Bitcoin Lacks Momentum As Resistance At $40,000 Stays Strong

Resistance At $40,000 Is A Major Obstacle On The Way Up For Bitcoin

Bitcoin is still trying to settle above the key resistance level at $40,000, but it looks that the world’s leading cryptocurrency lacks momentum for the move.

Meanwhile, other cryptocurrencies are gaining some ground during the current trading session. Ethereum is currently testing the $2,400 level while Dogecoin has managed to settle above $0.2050.

Yesterday, MicroStrategy announced that it planned to deploy additional capital to its digital asset strategy, which means that the company will buy more Bitcoin. However, this news had no impact on Bitcoin, and it looks that many traders have decided to take some profits off the table near the key resistance level at $40,000.

As a result, Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total market capitalization, pulled back towards the 48% level as some capital moved from Bitcoin into altcoins.

Technical Analysis

bitcoin july 30 2021

The technical picture for Bitcoin has not changed in recent trading sessions. Bitcoin needs to settle above the key resistance level at $40,000 to have a chance to continue its upside move. RSI remains close to the overbought territory, but there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

A move above the $40,000 level will push Bitcoin towards the resistance at June highs at $41,300. If Bitcoin manages to settle above this level, it will gain additional upside momentum, and speculative traders will likely rush to buy the world’s leading cryptocurrency.

On the support side, the nearest significant support level for Bitcoin is located at $38,000, but Bitcoin remains glued to the $40,000 level, and several attempts to gain some downside momentum yielded no results.

A successful test of the support at $38,000 will push Bitcoin towards the next support level near the 50 EMA at $36,000. The 20 EMA is located in the nearby so Bitcoin will likely receive significant support near this level.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin Community Looks to Get on AMC’s Radar

Dogecoin, the seventh-biggest cryptocurrency, and AMC Entertainment have something in common. They have both attained meme status in their respective spheres. Now some Dogecoin fans would like to see those two worlds collide.

It appears to have started with YouTuber Steven Steele, who discusses many cryptocurrency-related topics on his channel. Steele, who has more than 10K followers on Twitter, suggested that AMC should start accepting Dogecoin as a payment method.

With all of the focus on bitcoin and Amazon, Steele has seemingly sought to shift the narrative in another direction. It is all speculation at this point, but Steele’s suggestion seems to be resonating with Doge fans. Dogecoin bull Elon Musk himself appears to have “liked” Steele’s tweet.

Source: Twitter

Mostly Cheers

The suggestion seemed to draw mostly cheers on social media, with Steele’s followers suggesting that it would send the Doge price to the moon. Dogecoin continues to hold onto the USD 0.20 level, for now, but it has shed 3% in the last 24-hour period.

Twitter Account “It’s All Risky,” which is described as “a former bitcoin maximalist who took the Doge pill,” agreed with Steele’s AMC idea. The “It’s All Risky” account even tagged AMC CEO Adam Aron, who has been known to engage with his followers on social media, in the thread.

“It’s All Risky” suggested that if AMC jumped on the Dogecoin bandwagon, Aron would be in good company — alongside Doge fan Elon Musk. While Tesla owns some bitcoin, the EV maker has yet to add support for Dogecoin as a payment method.

Both meme assets — Dogecoin and AMC — have seen better days. The Dogecoin price has basically been slashed in half since early June, while AMC is trading below USD 40 after trading above USD 70 last month.

Burger King Brazil

Dogecoin has already caught the eye of other companies. Men’s consumer brand Axe, for instance, launched a limited edition of the “Dogecan,” which is a physical product that the company distributed for free.

Not to be outdone, Burger King Brazil has just introduced the Dogpper, which seems to be a play on the Whopper and which consumers can pay for using Dogecoin. Burger King Brazil has launched an online process in which Doge holders can transfer their coins to the restaurant’s Dogecoin wallet.

When big companies recognize cryptocurrencies such as Dogecoin, it drums up excitement in the cryptocurrency community. Whether that positivity will make its way to crypto market prices, however, remains to be seen.

Bitcoin Remains Stuck Near The Key $40,000 Level

Bitcoin Needs Additional Catalysts To Settle Above $40,000

Bitcoin continues its attempts to settle above the $40,000 level while crypto markets lack momentum as traders wait for clues from the world’s leading cryptocurrency.

Ethereum is flat near the $2,300 level while XRP is moving lower towards the $0.70 level. Dogecoin is trying to settle back below the 20 EMA at $0.2030.

Bitcoin has already made several attempts to settle above the key resistance level at $40,000 but failed to develop sufficient upside momentum, and it looks that it will need additional catalysts to move above this level.

Technical Analysis

bitcoin july 29 2021

Bitcoin is currently testing the nearest resistance level which is located at $40,000. RSI has recently entered into the overbought territory, but there is enough room to gain additional upside momentum in case the right catalysts emerge.

If Bitcoin manages to settle above $40,000, it will get to the test of the next resistance level which is located at June highs at $41,300. A move above this level will be a major development as it will show that Bitcoin is ready to develop additional upside momentum.

In case Bitcoin gets above $41,300, it will head towards the resistance at $42,000. This move should be fast as short-sellers will likely rush to close their positions if Bitcoin gets above June highs.

A successful test of the resistance at $42,000 will open the way to the test of the next resistance level at $44,000. If Bitcoin gets above this level, it will move towards the resistance at $46,000.

On the support side, the nearest support level for Bitcoin is located at $38,000. If Bitcoin manages to settle below this level, it will gain additional downside momentum and head towards the next support level which is located near the 50 EMA at $36,000.  A move below the 50 EMA will push Bitcoin towards the next support level near the 20 EMA at $35,000.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin – Daily Tech Analysis –July 29th, 2021

Dogecoin

Dogecoin slipped by 0.05% on Wednesday. Following a 1.08% gain on Tuesday, Dogecoin ended the day at $0.2058.

After a mixed the start to the day, Dogecoin rose to a late morning intraday high $0.2138 before hitting reverse.

Dogecoin broke through the first major resistance level at $0.2119 before falling to a late afternoon intraday low $0.2017.

Steering clear of the first major support level at $0.1975, Dogecoin returned $0.2050 levels to limit the downside.

At the time of writing, Dogecoin was down by 0.49% to $0.2048. A mixed start to the day saw Dogecoin rise to an early morning high $0.2063 before falling to a low $0.2044.

Dogecoin left the major support and resistance levels untested early on.

DOGEUSD 290721 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.2071 pivot to bring the first major resistance level at $0.2125 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.21 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2138 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.22 levels before any pullback. The second major resistance level sits at $0.2192.

Failure to move through the $0.2071 pivot would bring the first major support level at $0.2004 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.19 levels. The second major support level at $0.1950 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.2004

Pivot Level: $0.2071

First Major Resistance Level: $0.2125

23.6% FIB Retracement Level: $0.3016

38.2% FIB Retracement Level: $0.3859

62% FIB Retracement Level: $0.5221

Please let us know what you think in the comments below.

Thanks, Bob

Shiba Inu Continues To Drift Lower

Shiba Inu Remains Under Pressure While Bitcoin Tests The Resistance At $40,000

Shiba Inu continues its attempts to settle below the support at $0.0000063 while Bitcoin is testing the key resistance at $40,000.

The recent Bitcoin’s rally provided support to many cryptocurrencies, but Shiba Inu remained under pressure. This a bearish sign for Shiba Inu as it indicates that the interest in this cryptocurrency continues to decline. Dogecoin, whose trading dynamics often have an impact on Shiba Inu, performed better, but it trades well below recent highs near $0.2350.

At this point, it looks that Shiba Inu will need additional catalysts to get back to the upside mode. If Bitcoin manages to settle above the key resistance level at $40,000, it will likely gain significant upside momentum which will be bullish for the whole crypto market, but it remains to be seen whether it will boost Shiba Inu as the cryptocurrency has completely ignored the latest upside move of Bitcoin.

Technical Analysis

shiba inu july 28 2021

Shiba Inu settled below $0.000007 and is trying to settle below the next support level at $0.0000063. RSI remains in the moderate territory, and there is plenty of room to gain additional downside momentum.

In case Shiba Inu declines below the support level at $0.0000063, it will move towards the support at $0.0000055. A successful test of this level will open the way to the test of the support which is located at $0.0000044. If Shiba Inu gets below this level, it will move towards the next support at $0.0000034.

On the upside, Shiba Inu needs to get above $0.000007 to have a chance to develop upside momentum. If Shiba Inu manages to get back above $0.000007, it will head towards the next resistance level which is located at $0.000008. A move above this level will push Shiba Inu towards the resistance level which is located at $0.000009.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin – Daily Tech Analysis –July 28th, 2021

Dogecoin

Dogecoin rose by 1.08% on Tuesday. Following a 2.77% gain on Monday, Dogecoin ended the day at $0.2059.

A mixed the start of the day saw Dogecoin fall to an early morning intraday low $0.1951 before finding support.

Steering clear of the first major support level at $0.1895, Dogecoin rallied to an early afternoon intraday high $0.2095.

Falling well short of the first major resistance level at $0.2255, however, Dogecoin slid back to sub-$0.20 levels before ending the day at $0.205 levels.

At the time of writing, Dogecoin was down by 1.21% to $0.2034. A mixed start to the day saw Dogecoin rise to an early morning high $0.2065 before falling to a low $0.2025.

Dogecoin left the major support and resistance levels untested early on.

DOGEUSD 280721 Hourly Chart

For the day ahead

Dogecoin would need to move back through the $0.2035 pivot to bring the first major resistance level at $0.2119 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.21 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.22 levels before any pullback. The second major resistance level sits at $0.2179.

Failure to move back through the $0.2035 pivot would bring the first major support level at $0.1975 into play.

Barring an extended sell-off, however, Dogecoin should steer clear of sub-$0.19 levels. The second major support level sits at $0.1891.

Looking at the Technical Indicators

First Major Support Level: $0.1975

Pivot Level: $0.2035

First Major Resistance Level: $0.2119

23.6% FIB Retracement Level: $0.3016

38.2% FIB Retracement Level: $0.3859

62% FIB Retracement Level: $0.5221

Please let us know what you think in the comments below.

Thanks, Bob

Bitcoin Pulls Back As Traders Take Profits After Rally

Resistance At $40,000 Stays Strong

Bitcoin failed to settle above the resistance at $40,000 and pulled back towards $37,000 as traders took some profits off the table after a major rally which took the world’s leading cryptocurrency from $30,000 to $40,000 in just six trading sessions.

Other cryptocurrencies are also moving lower after major upside moves. Ethereum is currently trying to settle below $2,000 while Dogecoin is testing the support level at $0.20.

At this point, it looks that the short squeeze is over, and Bitcoin will need additional upside catalysts to settle above the key resistance at $40,000. While the recent upside move was spectacular, Bitcoin will need to settle above the resistance at $40,000 to have a chance to develop sustainable upside momentum.

Technical Analysis

bitcoin july 27 2021

Bitcoin faced significant resistance near $40,000 and pulled back below $38,000. The nearest support level for Bitcoin is located at $36,000. In case Bitcoin manages to settle below this level, it will head towards the next support level near the 20 EMA at $35,000. RSI is in the moderate territory, and there is plenty of room to gain downside momentum after the major upside move.

In case Bitcoin declines below $35,000, it will head towards the next support at $34,000. A successful test of this level will open the way to the test of the support at $32,000.

On the upside, Bitcoin needs to settle back above $38,000 to have a chance to get to the test of the major resistance level at $40,000. If Bitcoin gets above this level, it will head towards the highs of the previous upside move at $41,300.

From a big picture point of view, Bitcoin continues to trade in a wide trading range between the support at $30,000 and the resistance at $40,000. Both levels look strong, and Bitcoin will need additional catalysts to gain momentum and get out of this trading range.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin – Daily Tech Analysis –July 27th, 2021

Dogecoin

Dogecoin rose by 2.77% on Monday. Following a 0.56% gain on Sunday, Dogecoin ended the day at $0.2037.

A mixed the start of the day saw Dogecoin fall to an early morning intraday low $0.1971 before finding support.

Steering clear of the first major support level at $0.1901, Dogecoin rallied to a mid-morning intraday high $0.2331.

Dogecoin broke through the first major resistance level at $0.2074 and the second major resistance level at $0.2166.

Coming up against the third major resistance level at $0.2339, however, Dogecoin slid back to $0.2004 levels before ending the day at $0.203 levels.

The pullback saw Dogecoin fall back through the first and second major resistance levels.

At the time of writing, Dogecoin was down by 0.22% to $0.2032. A mixed start to the day saw Dogecoin rise to an early morning high $0.2051 before falling to a low $0.2012.

Dogecoin left the major support and resistance levels untested early on.

DOGEUSD 270721 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.2113 pivot to bring the first major resistance level at $0.2255 into play.

Support from the broader market would be needed, however, for Dogecoin to break back through to $0.22 levels.

Barring an extended crypto rally, the first major resistance level would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.25 levels before any pullback. The second major resistance level sits at $0.2473.

Failure to move through the $0.2113 pivot would bring the first major support level at $0.1895 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.18 levels. The second major support level sits at $0.1753.

Looking at the Technical Indicators

First Major Support Level: $0.1895

Pivot Level: $0.2113

First Major Resistance Level: $0.2255

23.6% FIB Retracement Level: $0.3016

38.2% FIB Retracement Level: $0.3859

62% FIB Retracement Level: $0.5221

Please let us know what you think in the comments below.

Thanks, Bob

Dogecoin Rallies As Bitcoin Moves Towards $40,000

Amazon May Begin To Accept Bitcoin Payments

Dogecoin made an attempt to settle above $0.2350 but pulled back towards $0.22 while Bitcoin rallied towards the $40,000 level.

Bitcoin gained strong upside momentum after reports indicated that Amazon may accept bitcoin payments by the end of this year. Not surprisingly, speculative traders rushed to buy Bitcoin and other cryptocurrencies after these reports emerged. Ethereum made an attempt to settle above $2,400 while XRP tested $0.6750.

While Amazon news have certainly served as the main catalyst for the recent rally, it looks that short covering has also played a role in this rally. Some traders rushed to short Bitcoin and other cryptocurrencies when Bitcoin made an attempt to settle below the key support level at $30,000. Bitcoin failed to gain downside momentum and began to rebound, so such traders rushed to exits at a time when bullish reports about Amazon’s plans were released.

Technical Analysis

dogecoin july 26 2021

Dogecoin is currently trying to stay above $0.22. RSI remains in the moderate territory so there is plenty of room to gain additional upside momentum in case the right catalysts emerge.

The nearest material resistance level for Dogecoin is located at $0.2250. If Dogecoin gets back above this level, it will move towards the resistance at $0.23.

A successful test of the resistance at $0.23 will open the way to the test of the resistance level which is located at the 50 EMA at $0.2385. In case Dogecoin gets above the 50 EMA, it will head towards the resistance at $0.25.

On the support side, the nearest support level for Dogecoin is located at $0.2150. If Dogecoin manages to settle below this level, it will move towards the support at the 20 EMA at $0.2040. A successful test of the support at the 20 EMA at $0.2040 will open the way to the test of the psychologically important support level which is located at $0.20.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin – Daily Tech Analysis –July 26th, 2021

Dogecoin

Dogecoin rose by 0.56% on Sunday. Following a 1.13% gain on Saturday, Dogecoin ended the week up by 9.13% to $0.1982.

A mixed the start of the day saw Dogecoin fall to an early morning intraday low $0.1982 before finding support.

Steering clear of the first major support level at $0.1907, Dogecoin rallied to a late morning intraday high $0.2009.

Falling short of the first major resistance level at $0.2040, Dogecoin fell back to $0.192 levels before a late move back into positive territory.

At the time of writing, Dogecoin was up by 2.33% to $0.2028. A mixed start to the day saw Dogecoin fall to an early morning low $0.1971 before rising to a high $0.2030.

Dogecoin left the major support and resistance levels untested early on.

DOGEUSD 260721 Hourly Chart

For the day ahead

Dogecoin would need to avoid a fall back through the $0.1993 pivot to bring the first major resistance level at $0.2074 into play.

Support from the broader market would be needed, however, for Dogecoin to break out from this morning’s high $0.2030.

Barring an extended crypto rally, the first major resistance level and Sunday’s high $0.2085 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.22 levels before any pullback. The second major resistance level sits at $0.2166.

A fall back through the $0.1993 pivot would bring the first major support level at $0.1901 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.19 levels. The second major support level sits at $0.1820.

Looking at the Technical Indicators

First Major Support Level: $0.1901

Pivot Level: $0.1993

First Major Resistance Level: $0.2074

23.6% FIB Retracement Level: $0.3016

38.2% FIB Retracement Level: $0.3859

62% FIB Retracement Level: $0.5221

Please let us know what you think in the comments below.

Thanks, Bob

Bitcoin Attempts To Settle Back Above 20 EMA

Bitcoin Continues To Rebound Ahead Of The Weekend

Bitcoin continues its attempts to settle above the 20 EMA at $32,600 while other cryptocurrencies are also moving higher.

Ethereum is also trying to settle above its 20 EMA at $2,050. Dogecoin has recently made an attempt to get to the test of its 20 EMA at $0.2030. XRP is moving towards its 20 EMA at $0.6120.

Crypto markets are trying to recover after the recent sell-off, and leading cryptocurrencies are testing important resistance levels which indicates that bulls will try to push markets higher ahead of the weekend.

This is an important moment for Bitcoin which has recently tested the psychologically important support level at $30,000 but managed to get strong support near this level.

Cryptocurrencies are very dependent on momentum, so failure to settle above the resistance levels at 20 EMAs will be a worrisome sign for the bulls.

Technical Analysis

bitcoin july 23 2021

Bitcoin has recently managed to get above the resistance at $32,000 and is testing the 20 EMA at $32,600. As I noted above, this is a very important moment for Bitcoin bulls, and traders will soon learn whether Bitcoin has enough support to get above the 20 EMA.

RSI is in the moderate territory, and there is plenty of room to gain additional upside momentum in case the right catalysts emerge. In case Bitcoin manages to settle above the 20 EMA, it will move towards the resistance at $34,000.

A successful test of the resistance at $34,000 will open the way to the test of the next resistance level at $35,000. A move above $35,000 will push Bitcoin towards the resistance at $36,000.

The test of the resistance at $36,000 would be another important moment for Bitcoin bulls as the previous attempt to gain solid upside momentum was stopped at this level.

On the support side, a move below $32,000 will push Bitcoin towards the key support level at $30,000. If Bitcoin settles below this level, it will get to the test of the next support at $28,800.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin Continues To Rebound As Bitcoin Tests Resistance At $32,000

Elon Musk Says He Owns Bitcoin, Dogecoin And Ethereum

Dogecoin is currently trying to settle above $0.19 while Bitcoin is testing an important resistance level at $32,000.

Elon Musk has recently provided material support to Bitcoin and other cryptocurrencies as he stated that Tesla could again begin to accept Bitcoin as payment for the company’s cars.

According to Musk, Bitcoin is moving towards renewable energy, but Tesla will make sure that its environmental goals are met before Bitcoin could be used to buy Tesla cars.

Musk has also noted that he personally owned Bitcoin, Dogecoin and Ethereum. Not surprisingly, Musk’s comment provided additional support to Dogecoin, which made an attempt to settle above $0.21 but lost momentum and pulled back towards $0.19.

Technical Analysis

dogecoin july 22 2021

Dogecoin has recently made an attempt to settle above $0.21 but failed to develop sufficient upside momentum and pulled back. Currently, Dogecoin is trying to settle above $0.19.

I’d note that no material levels have been formed between the support level at $0.1650 and the resistance level at $0.20 so Dogecoin may easily move between these levels when it stays in the current $0.1650 – $0.20 range.

A move above the resistance at $0.20 will signal that Dogecoin will try to develop additional upside momentum. Dogecoin will have to settle above the 20 EMA at $0.2045 to have a chance to get to the test of the resistance at $0.2150.

If Dogecoin manages to get above the resistance at $0.2150, it will move towards the next resistance level at $0.2250. A successful test of this level will open the way to the test of the resistance at $0.23.

On the support side, the nearest support level for Dogecoin is still located at $0.1650. Additional support levels below $0.19 may be formed in the near future if Dogecoin does not develop significant downside momentum which could take it below $0.1650. If Dogecoin declines below $0.1650, it will head towards the next support level at $0.1550. A move below this level will open the way to the test of the support at $0.1450.

For a look at all of today’s economic events, check out our economic calendar.

Elon Musk Says SpaceX Holds Bitcoin And Tesla Might Start Accepting It Again

Elon Musk talked about cryptocurrencies in-depth during The B Word conference, revealing that he personally holds Bitcoin, Ether and Dogecoin.

Tesla And SpaceX Hold Bitcoins

The CEO of Tesla and SpaceX, Elon, Musk has revealed that the companies hold bitcoins. Musk made this known in a discussion with Twitter CEO Jack Dorsey and ARK Invest CEO Cathie Wood at the ongoing The B Word conference.

Tesla purchased $1.5 billion worth of bitcoins in February, with the investment rising to $2.5 billion before the bear cycle began. However, Musk never disclosed that SpaceX also owned bitcoins until the event yesterday.

The CEO admitted that he is a huge fan of Bitcoin despite his recent skepticism towards proof of work concepts. He admitted that he only holds the Tesla stocks and three other valuable assets; Bitcoin, Dogecoin and Ethereum.

Elon Musk stated that he never dumped Bitcoin and doesn’t intend to part ways with his cryptocurrency investments soon. He stated that he owns more bitcoins than ether and Dogecoin. He believes that Bitcoin cannot be the monetary system of the world at the base layer. However, if implemented properly, it can serve that function at the second layer.

Musk revealed that SpaceX is playing a role in Bitcoin’s future. However, he didn’t clarify how the space company intends to shape the future of the cryptocurrency market.

Tesla will likely start accepting Bitcoin again

Tesla suspended Bitcoin as a payment option for its electric vehicles due to the energy concerns. However, Elon Musk stated that the company is planning to start accepting it again soon. He said, “It looks like bitcoin is shifting a lot more toward renewables, and a bunch of the heavy-duty coal plants that were being used has been shut down, especially in China.”

BTC/USD chart. Source: FXEMPIRE

With Bitcoin mining shifting to renewable energy, Elon Musk said Tesla would likely start accepting the cryptocurrency again as payment for its electric cars. The cryptocurrency market has been rallying for the past few hours, with Bitcoin surging by over 4% to cross the $32k mark again. Ether and Dogecoin are also rallying at the time of this report.

Dogecoin – Daily Tech Analysis –July 22nd, 2021

Dogecoin

Dogecoin jumped by 11.80% on Wednesday. Reversing a 1.84% loss from Tuesday, Dogecoin ended the day at $0.1905.

A mixed the start of the day saw Dogecoin slide to an early morning intraday low $0.1684 before finding support.

Steering clear of the first major support level at $0.1601, Dogecoin rallied to a late afternoon intraday high $0.2145.

Dogecoin broke through the day’s major resistance levels before a pullback to sub-$0.1850 levels.

The reversal saw Dogecoin fall back through the third major resistance level at $0.2109 and the second major resistance level at $0.1905.

Finding late support, however, Dogecoin wrapped up the day at $0.19 levels. The second major resistance level at $0.1905 capped the upside late in the day.

At the time of writing, Dogecoin was down by 0.95% to $0.1887. A mixed start to the day saw Dogecoin rise to an early morning high $0.1964 before falling to a low $0.1870.

Dogecoin left the major support and resistance levels untested early on.

DOGEUSD 220721 Hourly Chart

For the day ahead

Dogecoin would need to move back through the $0.1911 pivot to bring the first major resistance level at $0.2139 into play.

Support from the broader market would be needed, however, for Dogecoin to move back through to $0.21 levels.

Barring an extended crypto rally, the first major resistance level and Wednesday’s high $0.2145 would likely cap any upside.

In the event of another breakout, Dogecoin could test resistance at $0.23 levels before any pullback. The second major resistance level sits at $0.2372.

Failure to move back through the $0.1911 pivot would bring the first major support level at $0.1678 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.16 levels. The second major support level sits at $0.1450.

Looking at the Technical Indicators

First Major Support Level: $0.1678

Pivot Level: $0.1911

First Major Resistance Level: $0.2139

23.6% FIB Retracement Level: $0.3016

38.2% FIB Retracement Level: $0.3859

62% FIB Retracement Level: $0.5221

Please let us know what you think in the comments below.

Thanks, Bob

Baby Doge Coin Rallies Alongside Meme Father Dogecoin

Meme coins are rallying with the best of them as bitcoin, which has a 46.2% dominance rate, continues to dictate the direction of the market. Dogecoin and fellow dog-themed cryptocurrency Baby Doge Coin are riding the bitcoin-fueled tide higher, but they each have catalysts of their own that warrant a rally.

Baby Doge soared as much as 54% in the last 24 hours after a roller coaster of a week. This meme coin was created to outperform its meme father Dogecoin on transaction speed and its deflationary nature.

In early July, Baby Doge burned 10 quadrillion coins — valued at USD 7.2 million at the time — to mark its one-month birthday and in a nod to Elon Musk’s tweet about the cryptocurrency. Coin burns take those tokens out of circulation and fuel the scarcity narrative.

Source: CoinMarketCap

Baby Doge Catalyst

Baby Doge Coin has managed to get on the radar of Gate.io Exchange, which is ranked among the top 10 cryptocurrency trading platforms. Gate.io will perform a free airdrop of BabyDoge on July 22 “to reward platform users.” The offering generated a great deal of excitement in the Baby Doge community, with followers calling for Doge’s meme son to go to the moon. The Baby Doge Coin team touted a Gate.io listing.

For a project that was launched in early June, Baby Doge Coin has been gaining traction. This meme coin’s community has grown to more than 475K holders as of July 20.

Dogecoin Catalyst

Dogecoin is also higher by a double-digit percentage in the past 24-hour period, giving investors something to cheer about after a bout of selling.

The Dogecoin team has been riding the wave of space travel, now that Richard Branson and Jeff Bezos have both successfully completed their missions. Dogecoin investors are hoping Elon Musk will be the charm, as the SpaceX founder recently vowed “to put a literal Dogecoin on the literal moon.”

Dogecoin has not only captured the attention of billionaire Musk but also consumer brand AXE, which makes men’s grooming products. AXE on July 20 distributed “DogeCans” to fans for free. While the Dogecoin supply might have the potential to be infinite in nature, the cans are not and were part of a limited edition. AXE’s DogeCans are complete gone.

The AXE team is a fan of the Dogecoin project and has been engaging with the community for days in hopes of sending the DOGE price to the moon.

Dogecoin Rebounds As Bitcoin Gets Back Above $30,000

Dogecoin Gets Back To $0.18

Dogecoin failed to settle below the important support level at $0.1650 and rebounded towards $0.18 while Bitcoin returned back above the key $30,000 level.

Yesterday, Bitcoin made a serious attempt to settle below the psychologically important support level at $30,000 which put pressure on the whole crypto market.

It looks that Bitcoin’s recent downside move attracted enough buyers who wanted to bet that the world’s leading cryptocurrency would fail to settle below $30,000, so Bitcoin managed to rebound.

Dogecoin and other coins are rebounding faster than Bitcoin. Ethereum is currently trying to get to the test of the $1900 level while XRP is trying to get above $0.55.

If Bitcoin continues its rebound, Dogecoin and other cryptocurrencies will get more support. In my opinion, they will have a good chance to develop additional upside momentum in this scenario as speculative traders would rush to buy the “failed breakout”.

Technical Analysis

dogecoin july 21 2021

Dogecoin received strong support at $0.1650 and moved towards $0.18. The nearest significant resistance level for Dogecoin is located at $0.20. It should be noted that no notable levels were formed between $0.1650 and $0.20 so Dogecoin may easily move between these levels.

In case Dogecoin manages to settle back above $0.20, it will head towards the next resistance level which is located at $0.2150. A successful test of this level will open the way to the test of the next resistance at $0.2250.

On the support side, Dogecoin needs to get to the test of the major support level at $0.1650 to have a chance to develop downside momentum in the near term. RSI remains in the moderate territory so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Dogecoin settles below $0.1650, it will move towards the support at $0.1550. A successful test of this level will push Dogecoin towards the support at $0.1450.

For a look at all of today’s economic events, check out our economic calendar.

 

Dogecoin – Daily Tech Analysis –July 21st, 2021

Dogecoin

Dogecoin fell by 1.84% on Tuesday. Following a 4.41% slide on Monday, Dogecoin ended the day at $0.1704.

A mixed the start of the day saw Dogecoin slide to a late morning intraday low $0.1598 before finding support.

Dogecoin fell through the first major support level at $0.1679 and the second major support level at $0.1622.

Steering clear of sub-$0.15 levels, Dogecoin rallied to a late afternoon intraday high $0.1802 before sliding back into the red.

The first major resistance level at $0.1818 pinned Dogecoin back on the day.

At the time of writing, Dogecoin was up by 0.22% to $0.1708. A mixed start to the day saw Dogecoin fall to an early morning low $0.1697 before rising to a high $0.1739.

Dogecoin left the major support and resistance levels untested early on.

DOGEUSD 210721 Hourly Chart

For the day ahead

Dogecoin would need to avoid a fall back through the $0.1701 pivot to bring the first major resistance level at $0.1805 into play.

Support from the broader market would be needed, however, for Dogecoin to move back through to $0.18 levels.

Barring an extended crypto rally, the first major resistance level and Tuesday’s high $0.1802 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.20 levels before any pullback. The second major resistance level sits at $0.1905.

A fall back through the $0.1701 pivot would bring the first major support level at $0.1601 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.15 levels. The second major support level sits at $0.1497.

Looking at the Technical Indicators

First Major Support Level: $0.1601

Pivot Level: $0.1701

First Major Resistance Level: $0.1805

23.6% FIB Retracement Level: $0.3016

38.2% FIB Retracement Level: $0.3859

62% FIB Retracement Level: $0.5221

Please let us know what you think in the comments below.

Thanks, Bob

Bitcoin Tests Key Support At $30,000

Bitcoin Remains Under Significant Pressure

Bitcoin gained strong downside momentum and managed to get below the psychologically important support level at $30,000 as traders rushed out of riskier assets amid fears about the spread of the Delta variant of coronavirus.

Other cryptocurrencies are also under pressure. Ethereum is currently trying to settle below the $1750 level. Dogecoin is testing the key support at $0.1650 while XRP is trying to get below $0.52.

Some riskier assets, like stocks, look ready to rebound today, but the strength of the U.S. dollar on the foreign exchange market indicates that demand for safe-haven assets remains strong.

I’d note that Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, has moved higher in recent trading sessions. However, this move failed to provide any support to the world’s leading cryptocurrency as traders moved out of all riskier positions which was bearish for Bitcoin.

Technical Analysis

bitcoin july 23 2021

This is a key moment for Bitcoin bulls as Bitcoin’s move below the $30,000 level may trigger a strong sell-off. RSI remains in the moderate territory despite the recent downside move so there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

If Bitcoin settles below the $30,000 level, it will get to the test of the next support at $28,800. A successful test of this level will push Bitcoin towards the next support at $27,700. In case Bitcoin declines below this level, it will head towards the support at $25,800. A move below $25,800 will push Bitcoin towards the support at $24,000.

On the upside, the nearest resistance level for Bitcoin is located at $32,000. The 20 EMA is located in the nearby so Bitcoin will likely face significant resistance near $32,000. A move above the 20 EMA will open the way to the test of the resistance at $34,000. In case Bitcoin gets above this level, it will head towards the resistance at $35,000.

For a look at all of today’s economic events, check out our economic calendar.

Dogecoin – Daily Tech Analysis –July 20th, 2021

Dogecoin

Dogecoin slid by 4.41% on Monday. Following a 3.15% loss on Sunday, Dogecoin ended the day at $0.1736.

A mixed the start of the day saw Dogecoin rise to an early morning intraday high $0.1843 before hitting reverse.

Falling short of the first major resistance level at $0.1916, Dogecoin slid to an early afternoon intraday low $0.1704.

Dogecoin fell through the first major support level at $0.1759.

Finding support at the second major support level at $0.1703, Dogecoin revisited $0.176 levels before easing back.

The first major support level pinned Dogecoin back in the 2nd half of the day.

At the time of writing, Dogecoin was up by 0.04% to $0.1737. A mixed start to the day saw Dogecoin fall to an early morning low $0.1727 before rising to a high $0.1758.

Dogecoin left the major support and resistance levels untested early on.

DOGEUSD 200721 Hourly Chart

For the day ahead

Dogecoin would need to move through the $0.1761 pivot to bring the first major resistance level at $0.1818 into play.

Support from the broader market would be needed, however, for Dogecoin to move back through to $0.18 levels.

Barring an extended crypto rally, the first major resistance level and Monday’s high $0.1843 would likely cap any upside.

In the event of a breakout, Dogecoin could test resistance at $0.20 levels before any pullback. The second major resistance level sits at $0.1900.

Failure to move through the $0.1761 pivot would bring the first major support level at $0.1679 into play.

Barring another extended sell-off, however, Dogecoin should steer clear of sub-$0.15 levels. The second major support level at $0.1622 should limit the downside.

Looking at the Technical Indicators

First Major Support Level: $0.1679

Pivot Level: $0.1761

First Major Resistance Level: $0.1818

23.6% FIB Retracement Level: $0.3016

38.2% FIB Retracement Level: $0.3859

62% FIB Retracement Level: $0.5221

Please let us know what you think in the comments below.

Thanks, Bob

Shiba Inu Remains Under Pressure At The Start Of The Week

Shiba Inu Declines As Crypto Markets Move Lower

Shiba Inu is currently trying to get to the test of the support at $0.0000063 while Bitcoin is stuck in the $31,000 – $32,000 range.

Bitcoin has recently managed to get below the important support level at $32,000 but failed to move towards the next support at $31,000. This is a positive development for the whole crypto market as it indicates that the world’s leading cryptocurrency continues to get some support after the recent pullback.

Meanwhile, Dogecoin, which often has a material impact on Shiba Inu dynamics, has managed to get below $0.18 and continues to drift lower. Dogecoin has recently made an attempt to rebound but this attempt was quickly stopped. As a result, the technical picture for Dogecoin remains bearish, which is also bearish for Shiba Inu.

Technical Analysis

shiba inu july 19 2021

Shiba Inu managed to settle below the support at $0.000007 and is trying to settle below the next support level which is located at $0.0000063. RSI remains in the moderate territory despite the recent pullback, and there is plenty of room to gain additional downside momentum in case the right catalysts emerge.

In case Shiba Inu declines below the support at $0.0000063, it will move towards the major support level at $0.0000055. Shiba Inu made two attempts to settle below $0.0000055 back in June but received strong support near this level.

A successful test of the support at $0.0000055 will open the way to the test of the support at $0.0000044. A move below this level will open the way to the test of the next support at $0.0000034.

On the upside, the previous support at $0.000007 will serve as the first resistance level for Shiba Inu. In case Shiba Inu gets above this level, it will move towards the resistance at $0.000008. A move above this level will push Shiba Inu towards the resistance level which is located at $0.000009.

For a look at all of today’s economic events, check out our economic calendar.