- Bitcoin price spirals to $36,000 as bulls seek formidable support to launch attack mission at $40,000.
- Dogecoin price barely holds at $0.2 after rejection from $0.233.
Following the remarkable gains at the beginning of the week, crypto assets have gradually sunk into the red. Corrections from the weekly highs are dominant, especially among the top ten cryptocurrencies.
For instance, Bitcoin is down 4% from its July high, close to $40,000, while Ethereum fights for support above $2,000. Dogecoin has lost around 10% of its value in the last 24 hours, while Cardano and Binance are down 6.2% and 7.5%, respectively.
Bitcoin has increased the distance from $40,000 as bulls seek support above $40,000. A daily close above $40,000 could have triggered more buy orders as investors speculate a massive run to $48,000.
However, the resistance saw investors sell the news, adding to the overhead pressure. Thus, BTC trades at $36,800 amid an ongoing correction. Multiple sell signals linger when short time frames are considered. For example, the Moving Average Convergence Divergence (MACD) indicator is about to flash a sell signal on the four-hour chart, encouraging more sellers to join the market.
The Relative Strength Index (RSI) sharp retreat from the overbought shows that bears are entirely in control. It is imperative to anticipated losses under $36,000 in the coming sessions if higher support is not secured soon.
BTC/USD four-hour chart
After touching weekly highs of $0.233, Dogecoin is back fighting for support like most other cryptocurrencies. The meme coin is seeking a balance above $0.2, but technical indicators suggest that another leg down is probable.
The following tentative support holds at the 100 Simple Moving Average (SMA) and must hold if bulls desire to resume recovery soon. Otherwise, DOGE will test $0.185 before another significant recovery occurs.
DOGE/USD four-hour chart
It is essential to realize that the uptick in price on Monday paved the way for forming a golden cross pattern that is currently not quite. However, bulls look forward to this pattern’s occurrence to boost their efforts for an upswing above $0.22 and later $0.24.