Bitcoin, Dogecoin Price Analysis: August 17, 2021
August 18th, 2021
The cryptocurrency keeps faltering following the impressive gains over the weekend and on Monday. According to the live price data by CoinGecko, the total market cap is back under $2 trillion.
Bitcoin has not been spared by the bearish wave, especially with bears pulling back to $44,000. The bellwether crypto has climbed to above $45,000, and bulls are working hard to sustain the recovery.
As reported, Ethereum is back on the drawing board at $3,000 while risking another slide to $2,800. Cardano, Binance Coin, and Ripple have also faltered, posting 6.3%, 7.1%, and 7.6% losses, respectively.
Bitcoin is teetering marginally above $45,000 after rebounding from $44,000. Currently, bulls seem focused on securing support at $45,000 and making haste above the 50 Simple Moving Average (SMA) highlighted at $46,000 on the four-hour chart.
Perhaps trading above this moving average will nullify the potential drop to $40,000 and instead close the gap to $50,000. However, traders should keep in mind that bears drew the line at $48,000 earlier in the week.
Moreover, the Moving Average Convergence Divergence (MACD) indicator spots a sell signal, accentuated by the index’s latest move below the mean line. If this call to sell stays intact, bears will not be deterred from pulling Bitcoin back to $44,000 as they make way toward $40,000.
BTC/USD Four-Hour Chart
Dogecoin is testing the last line of defense after correcting from $0.35 (August high). The retreat could not hold at $0.32 and $0.3, respectively, amid surging overhead pressure. CoinGecko shows DOGE losing nearly 12% of its value in 24 hours to trade at $0.297.
The 50 SMA currently holds at $0.29 and provides Dogecoin with immediate support. Bulls must keep this level intact; otherwise, the meme-based coin may drop to test $0.28 and $0.26, respectively.
DOGE/USD Four-Hour Char
Keep in mind that the MACD has a massive bearish signal presented on August 17. Dogecoin risks a continued drop as long as the MACD drops to the mean line and the negative territory.
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