Bitcoin, Ethereum and Dogecoin — Daily Technical Analysis | 11.06.2021
Bitcoin price extended its upward move above the $37,500 resistance against the US Dollar. BTC failed to clear $38,500 and it is now correcting lower.
Bitcoin traded above $38,000, but it failed to continue higher above $38,500. The price is currently well above $35,000 and the 100 hourly simple moving average. There was a break below a key bullish trend line with support near $36,500 on the hourly chart of the BTC/USD pair. The pair could extend its decline, but the bulls are likely to remain active near $35,000.
On the upside, an initial resistance is near the $37,000 level. The first major resistance is near the $37,500 level, above which the price likely to revisit the $38,500 resistance zone in the near term. The main resistance is still near the $40,000 level.
If bitcoin fails to clear the $37,500 resistance, it could extend its decline. An initial support on the downside is near the $36,000 level.
The first major support is near the $35,500 level. The main support is now forming near the $35,000 level and the 100 hourly SMA. It is close to the 50% Fib retracement level of the upward wave from the $31,052 swing low to $38,423 high. A downside break below the $35,000 support zone could push the price back into a bearish zone.
Ethereum would need to move through the $2,508 pivot to bring the first major resistance level at $2,588 into play.
Support from the broader market would be needed, however, for Ethereum to break out from $2,550 levels.
Barring an extended crypto rally, the first major resistance level would likely cap any upside.
In the event of a broad-based crypto rally, Ethereum could test resistance at the 38.2% FIB of $2,740. The second major resistance level sits at $2,705.
Failure to move through the $2,508 pivot would bring the first major support level at $2,392 into play.
Barring another extended sell-off, however, Ethereum should steer clear of sub-$2,300 levels. The second major support level at $2,311 should limit the downside.
DOGE witnessed a price rise in the last 24 hours. Up by 6.4%, at press time the coin was trading in red at $0.335. The coin was in a bull run until June 4 testing the resistance level ( $0.42 ). Nevertheless, the June 4 & June 7 dips brought DOGE closer to the support level ( $0.285 ). Simple Moving Averages lines — 50 SMA (green) and 100 SMA (yellow), both acted bearish for the coin. This translated to a longer waiting period for the coin to recover from the dips.