The cryptocurrency market is back in red, with coins posting minor losses across the board. Bitcoin hit a barrier slightly above $41,000, curtailing the bid for gains toward $50,000. Meanwhile, Ethereum failed to break the hurdle at $2,650, settling for the short-term support at $2,500. On the other hand, Ripple is stuck in the range between $0.8 and $0.9.
The flagship cryptocurrency is having a challenge holding above $40,000. Hence, overhead pressure is intensifying amid a dwindling tail force.
Many investors expected a quick rise to $50,000 after Bitcoin broke the hurdle at $40,000 for the first time in June. Nonetheless, exhaustion seems to be creeping back as BTC delays the expected upswing.
If support at the 200 Simple Moving Average (SMA) on the four-hour chart fails to hold, we foresee BTC dropping to $36,000 before another recovery mission comes into play. Note that the MACD may flip bearish soon, thus adding weight to the bearish outlook.
BTC/USD four-hour chart
A golden cross pattern may appear with the 50 SMA crossing above the 100 SMA on the brighter side. This is a bullish signal that could turn the trend upward in the short term.
Dogecoin teeters at $0.31 after running into acute resistance at the 50 SMA on the four-hour chart. Unless this sellers’ congestion zone comes out of the way, recovery will not happen quickly.
Realize that the MACD has no defined direction, implying that consolidation may last longer. On the downside, immediate support is provided at $0.3 and must hold to ensure that losses toward $0.24 are avoided.
DOGE/USD four-hour chart
A daily close above the 50 SMA could encourage buyers to return to the market. An increase in buying pressure will likely bolster the meme coin higher up. Some resistance is anticipated at $0.35, but if broken, gains may extend to $0.4.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.