Bitcoin heads down from earlier gains as buyers started booking profits below the $33,000 resistance levels. Bitcoin seemed to break past the level but there wasn’t enough support from the volume side. The circumstance was effectively priced into the markets when the digital asset returned to the $30,000 seat.
Stoch RSI which is a type of momentum indicator, displayed signs of a pulldown even before the price was factored in with the possibility on 4 hourly charts.
On a daily time frame, Bitcoin price took support at 20-day simple moving average levels at approximately $29,800 price level.
Overall due to price exhaustion, investors lost more than $500 million in futures markets owing to market liquidations.
Generally, after witnessing weeks of consolidation, the market momentum extends, however bulls seemed uncertain about their future positions, hence the reason some have closed their positions.
Like Bitcoin, ETH/USDT pair also shot up to $2000 levels on May end until June kicked in. Even though prices for ethereum were moving downward in a trade channel before the may end breakout. As of now, the pull-down is being tested at the channel.
Usually, to get some edge in the market traders often use momentum indicators to predict crossovers and divergences. Similarly, in this case, Stoch RSI is used to find the next price move probability in ETH.
Referring to the abovementioned momentum indicator, a price divergence can be witnessed forming in the current price action.
If the fall continues, ETH can take support at $1800 and $1700 levels.
With the price action of Bitcoin and Ethereum tanking down, Doge is not an exception to the suffering. Doge has been on a continuous downward trend since May 2021, when it peaked at almost $0.74 to currently at $0.082, erasing almost 88% of the market value. Currently, the meme coin is sitting at Feb’21 levels and hovering around the $0.078 support level.
Out of the multitude of possibilities, DOGE showed bullish momentum over the news of SpaceX soon accepting dogecoin as a mode of payment for its merchandise.
Looking forward, if doge sees an upward move in the coming weeks, $0.11 and $0.15 can be taken as the nearest resistance levels.