Dogecoin To Rally?

Episode Summary:

In this episode, I do technical analysis levels for Bitcoin, Ethereum and Dogecoin.

Bitcoin is falling down to support level to $42k. This is a very significant level for Bitcoin.

Ethereum looks like it's making its way back down to $2600.

Dogecoin looks ready to run if it reclaims back to $0.15 but may hit resistance at $0.18. Keep an eye on that golden cross, which is the 25 DMA and 50 DMA.

Check out Tuesday's TA episode.

Questions? Ask at [email protected] and we will answer!

Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

Unedited Transcript:

Hey everybody happy Thursday. My name is Joe Dewitt, and this is the crypto breakdown today. We're going to be looking at some technical analysis levels of Bitcoin, Ethereum and doge coin. First off with Bitcoin. Bitcoin is down at 3% today. And as we discussed Tuesday, it looks like Bitcoin price is falling down towards its support level of about 42,000 now.

And as I mentioned in the last TA video, this is going to be a very crucial time for Bitcoin and following altcoins because. This support level here at 42 is a very strong signifier of if we will hold this uptrend, now we have accumulated higher lows. Essentially, what I'm looking for here is to get some higher highs.

We need price to rally a bit up towards this resistance level of 44,000. Now price is falling towards that 25 day moving out. And if price falls below, it could be making its way towards his local floor target of about 34,000. Although it does seem slightly unlikely considering how fast Bitcoin moved out of that zone, as well as the relative strength index, indicating that it is 50% over.

Personally, this does look like a good buying opportunity for Bitcoin. So it is definitely worth keeping an eye on Bitcoin. As some price may start to roll in soon. Taking a look over at Ethereum. Ethereum is following closely and Bitcoins footsteps. It's recent few weeks of price movement look very similar and similar to Bitcoin.

We are also on a red candlestick today, down about two and a half. And the Ethereum is making its way back down towards 2,600, where it is currently at 3000. So as I mentioned, the 25 day moving average on a Bitcoin and we were just above, over on Ethereum here, we were actually below this 25 day moving average, making it slightly harder to reclaim.

 Above that price. So what we're looking here is for this candle state to get a bit of buying pressure. So it does not close below that 25 day moving average. Otherwise, if the stick does close below I'm, it looks like we will be falling down towards that 2,600 and then coming back up for a retest. Now the most likely scenario for Ethereum here is that it falls down towards this 2,600.

It retests back up towards 3000 and gets a little bit of buying pressure. It's 50 day moving average at 3,500 and then experiences a little bit more resistance there. And finally looking at doge coin is also down two and a half percent today, not the greatest day for these three cryptos and it's red candlestick is falling down towards this 14 cent mark.

So as I mentioned Tuesday, we have accumulated some lower highs as well as higher lows, giving it a nice squeeze potential for a little bit of upward momentum. Now dose does look ready to run. It has been building. This little bit of upwards momentum here and what we're looking for to see doge coin build some buying pressure would be to hop above this 25 day moving average at 15 and a half cents.

So it has a cent and a half to reclaim getting above that level and closing a candlestick using it for support at about 15 and a half cents. And then pushing up towards 18 where we have resistance. Doge coin has really strong resistance at about it's actually more like 18 and a half. I could definitely see a target of 18 and a half cents in the near future.

Although we'll have to see what happens in the short term, as we struggled to get above this 25 day moving average, it's important to take a look at that RSI two, as it's dropping down to about 40% oversold. And my final note on dose coin is to keep an eye on that golden cross, which was the 25 day moving average.

And that 50 day moving average, they are getting pretty far in distance. And as the. It is used. You want to see them slightly closer together for a more stable price action. So definitely keep an eye on dose coin as price could definitely build some momentum and rally in the following months. And that's all the time we have for today.

Guys. Thank you so much for tuning in. You can follow, subscribe to the podcast, which will all be in the scripts. Have a great day