The past two days have marked a decent bullish recovery attempt as Bitcoin attempts to break into the $ 50,000 zone again. Dogecoin didn’t fail to show its high volatility as usual after a staggering spike on December 14th.
Short-term specs for Bitcoin, Dogecoin and Monero indicated decreasing selling pressure.
After BTC hit its ATH on November 10th, it steadily fell into a downward channel (yellow). When the mood of fear set in, the largest crypto experienced a meltdown after a massive sell-off. After losing over 27% on December 3rd, it hit its nine-week low that day. The downside gained momentum as the bulls failed to hold the crucial $ 53,400 level.
For the past ten days, BTC has marked a downward channel (white) after an expected bearish flag breakout. Since December 4th, the price of BTC has hovered between $ 50,800 and the $ 46,600 mark. As the bulls secured 11-week support at $ 46,643, price action saw a sharp rebound on December 15th. This slope has the price over the 4 hour limit of 20-50. driven High school, Indications of a possible recovery phase.
At the time of going to press, BTC was trading at $ 48,911. the RSI turned up after climbing 15 points on the last day. the MACD Line crossed the center line, confirming the bearish strength declining in the short term. Although the DMI Still favoring the bears, the ADX was considerably weak.
The meme coin saw a staggering 38.07% surge on December 14, shortly after Elon Musk apparently claimed that Tesla would make merch buyable with Dogecoin. However, an immediate pullback occurred as the Alt posted a 17% decline in the past two days. Similar to BTC, DOGE experienced an expected breakout of the declining flag.
Little by little, the DOGE bears broke immediate resistance at 0.197. Now the trend line (yellow) and the 20-50 Upper school was an immediate hurdle for the bears to cause another collapse.
At press time, DOGE was trading 75.4% below its ATH at $ 0.1833. the RSI found support at the center line and swayed in favor of the bulls. Furthermore, the DMI confirmed the short-term bullish bias.
XMR stepped up its bearish bias after the upward channel collapsed on December 3rd. Price moved below its 20-week resistance at $ 222. After the bears formed a bearish flag, the bears tested the lower channel (yellow) twice before reaching a collapse of the upper channel.
For the past 11 days, XMR has proven to befalling wedge (green) and indicated a possible turnaround. At the time of publication, the Alt was trading at $ 190 after hitting a 30-day loss of 29.6%.
the RSI has barely crossed the mid-line since the beginning of the month but has shown promising signs of recovery in the past two days. If the bulls push it above 53.5, a reversal is likely. the Push momentum continued to indicate the squeeze phase with low volatility.