Bitcoin Price Analysis
After a strong price performance was recorded over the past two weeks, the highs formed in 2018 are coming into play as areas of resistance for the price of Bitcoin.
Bitcoin recorded a high above $8,000 this week while the biggest crypto conference of the year, Consensus, took place.
The highs recorded this week managed to rise above the highs recorded in July 2018 but sellers quickly stepped in to bring the price lower.
The weekly RSI and MACD are both increasing reflecting the high levels of buying that occurred in Bitcoin over the past few weeks.
The price of Bitcoin recorded a significant drop yesterday.
The daily candle closed with a long lower wick representing a significant recovery from the lows formed yesterday.
The price managed to recover above $7295 where a high was formed in August 2018.
BTC’s price is following up today with a Doji candle reflecting some uncertainty from traders.
The 4-hour chart shows a more bearish market structure beginning to form.
A double top formed near the July 2018 high at $8219.
The price has since undergone a significant depreciation and formed both a lower low and a lower high.
The price is currently trading just above $7295 and will likely retest this level to break below.
Dogecoin Price Analysis
Dogecoin has recorded a volatile week of trading activity.
In line with the rest of the crypto market, Dogecoin recorded significant increases early in the week but is now recording its third day of declines in terms of its USD price.
Its price managed to overcome a level which was providing some selling pressure early in the week at $0.00268.
The price has since returned to this level to test it as support and has found some buyers at this level.
Dogecoin has been recording steep declines in terms of its BTC value over the past few weeks.
Dogecoin has been declining from around the 60 satoshis (sats) level in mid-April to its current value of 39 sats.
There was a brief period of consolidation around the 49 sats level at the end of April but this was quickly followed up with another decline.
The price has depreciated close to the 37 sats level which has been an area where buyers have stepped in on the weekly timeframe.
The price dropped below the level during the week but quickly found buyers to bring it back above.
Its price recorded in BTC value on Tuesday and Wednesday but has since recorded declines and also formed Doji candles on the daily chart.
With the failure to sustain the rise in terms of its BTC price, it looks likely that price will continue to depreciate and retest the 37 sats level.
- Highs formed in 2018 for Bitcoin are coming into play as important levels for the current price action of Bitcoin.
- The price of Bitcoin recorded a depreciation during yesterdays price action but has since recovered above the $7295 level.
- Dogecoin has been declining significantly against BTC but managed to record an appreciation on Tuesday and Wednesday.