Bitcoin and select altcoins are not showing signs of a trend reversal yet.
) bounced off the support line of the symmetrical triangle on Dec. 29 but the bulls could not start a recovery. The bears maintained their grip and again pulled the price to the support line on Dec. 30.Both moving averages are sloping down and the relative strength index is below 39, indicating that the path of least resistance is to the downside. If the price drops below the support line, it will indicate that the bears have overpowered the bulls.
Alternatively, if the price rebounds off the current level, the bulls will try to propel the pair above the 20-day EMA . If they do that, the pair could ascend to the resistance line of the triangle.There was a weak attempt from the bulls to defend the important support at $0.07 on Dec. 29. The bears kept up the selling pressure and pushed Dogecoin below the key support on Dec. 30.A break and close below $0.07 will complete a descending triangle pattern, which is a huge negative.
If bulls want to prevent the decline, they will have to quickly thrust the price back above the breakdown level at $0.07. That could trap the aggressive bears, resulting in a short squeeze. The pair could first rise to the 50-day SMA and thereafter climb to $0.11.) tumbled below the support at $0.25 on Dec. 29, indicating that the downtrend remains in force. The fall has pulled the RSI into the oversold zone, suggesting that a relief rally or a consolidation is likely in the next few days.
Conversely, if the recovery off the support line is shallow, it will suggest a lack of demand from the bulls. The bears will then try to sink the price below the support line and pull the pair to $0.20.
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