Top Analyst Projects a Bearish Target for Bitcoin (BTC) but is Extremely Bullish on Dogecoin (DOGE) Price
The post Top Analyst Projects a Bearish Target for Bitcoin (BTC) but is Extremely Bullish on Dogecoin (DOGE) Price appeared first on Coinpedia Fintech News
Following the recent drop, the bears appear to have been exhausted to some extent, as the major cryptos have been trading more or less flat. Besides, the bulls continue to remain uncertain as a slight upswing is attracting the bears, who tend to extract their profit and slash the prices hard. However, one of the popular analysts, MMBTtrader is extremely bullish on Dogecoin while believing the Bitcoin (BTC) price may remain under the bearish influence
Bitcoin (BTC) Price Analysis
Bitcoin price after marking the local top at around $31,000, is facing extreme bearish pressure, which has dragged the price lower toward the trend line. It has been following the trend line since the beginning of the year and has also sliced through these levels to mark the lows. Therefore, a similar price action is speculated at the moment, as the bears appear to be in a good position at the moment.
The BTC price, presently, has broken down from the resistance and is speculated to do more in the coming days. The newly formed daily support level is initially at $26,000, and later the major Fibonacci support levels are around $23,500.
Meanwhile, the trend reversal zone is around $29,200, wherein the current parallel rising channel may undergo a retest of a breakout. However, the major daily resistance is around $31,000. One small, weak resistance is encountered at $27,000, breaking which the price may easily fall to $26,000.
Also Read : Bitcoin Reaches A Struggling Zone Near $27K! Will BTC Price Continue To Plunge?
Dogecoin (DOGE) Price Analysis
Dogecoin’s price recently lost one of the pivotal resistance levels but appears to be poised to rebound fairly in the coming days. The price is hovering along the newly formed support levels, accumulating strength to trigger the next bullish wave ahead. However, the price is presently trading under a bearish influence, which may fade in a short while.
The DOGE price is trading above the daily support level of around $0.07, beyond which $0.06 is acting as the last line of defense. After reaching these levels, the analyst believes a fine upswing may be triggered that may help the price soar high to reach the required resistance at around $0.1.
Also Read : Top Crypto Expert Predicts Altcoin Dominance Shake-Up By June
Filed under: Bitcoin - @ April 25, 2023 8:03 am