Bitcoin, BTT, Dogecoin Price Movement Analysis for 7th April, 2021

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Bitcoin was expected to remain above the $55,800-support, a level that coincided with its 200-SMA. BitTorrent Token was projected to break below its descending triangle, while Dogecoin needed to defend the $0.055-support over the coming sessions.

Bitcoin [BTC]

Though the king coin has been bearish in the last 24 hours, bulls are likely to keep the market above the $55,800 support mark. This degree also coincided with the 200-SMA (green), and an increase in trading rates played against the risk of a breakdown in the coming sessions. A new research indicated that a correction was unlikely this time because the stock was gathering momentum before breaking through $60,000.

This did not, however, imply that a breakout would occur automatically. Indeed, the OBV has been trending lower over the last two weeks, indicating that some selling has occurred in the BTC industry. Meanwhile, the MACD line fell below the half-way point after a bearish convergence. If the price does fall, another level of funding is available at $53,466.

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BitTorrent [BTT]

Source: BTT/USD, TradingView

BitTorrent Token shaped a falling triangle after a sequence of lower highs on the 4-hour timeline. A break from this trend would almost certainly pull BTT below its $0.0068-support level.

The RSI jumped south from the overbought zone, but then settled at 47. Although the MACD line was below the half-line, the histogram indicated that momentum was weakening. Nonetheless, the bulls faced an uphill battle defending the bottom trendline, particularly given that trading volumes had dropped by 40% at the time of writing.

Dogecoin [DOGE]

Source: DOGE/USD, TradingView

Dogecoin has developed higher highs and lower lows on the 4-hour timeframe since the wider market pullback in late February, and the price has trended higher. DOGE has nearly developed two similar twin peaks in the last week, with a single candlewick breaching north of $0.067 resistance. DOGE could enter bearish territory if it falls below $0.055.

The MACD indicated a bearish crossover, and the press-time help was on the verge of being a line of resistance. Meanwhile, the Chaikin Money Flow indicator stood above the half-line, indicating significant capital inflows into cryptocurrencies.

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