000 Resistance Levels: $0.06800 and $0.07000 The views and opinions stated by the author or any people named in this article are for informational purposes only, and they do not establish Financial, Investment, or other advice. Investing in or trading Crypto or stock comes with a risk of Financial loss. Source

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1stnewslink · 4 years ago

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bitcoin price: Top Cryptocurrency Prices Today: Dogecoin, Polkadot, Uniswap shed up to 21%

NEW DELHI: Major cryptocurrencies slumped by up to 21 percent on Tuesday, with market participants becoming nervous about China’s increasing crackdown on Bitcoin mining and the containment of digital tokens. Following the recent volatility, the top 10 digital tokens traded on cuts at 9:30 a.m. IST, with three of them slipping between 14 and 21 percent.

China’s central bank said Monday it recently summoned some banks and payment institutions, urging them to crack down on cryptocurrency trading. The People’s Bank of China asked the institutes to immediately cut the payment channels for trading cryptocurrencies.

China’s largest banks on Monday pledged not to help customers trade bitcoins and other cryptocurrencies, and executives were urged to step up enforcement of a state ban.

The four big state commercial banks and the payment service Alipay promised to increase the monitoring of customers and to block the use of their accounts to buy or trade cryptocurrencies.

“Over the past week, the crypto markets have seen another downward trend as Bitcoins and Altcoins continue to ride the downward trend. Most analysts and traders remain bearish on major assets. The short-term sentiment has turned bearish and traders are closing their positions to hoard cash, “said ZebPay Trade Desk.

“This, in turn, impacted BTC’s recreational journey, and the same can be implied for altcoins. Additionally, BTC took a hit after China expanded crackdown on its massive cryptocurrency mining industry in some key provinces on Monday Major coins appear to be pretty attractive, and whales have started to pile up fairly aggressively at these levels. ”

At home, the cost of buying bitcoins and other cryptocurrencies for investors who bought them on exchanges outside the country could have increased by about 2 percent as they all come with an additional tax in the form of a countervailing levy.

Also, the leading Indian crypto exchanges are in the final stages of joining IndiaTech, an industry association representing India’s consumer internet startups, unicorns and investors, in an effort to increase pressure on the government to regulate crypto in India.

Tech View of Giottus Cryptocurrency Exchange

Bitcoin At the moment, Bitcoin is not singing a happy tune. It broke up into a rising wedge and a symmetrical triangle that took over 4 weeks to form. Bitcoin is mimicking the Wycoff pattern and a crash is likely to begin once the USD 29,000 support is broken. However, as with the previous three instances last month, it still holds $ 31,000 to $ 32,000 as support.

Bitcoin has also been doing a huge head and shoulders pattern since Jan 1st (one that investor Michael Burry tweeted himself this week). A Head & Shoulders pattern signals a bullish to bearish reversal – in the case of Bitcoin, a bull run that has been going on since early 2021. The pattern’s neckline support ends at $ 29,000, further adding to the importance of that support.

ETMarkets.com Main stages Support: $ 31,000, $ 29,000, $ 27,000 Resistance: $ 33,400, $ 36,800, $ 39,200

Dogecoin (DOGE) Elon Musk’s favorite cryptocurrency, Dogecoin (DOGE), took a beating last month. Reinforced by the fact that Musk doesn’t tweet about it, the meme coin has been in a downward spiral since it rejected its last resistance ($ 0.44).

Due to the recent BTC collapse, DOGE broke off the neckline support of a huge H&S pattern, which made it bearish. If the breakout is confirmed, the next critical support to look out for is at $ 0.16. If it is broken, it can fall free from there.

Basically, a lot has to change to turn the mood around. Musk has talked about working with DOGE developers to increase transaction throughput and reduce fees. But the market has not yet seen any updates or results from such claims.

ETMarkets.com Main stages Support: $ 0.21, $ 0.18, $ 0.16 Resistance: $ 0.25, $ 0.28, $ 0.30

(The views and recommendations in this section are the analysts’ own views and recommendations and do not reflect those of ETMarkets.com. Please consult your financial advisor prior to entering into any position in any of the above assets.)

The post bitcoin price: Top Cryptocurrency Prices Today: Dogecoin, Polkadot, Uniswap shed up to 21% first appeared on 1st News Link.

source https://1stnewslink.com/bitcoin-price-top-cryptocurrency-prices-today-dogecoin-polkadot-uniswap-shed-up-to-21/

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forextraderpost · 4 years ago

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Dogecoin Goes Parabolic as Bitcoin (BTC/USD) Backs Down

Dogecoin, Bitcoin Talking Points

The crypto craze has remained in full force this week as the Coinbase IPO grabbed headlines market-wide.

Both Bitcoin and Ethereum set fresh all-time-highs, but it was Dogecoin that stole the show with a parabolic-like move that’s entailed more than 549%, this week alone.

The analysis contained in article relies on price action and chart formations. To learn more about price action or chart patterns, check out our DailyFX Education section.

It was a big week for the crypto space as the Coinbase IPO took markets by storm. But this wasn’t the only noise out of crypto as both Bitcoin and Ethereum launched up to fresh all-time-highs. Surprisingly, neither was the most interesting thing going on this week in that space, as Dogecoin put in an astonishing run of more than 549% from the Monday low up to the Friday high.

You may recall Dogecoin as being one of the markets cited by Elon Musk of recent. Unlike Bitcoin, Dogecoin has an unlimited supply and was in essence, created as a meme. But in 2021 so far, the coin has attracted considerable attention, rising from a low less than one cent in late-January to trade above .44 cents this morning. That entails a run of 5,955% in just a few months.

These astonishing moves, while interesting, are incredibly difficult to put any actual analysis behind given that we’re seeing a near-parabolic like trend. The big question at that point for the trader is whether or not they think that will continue, and given the rapid pace of the move, there’s a dearth of evidence in either direction that could create a compelling analytical argument.

Dogecoin Daily Price Chart

Dogecoin price chart created using TradingView

Bitcoin Breaks Out, Pulls Back to Support at Prior Resistance

It was another big week for Bitcoin, well, at least to start off with, as BTC/USD jumped to yet another fresh all-time-high ahead of this week’s Coinbase IPO listing. The big item from that breakout was the cryptocurrency crossing the psychological 60k threshold, a price that had held resistance for about a month from mid-March into mid-April. I had expressed the potential of a bullish breakout in last week’s analysis, highlighting a brewing symmetrical triangle pattern that had built as price action was holding below the 60k psychological level.

To learn more about psychological levels or symmetrical triangles, check out DailyFX Education

The breakout took hold ahead of the Coinbase IPO earlier this week, and Bitcoin rushed up to another fresh all-time-high at the 64,895 level, coming very close to engaging with the next psychological level of 65k. Bulls were unable to test that price, however, and a pullback showed up and held through Thursday trade.

At this point, prices in Bitcoin are testing support at prior resistance, right around that same 60k level that previously helped to hold the highs. From the below four-hour chart, you can see where this morning’s low shows around that big batch of prior resistance. This can keep the door open for bulls looking for topside trend continuation, however, timing may have a wrinkle to contend with that we’ll look at on a later chart.

Bitcoin (BTC/USD) Four-Hour Price Chart

Chart prepared by Tammy Da Costa, IG

One of the biggest challenges of trading an aggressively bullish market is short-term timing. This week saw incredible interest build around the crypto theme, helped along by the public listing of Coinbase. But Bitcoin had held below 60k for almost a month, and this week’s breakout has pulled back quite a bit in just a couple of days.

If this 60k level cannot hold as support, sellers may be able to drive a bit deeper on the chart.

On the below hourly chart, we’re seeing a progression of lower-lows and lower-highs that has not yet shown signs of stopping. A big level of possible resistance is nearing, taken from around the prior all-time-high of 61,781. This price had functioned as short-term support on Wednesday; but buyers were unable to stem the tide of selling as prices scaled back to that 60k threshold. So for Bitcoin bulls, a breach back above this level can be seen as a bullish signal, whereas bears may be looking to focus on a continued progression of lower-lows and highs should this resistance level help to keep bears in-control.

Bitcoin (BTC/USD) Hourly Price Chart

Chart prepared by Tammy Da Costa, IG

— Written by Tammy Da Costa, Market Writer for DailyFX.com

Contact and follow Tammy on Twitter: @Tams707

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

The post Dogecoin Goes Parabolic as Bitcoin (BTC/USD) Backs Down appeared first on Forex Trader Post.

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