Bitcoin (BTC) is showing signs of stability as it forms two successive Doji candlestick patterns on the weekly charts. Despite the lack of volatility in the market, the price of Bitcoin is managing to sustain above the 20-week exponential moving average, indicating that the bulls are still in control. This article will analyze the current market conditions and explore the potential outlook for Bitcoin and other top cryptocurrencies.
Bitcoin has been trading near the 20-day EMA for the past two days, which suggests indecision between the bulls and the bears. The flattish moving averages and the relative strength index (RSI) near the midpoint further emphasize the lack of a clear advantage for either side. As a result, the BTC/USDT pair may remain within the $28,585-to-$30,150 range until a breakout occurs.
If the price drops below $28,585, selling pressure could intensify and push the pair down to $26,000. On the other hand, a break and close above $30,150 could attract buyers and potentially propel the pair towards the $31,804-to-$32,400 resistance zone.
The four-hour chart indicates uncertainty about the next trending move for Bitcoin. If the price closes below the 50-day simple moving average, the short-term advantage may shift in favor of the bears. This could lead to a decline towards $29,000 and subsequently $28,585.
Conversely, if the price breaks above the 20-day EMA, it suggests that the bulls are attempting to regain control. The pair may first rise to $29,738, and if this resistance is cleared, a rally towards the overhead resistance at $30,350 becomes likely.
Shiba Inu (SHIB) is currently in a strong recovery phase. The upsloping 20-day EMA and the RSI near the overbought zone indicate that the bulls are in command. If buyers manage to hold the price above the overhead resistance at $0.000012, it will significantly improve the prospects of a rally towards $0.000014 and eventually $0.000016.
However, if the price drops below $0.000010, it could extend the pullback to the 20-day EMA, which is a critical level to watch. A break below this level may suggest that the recovery is coming to an end.
Uniswap (UNI) has rebounded off the 50-day SMA, indicating active buying at lower levels. However, the tough battle near the 20-day EMA signals that the bears are not ready to give up. If the price falls below the 20-day EMA, selling pressure could intensify, and the pair may drop to the 50-day SMA.
On the other hand, if the price rebounds off the 20-day EMA and rises above the immediate resistance at $6.35, it suggests that the bulls are trying to flip this level into support. This could lead to a further rally towards $6.70.
Maker (MKR) has been trading above the breakout level of $1,200, indicating bullish strength. The upward slope of the 20-day EMA and the positive RSI further support the bullish case. If buyers can push the price above the immediate resistance at $1,284, it may challenge the local high at $1,370.
On the other hand, if the price falls back below the breakout level of $1,200, it could open the gates for a decline towards the 50-day SMA at $1,041.
XDC Network (XDC) has pulled back to the 20-day EMA, a critical support level. Although the bullish momentum may be weakening, buyers can regain control by pushing the price above the overhead resistance at $0.073. This could pave the way for an up-move towards $0.082.
Conversely, if the price breaks and closes below the 20-day EMA, it may sink to the 61.8% Fibonacci retracement level of $0.056, potentially delaying the start of the next leg of the uptrend.
Bitcoin is showing signs of stability as it forms two consecutive Doji candlestick patterns. Although the lack of volatility has resulted in low trading volumes, the price of Bitcoin is maintaining above the 20-week EMA, suggesting that the bulls are still in control. While altcoins like Shiba Inu, Uniswap, Maker, and XDC Network have shown some positive signs, the market remains uncertain, and further price action is needed to confirm the direction of the next major move.