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.
- Dogecoin price after gaining strength failed and started to move down once again.
- There is a bearish trend line formed on the 4-hours chart (data feed from HitBTC), which can be seen as a major resistance area for the bulls.
- The price is also below the 100 simple moving average on the 4H timeframe, which is a bearish sign.
Dogecoin price recently traded above 60.0 Satoshis, where it found sellers and traded down. Can it continue heading lower?
Dogecoin price this past week spiked above the 60.0 Satoshis area where it found sellers that pushed the price back down. The price is currently following a bearish path and it looks like it may continue in the near term. There are many hurdles formed for the bulls on the upside that can be seen as a sell zone.
There is a bearish trend line formed on the 4-hours chart (data feed from HitBTC), which may act as a barrier if the price continues to head higher. The most important point is that the 100 simple moving average on the 4H timeframe is also around the trend line resistance area. Moreover, the 38.2% Fib retracement level of the last drop from the 64.0 Satoshis high to 47.5 Satoshis low is also around the trend line resistance.
In short, there is a major resistance formed near 54-55.0 Satoshis, where one may consider selling. On the downside, the 50.0 Satoshis is a short-term support area, followed by the last low of 47.5 Satoshis.
Looking at the indicators:
4-hours MACD – The MACD is in the bearish zone, which is a negative sign for the bulls.
4-hours RSI – The RSI is also below the 50 level, calling for more losses in the short term.
Intraday Support Level – 50.0 Satoshis
Intraday Resistance Level – 54.0 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.