Crypto’s a carnival: you’re either clinging to the Bitcoin rollercoaster or riding the meme coin merry-go-round.
Bitcoin’s price chart? Think less rollercoaster, more flatline. Down a measly 3% today, it’s practically glued to the same spot it was a week ago. Up a grand total of 2% over seven days, following a 5% surge in the last month? Crypto traders are struggling to stay awake. Bored with stability? Ditch the OG and dive into the meme coin circus – guaranteed volatility included.
Dogecoin’s tail is between its legs, shedding 8% this week after a fleeting 20% surge last month. But the real crypto carnage? Look lower. Bonk’s been bonked – down over 20% – and Pepe’s meme magic is fading fast, plunging 12% in the past week.
Bitcoin’s price swings make more sense when viewed through a wider lens. Traditional markets are feeling the heat as analysts dissect the impact of new U.S. tariffs: Will they supercharge the dollar or ignite inflation as everyday consumers shoulder the cost? Compounding the uncertainty, the Federal Reserve’s decision to hold steady at 4.25%-4.5% has triggered a market-wide pause, hitting high-risk crypto assets especially hard.
So what do the charts have to say about BTC?
Bitcoin price: A triangle pattern tested
Bitcoin teeters on the brink! A 3.5% plunge, shattering the $114,000 barrier, isn’t just a dip – it’s a tremor hinting at a potential earthquake. The breaking point? $118,859. Once a fortress of support, now a gateway to further falls. Bears are sharpening their claws, targeting the $112,000 level and seemingly determined to dismantle the symmetrical triangle pattern that’s contained the crypto king for weeks. Is this the calm before a storm of corrections?
Bitcoin price data. Image: TradingView
Bitcoin’s teetering on the edge of glory, according to Myriad, Dastan’s (yes,Decrypt‘s parent!) in-house prediction market. Traders are betting big on BTC blasting past $125K before a dip to $105K, currently giving it a 55% chance. But hold up – yesterday, those odds were a swaggering 70%. Is the bullish momentum fading, or is this just a temporary tremor before the real quake?
The weekly chart paints a compelling picture: bulls are charging. However, a nagging detail in the formation hints at a potential trap.
Bitcoin’s RSI hovers at 63 – a seemingly bullish signal suggesting upward potential. However, a recent retreat from overbought levels (above 70) hints at brewing selling pressure. This tug-of-war, visualized through the RSI’s 0-100 scale, paints a nuanced picture: 63 alone might spell continued bullish activity, but the descent suggests caution. The bulls may not have a clear path forward.
But beware! When the RSI plunges from these lofty heights, it’s often the market’s way of whispering, “This rally is running on fumes.” Savvy traders, sharpen your pencils! A mean reversion could be lurking, or at the very least, a sharp correction within this bullish stampede is on the horizon.
Bitcoin’s ADX flashes a bullish signal: 28. This suggests the dominant trend isn’t just present, it’s powerful. Though slightly cooled from recent peaks, the ADX still screams, “Trend alert!” for Bitcoin traders.
Bitcoin’s ascent past $100,000 was fueled by a powerful ADX-validated trend. But remember, the ADX is a double-edged sword. That same bullish strength can morph into vicious downward momentum if critical support crumbles. Think of it as a coiled spring: ADX readings above 25 signal a market poised for decisive action. Don’t anticipate a sudden crash, but after this period of intense price consolidation, brace yourself – volatility is almost certainly on the horizon.
Bitcoin’s Exponential Moving Averages (EMAs) aren’t just numbers; they’re whispers of a complex narrative. Think of EMAs as a compass, charting Bitcoin’s price voyage over time. Currently, the 50-day EMA dances above its 200-day counterpart, a bullish tango that has fueled Bitcoin’s ascent. And the distance between them? It’s widening, a signal to long-term investors that the upward momentum is still strong. For those who speak the language of technical analysis, this expanding gap is music to their ears.
Key Levels:
- Immediate support:$110,000 (psychological level and major accumulation zone)
- Immediate resistance:$118,859 (23.6% Fibonacci retracement)
- Strong resistance:$122,000 (previous all-time high area)
XRP continues its sideways drift
XRP Wobbles: $3.04 Price Signals Struggle After a meteoric rise, XRP’s price has hit turbulence, sliding 6.08% to $3.04. The coin is currently trapped in a frustrating sideways shuffle. Despite earlier regulatory tailwinds, XRP is struggling to ignite a sustained breakout. Technical charts paint a picture of a market stuck in limbo, a stark contrast to its rocket-fueled ascent of the past year. Is this a temporary pit stop or a sign of more consolidation to come?
XRP price data. Image: TradingView
XRP’s RSI flirts with 61: a tightrope walk above the market’s abyss. Not yet screaming “buy,” and far from a profit-taking siren, XRP sits in a precarious equilibrium. This isn’t value; it’s suspended animation. Traders are holding their breath, directionless, waiting for a catalyst to ignite the next move. Is it a coiled spring ready to unleash, or just a calm before the storm?
XRP’s Average Directional Index (ADX) whispers a tale of sideways shuffle. Clocking in at a mere 21, it’s shy of the magic 25 needed to declare a true trend. Think of it as XRP pacing in place, more a coiled spring gathering potential energy than a rocket launching into the stratosphere. This suggests the recent price dance is less a bold new direction and more a period of consolidation before the next big leap…or stumble.
However, the Squeeze Momentum Indicator paints a different picture (a common quirk in the technical analysis world!). It suggests the market isn’t primed for a major move, indicating continued bullish stability. To reconcile these opposing signals – especially if you’re playing the long game – zoom in. Analyzing shorter-term charts can reveal subtle shifts in momentum before they become tidal waves.
Bulls are catching their breath, leaning on the moving average setup where the 50-day EMA still hovers above the 200-day EMA. But don’t get too comfortable. The margin between these key indicators is razor-thin, a precarious perch above a potential bear pit. One wrong move, one surge of selling, and this bullish advantage could vanish in an instant.
Key Levels:
- Immediate support:$2.90 (recent consolidation low)
- Strong support:$2.50 (major psychological level)
- Immediate resistance:$3.30 (recent rejection area)
- Strong resistance:$3.70 (multi-month high)
Dogecoin praying for bulls
Dogecoin just got dog-piled. The meme coin darling is down a brutal 8%, scraping just above the $0.20 mark. Forget minor dips, this is a full-blown faceplant, the worst performance in the major crypto league. Is the meme coin party finally over? Technical charts are screaming danger, flashing red across the board. This isn’t just a correction; it’s a potential crypto carnage preview starring your favorite Shiba Inu.
Dogecoin price data. Image: TradingView
DOGE’s RSI hovering at a bland 50 isn’t balance; it’s a red flag. For a meme coin fueled by hype, this neutral zone screams fading interest, not stability. The buzz is dying down.
“The ADX whispers a warning: a paltry 16. This isn’t the roar of a healthy downtrend, but a whimper. While the bears lack the ferocity to drag prices lower, the bulls are equally timid, leaving any potential rally struggling for breath.”
The Squeeze Momentum Indicator is primed, hinting at a volatility explosion. A bullish double bottom has been brewing since June, buoyed by solid support. But be warned: this week’s price action is flirting dangerously close to that critical support level. Next week is the acid test. A bearish downturn could shatter the double bottom dream, sending prices tumbling towards a $0.15 safety net. Conversely, a strong rebound confirms the double bottom, reinforcing the established support and paving the way for a surge towards $0.30 in the coming weeks. The next move decides it all.
Key Levels:
- Immediate support:$0.20 (psychological level and current test)
- Strong support:$0.18 (major support from previous consolidation)
- Immediate resistance:$0.22 (broken support turned resistance)
- Strong resistance:$0.26 (major resistance area throughout the year)
Disclaimer
The author’s insights are shared for informational purposes only, and shouldn’t be interpreted as financial, investment, or professional guidance. Please consult with a qualified expert before making any decisions.
Thanks for reading Crypto Rally Stalls as Dogecoin Tanks and Bitcoin Tests Key Support: Analysis
