Bitcoin held its ground at the $15,400 level. The king of crypto has not moved in a major way to either side in the past week, and could pave the way for some altcoins to recover.
Bitcoin SV appeared to be headed for losses as it traded above a region of demand, while Dogecoin could face rejection at resistance. Tezos was another major altcoin that exhibited a bearish divergence.
Bitcoin SV [BSV]
Bitcoin SV continued to drop in price after losing support at $160 to the bears. The level of $155 was highlighted to be a pocket of liquidity and the price has traded above it over the previous day.
It remains to be seen whether this region of support holds. It was unlikely to, as the RSI dipped below the neutral 50 to indicate a downward move.
The next level of support lies at $151 for BSV.
XTZ showed a hidden bearish divergence between the price and its momentum (white). It was unlikely to ascend as high as resistance at $2.24, and more likely to trade sideways in the coming hours before a drop.
The MACD was above the zero line but showed that there was an absence of strong momentum. A bearish crossover could be used to enter a short trade on the back of the bearish divergence.
Dogecoin has been toiling in a bearish trend since July’s TikTok pump. The level of resistance at $0.00285 has held strong since early September and might reject DOGE once more as the price approached resistance.
The OBV showed that the most recent hike from $0.00249 for DOGE was backed by solid buying volumes. However, the OBV might form a lower high while the price reaches resistance.
In that instance, the indication would be that, despite the price pump, the past few weeks have seen more selling volume than buying. This would be a bearish revelation for DOGE and could precipitate a fall in value.
At the time of writing, it was yet unclear whether the resistance will be breached, but evidence pointed toward a rejection.