Bitcoin, Dogecoin Price Analysis: August 17, 2021

Bitcoin, Dogecoin Price Analysis: August 17, 2021
  • Bitcoin price slides to test support at $44,000 after it became challenging to sustain the uptrend to $48,000.
  • Dogecoin slips under as short-term technical indicator flip bearish; more declines cloud follow.
  • The cryptocurrency keeps faltering following the impressive gains over the weekend and on Monday. According to the live price data by CoinGecko, the total market cap is back under $2 trillion.

    Bitcoin has not been spared by the bearish wave, especially with bears pulling back to $44,000. The bellwether crypto has climbed to above $45,000, and bulls are working hard to sustain the recovery.

    As reported, Ethereum is back on the drawing board at $3,000 while risking another slide to $2,800. Cardano, Binance Coin, and Ripple have also faltered, posting 6.3%, 7.1%, and 7.6% losses, respectively.

    Bitcoin:-

    Bitcoin is teetering marginally above $45,000 after rebounding from $44,000. Currently, bulls seem focused on securing support at $45,000 and making haste above the 50 Simple Moving Average (SMA) highlighted at $46,000 on the four-hour chart.

    Perhaps trading above this moving average will nullify the potential drop to $40,000 and instead close the gap to $50,000. However, traders should keep in mind that bears drew the line at $48,000 earlier in the week.

    Moreover, the Moving Average Convergence Divergence (MACD) indicator spots a sell signal, accentuated by the index’s latest move below the mean line. If this call to sell stays intact, bears will not be deterred from pulling Bitcoin back to $44,000 as they make way toward $40,000.

    BTC/USD Four-Hour Chart

    Dogecoin:-

    Dogecoin is testing the last line of defense after correcting from $0.35 (August high). The retreat could not hold at $0.32 and $0.3, respectively, amid surging overhead pressure. CoinGecko shows DOGE losing nearly 12% of its value in 24 hours to trade at $0.297.

    The 50 SMA currently holds at $0.29 and provides Dogecoin with immediate support. Bulls must keep this level intact; otherwise, the meme-based coin may drop to test $0.28 and $0.26, respectively.

    DOGE/USD Four-Hour Char

    Keep in mind that the MACD has a massive bearish signal presented on August 17. Dogecoin risks a continued drop as long as the MACD drops to the mean line and the negative territory.

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