Bitcoin (BTC) and Dogecoin (DOGE) charts and analysis
- Bitcoin (BTC) is crawling back above $21,000.
- Elon Mush reiterates his support for Dogecoin (DOGE).
The cryptocurrency market is looking to stabilize after another heavy sell-off over the weekend with Bitcoin trading around $21.2K, while Ethereum is trading back above $1.15K. The two largest cryptocurrency companies by market capitalization have been stuck in a downward spiral over the past few months with a previous bounce selling off quickly. It remains to be seen if this latest rally to the top has any legs, especially as the technical outlook for both BTC and ETH remains neutral at best.
For traders who believe in market reversal signals, there may be one straw you should grab today. Back in late October 2021 when BTC was trading around $64K, ProShares launched the first Bitcoin ETF (BITO) based on CME Bitcoin futures. Today, ProShares will launch its first short Bitcoin-linked ETF (BITI), giving investors another tool to profit from further Bitcoin drops or to hedge their position. Is this the lower zone in Bitcoin, is it irrelevant in the current market conditions, or is it just hypium?
ProShares Short Bitcoin Strategy ETF.
The BTC daily chart is showing the destruction of capital since November 2021. Previous support levels folded with relative ease, turning these areas into resistance. The sideways trading range in mid-May to mid-June broke out around $26.6K and this is the first level that needs to be retaken if further upside is to be achieved.
Bitcoin Daily Price Chart – Jun 21, 2022
cross layout TradingView
One of the most talked about cryptocurrencies of the past year, Dogecoin returned to the spotlight after DOGE-fan and holder Elon Musk tweeted over the weekend that he would “continue to support Dogecoin” to push the altcoin 5%-8% higher. The CEO of Tesla and SpaceX then doubled down on his support for DOGE, saying he still buys altcoins when questioned.
Last May, Dogecoin reached an all-time high of $0.74 just before Elon Musk appeared on Saturday Night Live, with DOGE rising in anticipation that Musk would point to the altcoin during the program. This failed to happen, resulting in the downfall of DOGE. Dogecoin is currently trading at around $0.06.
How to use Twitter for traders
Dogecoin (DOGE) Weekly Price Chart – June 21, 2022
Charting via TradingView
what is your opinion ofBitcoin – Ascending or descending? You can let us know via the form at the end of this piece or you can contact the author via Twitter hahahahahaha.