Bitcoin and Dogecoin losing momentum, continues to stay under pressure

Overview:

Bitcoin and Dogecoin fall, Bitcoin trading below $62000 mark.

Doge is down by 1.42% on a daily chart.

Bitcoin

Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public; nobody owns or controls Bitcoin. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous payment system. Currently trading at $60,831.76 down by 0.38%, bitcoin is struggling to keep up its bullish trend as it has been showing for the past few months. Bitcoin saw an intraday high at $61,613.58 levels with its strong sell range between $61,230.20 and $61,619.39. Contrarily, the intraday low was at $60,103.28 with strong buy range between $60,231.08 and $60,556.37. The coin is likely to make a bearish reversal after testing the major support level at $60,000 and has a potential to move upwards.

Market Indicators:

Hourly RSI: The hourly RSI is moving currently up towards 50 levels and has a potential to move higher till 60 levels signalling a bearish trend.

Fibonacci Retracement levels: 23.6%: $61,064.22, 38.2%: $61,681.13, 61.6%: $62678.23

Major support level: $60,000.47

Major resistance level: $64,259.18

https://in.tradingview.com/

Conclusion:

On the upside the prices may soon move above $61,000 level with first major resistance level at $61,387.37 level, further rally upwards will lead to the second major resistance level at $ 61,597.47 level to come in force. On the downside, a fall back below the level of $ 60,234.11 level will test the first support level at $60,115.92, any further downtrend will lead to test second major support level at $60.013.

Dogecoin:

Dogecoin is an open-source cryptocurrency started in 2013 by Jackson Palmer and Billy Markus. It is based on Litecoin and has the same technology behind its proof-of-work.

Currently trading at $ 0.2575, it is down by 1.26%. Dogecoin is moving in a narrow wedge trend signalling a bearish momentum, dissimilar to it past movements. The intraday high was at $0.2675, with strong sell range between $0.2616 and $0.2675. The intraday low was at $0.2499, strong buy ranging between $0.2518 and $0.2550 levels. The last month Doge had been bullish, facing a resistance at $0.34 levels. The coin has taken a triangle pattern indicating a breakout soon. As per the weekly chart Doge has been bullish, however it has been consolidating which will soon be resulting a breakout. Furthermore, if Bitcoin increases, the price of Dogecoin will be seen increasing.

Market Indicators:

Hourly RSI: The hourly RSI is moving currently up towards 50 levels and on a daily chart it has been average.

Fibonacci Retracement levels: 23.6%: $0.2608, 38.2%: $0.2645, 61.6%: $0.2704

Major support level: $0.26

Major resistance level: $0.29

https://in.tradingview.com/

Conclusion:

The first major resistance level sits at $0.2676 level, barring an extended crypto rally. If broad based crypto rally comes in play, the second major resistance level will be at $ 0.29 level. A fall-back through $0.2547 level will bring the major support level at $0.2500.

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