The past two days have marked a decent bullish recovery attempt as Bitcoin struggles to re-enter the $ 50,000 zone. Dogecoin, as usual, did not fail to show its high volatility after a staggering surge on December 14.
Short-term technical data for Bitcoin, Dogecoin and Monero pointed to a decrease in selling pressure.
After reaching its ATH on November 10, BTC steadily fell into a descending channel (yellow). When the fear sentiment started, the largest crypto collapsed after a sell-off. After a loss of more than 27% on December 3, it hit its nine-week low that day. The bearish move gained traction as the bulls failed to hold the crucial $ 53,400 mark.
Now, for the last ten days, BTC marked a descending (white) channel after an expected bearish flag breakout. Since December 4, the price of BTC has fluctuated between $ 50,800 and the $ 46,600 mark. As the bulls secured 11-week support at the $ 46,643 mark, price action saw a sharp revival on December 15. This incline pushed the price above the 20-50 in 4 hours. SENIOR HIGH SCHOOL, hinting at a possible recovery phase.
At press time, BTC was trading at $ 48,911. The RSI it rebounded after a 15-point rise in the final day. The MACD The line crossed the midline and confirmed the short-term declining bearish power. Although the DMI continued to prefer the bears, the ADX was substantially weak.
The meme coin saw a staggering 38.07% rise on December 14, shortly after Elon Musk apparently reclaimed that tesla would make some Merch can be bought with Dogecoin. However, it saw a pullback immediately as the alt saw a 17% decline in the last two days. Similar to BTC, DOGE saw an expected breakout of the bearish flag.
Gradually, the DOGE bears broke the immediate resistance at the 0.197 mark. Now the trend line (yellow) and the 20-50 senior High School it remained an immediate obstacle for the bears to cause a further collapse.
At press time, DOGE was trading 75.4% below its ATH at $ 0.1833. The RSI found support in the midline and swayed in favor of the bulls. In addition, the DMI confirmed the short-term bullish bias.
XMR fueled its bearish tilt after a breakout of the ascending channel on December 3. Price action moved below its 20-week resistance at the $ 222 mark. After forming a bearish flag, the bears retested the lower channel (yellow) twice before a breakout of the ascending channel.
During the last 11 days, XMR formed awedge falling (green) and hinted at a possible reversal. At press time, the alt was trading at $ 190 after noticing a 29.6% loss in 30 days.
The RSI It was barely able to cross the midline since the beginning of the month, but it showed promising signs of revival in the last two days. If the bulls propel it above the 53.5 mark, a trend reversal would be a likely outcome. The Squeeze the momentum continued to hint at the compression phase with low volatility.
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Price Analysis of Bitcoin, Dogecoin, Monero: Dec 16