Is it Over For Dogecoin? Crypto Breakdown March 10, 2022
5m | Mar 10, 2022Episode Summary:
Hosts:
Joe Dewitt Follow at: https://twitter.com/metabitz
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Unedited Transcript:
Hey everybody happy Thursday. My name is Joe Dewitt, and this is the crypto breakdown today. We're going to do some technical analysis on Bitcoin, Ethereum and doge coin. Starting off as usual with Bitcoin prices down 7% today. And the charts are not looking great yesterday. We had a beautiful green candlestick that looks like we were getting some upwards momentum out of this little situation.
We're at here as prices sitting at 38,000 until today's candlestick opened and absolutely plummeted. All the way down to where the previous candlestick opened. Now, this is really shows how much hesitation is actually in the market and such huge selling pressure after a green day. That is definitely not a good sign though.
I am not too bullish on Bitcoin for the long-term with all this hesitation and the market and bears still, I'm making an effort to push down. This could be at the start of a bear market on the upside. We just need to hold this 35,000 zone, which we aren't too far away from sitting at 38 to 39,000. Now there's 35,000 zone is a crucial level of support we've battled before.
And if Bitcoin price falls below that, then I think it's definitely going to be revisiting 30 K down to 28. And that will not be the greatest sign for long-term trend. But for the short term, I would think that we're going to have a retest back down at 37. 37,000 is where we've had our most recent support level.
Now looking over at a theorem, Ethereum is down 5% today and the chart also does not look too great. We're forming a similar situation as with Bitcoin yesterday had a great green candle stick and today a huge red candle stick just about the same size, meaning that bears are still in control on. There's a lot of selling pressure coming in.
Not enough buying pressure volume is starting to fall out as we're getting a little bit less volume. It does seem like this could be the start of a reversal price is below the 25 day moving average. Now the good thing about Ethereum is that price is actually both. The candlesticks are actually touching that 25 day moving average, meaning that it is getting close to touching that resistance.
Although what I don't like is that price has currently fallen below this at 2,600 support. And that zone would put us at 2,600 to 1700. So ideally we want to get right back out of there and get a little bit of buying pressure from the bulls and hold this 2,600 support would be crucial for Ethereum.
If bowls can hold this 2,600 level of support, we will most likely consolidate for a few weeks and then we could get some momentum in the upwards direction. Otherwise if price continues to fall down towards the 1700, and as I mentioned with Bitcoin, this could be the start of a bear market. Price is struggling to continue to climb.
Does look like we reached our stalling point and that price is not necessarily going to get much higher unless we have some sort of drastic buying pressure. Now taking a look at dos coin, doge coin is four and a half percent down today. And out of the three charts doge coin, it definitely looks the worst.
Now it may be because it lacks one, a mental. And also just purely based on the chart, it is moving farther away from the 25 day moving average price is not close to any support levels. The most recent support here we have is it about 8 cents or eight, seven, if you want to be specific and prices sitting at 11 cents.
So we're in a crucial zone here. Best case for doge coin would be to push up towards its 25 day moving average sitting at. 14 cents. Now, if those can get some buying pressure in that direction, that would be fantastic. And getting over 15 cents would put doge coin back into its cycle and the direction we're heading now.
Those coin does not look like it is ready for a reversal. And the concerning part is volume is continuing to decrease while the red days, the actual bearish candle sticks are actually a lot larger than the green. So that selling pressure from bears is actually a little bit concerning. So we're looking for this reversal here at the 25 day moving average at about 13 cents.
If we want to have any sort of bullish sentiment there, otherwise I would not be too happy holding doge and that's all the time we have for today, guys. Thank you so much for tuning in. You can follow, subscribe to the podcast, which will all be in description below. Have a great day
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