30-06-2016
03:07 am
=
Coince - Bitcoin Investment Solution
MENU

Dogecoin Price Weekly Analysis: 100 MA Holds Key




Dogecoin price is trading with a positive tone. However, there is a crucial resistance building near 75.0 Satoshis where buyers may struggle. Intraday Support Level can be 66.0 Satoshis. Intraday Resistance Level may be 75.0 Satoshis.
Dogecoin Price Weekly Analysis
SPONSORED ARTICLE: Tech Analysis articles are sponsored by SimpleFx - “Keep it simple!”, 
SimpleFX is a robust online trading provider, offering trading with Forex CFDs on Bitcoins, Litecoins, indices, precious metals and energy. Offers and trading conditions simple and transparent. 

Key Highlights

  • Dogecoin price managed to trade higher and broke a major bearish trend line formed on the 4-hours chart (data feed from HitBTC).
  • There are more gains likely in Dogecoin price, but it could face a monster resistance near the 100 simple moving average (H4 chart).
  • The technical indicators are positive and calling for more upsides in the short term.

Dogecoin price is trading with a positive tone. However, there is a crucial resistance building near 75.0 Satoshis where buyers may struggle.

100 MA as Resistance

Dogecoin price after dipping close to the 54.0 Satoshis found support and started to move higher. There was a major resistance formed near a bearish trend line formed on the 4-hours chart (data feed from HitBTC). The highlighted trend line was coinciding with the 50% Fib retracement level of the last drop from the 79.2 Satoshis high to 54.1 Satoshis low. BUYERS successfully managed to clear the highlighted trend line and resistance area, which resulted in an upside move.

The price is currently finding sellers near the 61.8% Fib retracement level of the last drop from the 79.2 Satoshis high to 54.1 Satoshis low. However, the most important hurdle for buyers is around the 100 simple moving average (4-hours chart). It is also coinciding with the 76.4% Fib level, which means it represents a crucial resistance area.

Dogecoin Price Weekly Analysis

So, there is a chance of sellers stepping near 75.0 Satoshis and one might even consider selling in the short term. On the downside, the broken trend line may now act as a support area if the price moves down.

Looking at the indicators:

4-hours MACD – The MACD is in the bullish zone, which is a positive sign for bulls.

4-hours RSI – The RSI is just above the 50 level, which is an important level to keep an eye on.

Intraday Support Level – 66.0 Satoshis

Intraday Resistance Level – 75.0 Satoshis

 

Charts from HitBTC hosted by Trading View

Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.

Published by

Aayush Jindal

Aayush has spent over seven years as a financial markets contributor and observer. He specializes in market strategies and technical analysis, comes with an IT background. He possess strong technical analytical skills and is well known for his entertaining and informative analysis of the currency and commodities markets. He is a software engineer by profession, loves blogging and observing financial markets.

SUBSCRIBE TO OUR NEWSLETTER