Bitcoin's strong rebound of the $60,000 level is encouraging but it still could be a hint that BTC's range-bound action could continue for some time.
Alternatively, if the price continues lower and breaks below the 50-day SMA, it will suggest that the bears are in charge. The index may slump to the support line, which is likely to attract strong buying from the bulls.The bulls are struggling to sustain Bitcoin above the 20-day EMA , indicating that the bears are maintaining the pressure.The flattish 20-day EMA and the RSI near the midpoint suggest the range-bound action may extend for a few more days.
Contrarily, if the price turns up and breaks above the downtrend line, it will suggest that the bulls have the upper hand. The buyers will attempt to push the price above $635 and resume the uptrend.) broke below the $140 support on May 13, but the bears could not pull the price to the pivotal support at $126.The flattish 20-day EMA and the RSI near the midpoint do not give a clear advantage either to the bulls or the bears.
On the contrary, if the price turns down sharply from the overhead resistance, it will indicate that the bears are not willing to relent. The pair could then descend to the moving averages, which is likely to act as a strong support.Buyers are trying to maintain the price above the 20-day EMA . If they succeed, the DOGE/USDT pair could rise to the 50-day SMA.
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