Crypto Market Prediction: Bitcoin’s Last Chance For Six Digits, Everything is Clear For XRP Now, Dogecoin (DOGE) Downtrend is Empty
The post Crypto Market Prediction: Bitcoin’s Last Chance For Six Digits, Everything is Clear For XRP Now, Dogecoin (DOGE) Downtrend is Empty appeared com. The market’s structure is far from being bullish, but we might finally enter a proper, predictable downtrend, as assets like XRP show a clear price tendency. Meanwhile, Bitcoin risks losing six digits, while Dogecoin shows unimpressive performance from bears. Bitcoin’s major risk Following a severe decline that eliminated weeks of bullish positioning Bitcoin is currently trading at about $95,500. The price is now below all of the major moving averages including the 50-day 100-day and 200-day and the most recent attempt at a bounce has already stalled indicating a clear structural shift on the chart. The clock is running out for any realistic chance to reach six-digit territory and the market is at a point where the next directional move will probably determine the remainder of the cycle. The drawdown itself is not the issue the context is. The $100,000 psychological level which was supposed to act as a new baseline earlier this year is now firmly below Bitcoin. It became resistant instead. BTC/USDT Chart by TradingView This is no longer a transient decline, because the 50-day and 200-day averages are declining. It’s a change in trend and if bulls don’t quickly recover important levels the next stage might involve a protracted grind below $100,000. The RSI is currently close to 34 indicating strong sell pressure but not total capitulation. As a result Bitcoin may decline. Red candle volume has also increased suggesting forced selling rather than accumulation. The last time this occurred it took weeks for Bitcoin to stabilize and this situation appears to be comparable if not worse. Bitcoin needs to close above the 200-day moving average and break back above $105,000 in order to have any chance of reaching six figures during this cycle. The six-digit narrative would then require strength to return to $112,000-$115,000. However investors.
