Bitcoin price rebounded from a one-week low on March 8 after Russia and Ukraine failed to reach an agreement. Thus, the buyers entered just above the lower trendline of the current bear flag pattern. On the other hand, Dogecoin price maintains a steady downward price momentum. According to analyst Jonathan Morgan, Dogecoin of $30,000 or $0.09 could be seen if current support levels fail to hold. Details are on Kriptokoin.com.
Dogecoin may visit $0.09 ahead of rally
Dogecoin’s price has been down for the past 300 days. The latest negative pressure has brought Dogecoin price below the last high volume zone of $0.12 until the volume profile hits its thinnest. The high volume node below is not visible until the $0.08 – $0.09 price range. When price enters an empty volume profile, the desired behavior is to move fast. From one high-volume node to the next, price activity is sucked up like a vacuum. According to the analyst, these data suggest that there could be a flash crash at any time between $0.12 and $0.09 depending on the price.
On the other hand, some extreme prices may indicate a return to a stronger average. For example, weekly candle and weekly Tenkan-Sen are separated by significant gaps in Dogecoin price. Additionally, DOGE has moved close to its maximum average from Kijun-Sen. On a bullish turn, the projected resistance zone is $0.22.
Bitcoin price just holds the last support zone
On Saturday, Bitcoin price confirmed an Ideal Bearish Ichimoku Breakout, marking the first time such an entry has been confirmed since December 4, 2021. This form of short entry often causes a large amount of short selling pressure and then selling pressure. The bears, on the other hand, have failed or are unwilling to push BTC down.
On the daily chart, the bottom of the current bear flag at $38,000 is the only remaining level of support for Bitcoin. If $38,000 fails to remain as support, Bitcoin’s price will be threatened by the next level of Fibonacci expansion between $30,000 and $30,500. This can be a stunning bear trap. If Bitcoin price repeats last Monday’s performance, it will instead transform into the Ideal Bullish Ichimoku Breakout, possibly catching a significant number of short sellers within the $38,000 to $40,000 area. The resulting rally could bring Bitcoin back to test the next $50,000 zone.
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