Bitcoin (BTC) made a high of $25100 last month and tested the major weekly resistance area. Since then, bitcoin (BTC) is continuously depreciating against the dollar. Bitcoin loses nearly 15% of its value in the last two weeks.
More than $50 billion washed out from the overall crypto market (Crypto total market capitalization) in the past 20 days. The Altcoin coin market is down more than 25% since Feb-22-2023.
In this article, I will the current price analysis of bitcoin (BTC) including major support and resistance, and the Price Analysis of DogeCoin (DOGE) and Shiba Inu (SHIB).
Bitcoin Price Analysis
Bitcoin (BTC) is trading at around $21600 at the time of writing. BTC is now testing the first strong support and forming a descending triangle pattern. Bitcoin (BTC) should hold the support of $21488 to maintain a bullish market structure.
There is nothing to worry about as long as bitcoin (BTC) is above the 20 weekly moving average. Currently, the 20 weekly MA is at $19700. Bitcoin can come as low as $19700 as past data suggest.
According to the data from Tradingview, whenever Bitcoin (BTC) rejects from the 50 weekly moving average it tests the 20 weekly moving average.
Another indicator that is supporting this opinion is Volume, The volume is declining continuously on a daily time frame.
Altcoin Market Update (Crypto Market Cap Others)
Despite the negative price action of bitcoin, the Altcoin market is up 0.54% today. This means the traders are showing faith in the altcoin market and know that the current correction in the crypto bitcoin prices is temporary.
The Altcoin market loses nearly $30 billion in the last three weeks. The others market cap was rejected from the resistance of $134.
The Altcoin Market Cap bounced the support of $103 billion. The $103 billion is also the area of 20 weekly moving averages.
Shiba Inu (SHIB/USDT) Price Analysis
Shiba Inu (SHIB) one of the most hyped crypto is trading within a side-waves channel. Shib made a high of 0.00015 this year in the last month. From the bottom price of 2022, this rally was more than 100%.
SHIB started correction because of the bearish divergence at Relative Strength Index (RSI) on a daily time frame. Currently, SHIB is testing support at 0.00001093. Shiba Inu (SHIB) is holding at 20 weekly moving averages, the first major support.
According to the volume profile indicator, the second and most important support for SHIB is 0.00000685.
According to the data from Tradingview, SHIB’s daily and weekly volume is below the average volume of the bull market, keeping eye on volume will help as an early indicator for any kind of a big move.
On a weekly time, the major resistance is 0.00001445. Unless the SHIB closes a week above the resistance of 0.00001445 the price action will remain a range bound.
DogeCoin (DOGE) Price Analysis
Doge Coin (Doge) the ninth largest crypto by market cap is down 3.70% this week. Doge rejected from the trending resistance and looked for support at around $0.068. At the time of writing doge is changing hands around 0.07.
Many altcoins are above the 20 weekly moving average because the last month’s price hike in bitcoin. But, DOGE is still below 20-50 weekly MA.
Both MA is currently at 0.088 and will work as strong resistance for DOGE in the coming weeks.
DOGE’s overall market structure is bearish so far, as you can see on charts the L-L and L-H on a weekly time frame. Doge prices are moving in descending triangle pattern and it can take up to 2 months for breaking out on either side.
Breaking at the downside will through the DOGE at the major support level of 0.056. however, breaking the upside will send DOGE to 0.11.
Image from: Tradingview and Bitcoin.com
*Disclaimer: All views expressed in this article is for educational purposes only and should not be constituted as financial advice.
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