Dogecoin Price Technical Analysis – New Low and High

Key Highlights

  • Dogecoin price completed our double top pattern, and created a new low Intraday below 60.0
  • There was a sharp reaction upwards, which took the price above the last high of 67.0
  • There was a choppy price action noted, as there were many swing moves during the past couple of sessions.

Dogecoin price traded in a rough fashion during the last couple of sessions, as can be seen in the attached chart.

Choppy Price Action

There was a downside reaction noted in the Dogecoin price, as our highlighted double top pattern on the hourly chart worked. The price fell below the last swing low of 60.0 Satoshis, and formed a new low of 58.4 Satoshis. However, there was a nasty upside reaction noted around the stated area. The price spiked higher, managed to clear all major resistances and even posted a new weekly high above the last high of 67.0 Satoshis. It traded as high as 70.2 Satoshis where sellers appeared to prevent any additional upside moves.

Dogecoin

The best part is that a bullish trend line highlighted in yesterday’s post is still in play, as there was no close below it. Let us see how the price trades in the near term, as there are already many swing moves noted during the past couple of sessions. The price is above the 100 hourly simple moving average, which is a positive sign and might take it higher in the near future.

On the upside, an initial resistance is around the 67.0 Satoshis area. A break above it could take the price towards the recent high formed at 70.2 Satoshis in the short term.

Intraday Support Level – 60.0 Satoshis

Intraday Resistance Level – 63.0 Satoshis

The hourly RSI and MACD are positioned in the bullish zones, highlighted gains moving ahead.

Charts courtesy of Trading View

Source

via Latest Bitcoin News | Crypto News | Mining Reviews – Bitcoins Channel http://ift.tt/1fbz0sK

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s