Bitcoin Price Analysis
After a Doji forming on the weekly candle from price action last week, price action in Bitcoin is following up with an increase being recorded this week.
Bitcoin recorded a strong price performance two weeks ago which brought an end to several consecutive weeks of small-bodied weekly candles forming.
Price action in Bitcoin continued its strong performance early last week but underwent a sharp decline on Thursday, a day when cryptocurrency prices fell across the market.
The weekly candle closing as a Doji last week indicated traders were uncertain about the prospects of Bitcoin price continuing to increase.
The follow-up increase this week is more of a bullish sign, and the weekly MACD and RSI have been increasing reflecting higher amounts of buying pressure.
However, the daily chart indicates that the price may not continue to increase from this point.
Price action has risen to the point of the close of the candle of the last high and price action is evidently after weakening at this point.
The last four daily candles have closed as either Doji candles or with small bodies reflecting weak buying pressure.
Both the daily MACD and RSI are also at lower levels than the last time they reached this high indicating that price may not overcome this point.
The last high is likely acting as resistance.
A rise above this level yesterday quickly found selling pressure which brought the price back below.
Price prospects are uncertain for Bitcoin as it stands.
While the longer-term weekly timeframe indicates that buying pressure is strong, the daily timeframe indicates that shows price is unlikely to overcome the point of the last high on the current increase.
A fall over the next few days but a continued increase beyond that seems the likely scenario.
Dogecoin Price Analysis
Dogecoin has been forming a Doji candle on the weekly for this week’s price action indicating that price prospects are also uncertain in its case.
Dogecoin reversed almost half of the price spikes from two weeks ago during the price action last week.
The Doji candle forming this week indicates traders are uncertain about whether the price will continue to drop from the declines last week.
A support level is forming on the daily chart at $0.0026.
Prior to the price spikes two weeks ago, $0.002 acted as a long-term support level.
$0.0026 should be monitored as potentially becoming longer-term support level in the case that DOGE is after adjusting to higher valuations.
- Doji candles forming for both Bitcoin and Dogecoin in the recent price action on both the weekly chart and the daily chart reflect high levels of uncertainty regarding future price prospects.
- The weekly chart for Bitcoin indicates continued increases in the longer-term while the daily chart indicates that price increases are weakening in the near-term.
- $0.0026 should be monitored as potentially a new support level for Dogecoin.