Bitcoin, Dogecoin analysis: August 17, 2021

Bitcoin’s price dropped to $ 48,000 to test support of $ 44,000 after it became difficult to keep up the upward trend.
Dogecoin is sliding down as the short-term technical indicator is on a downward trend, followed by further declines.

Cryptocurrency continues to fluctuate after impressive growth over the weekend and Monday. The total market capitalization is $ 2 trillion, according to CoinGecko’s real-time pricing data.

Bitcoin did not survive the wave of declines, especially when the Bears fell to $ 44,000. The crypto leader has raised more than $ 45,000 and the Bulls are working hard to support the recovery.

As reported, Ethereum was back on the drawing board at $ 3,000 and risked another drop to $ 2800. Cardano, Binance Coin and Ripple also lost 6.3%, 7.1% and 7.6% respectively.

Bitcoin is hovering just over $ 45,000 after recovering $ 44,000. The Bulls appear to be focused on providing support at $ 45,000 at the moment, rushing above the 50 Simple Moving Average (SMA) marked at $ 46,000 on the four-hour chart.

Perhaps trading above that moving average will reduce the potential fall to $ 40,000 and instead reduce the gap to $ 50,000. Traders should keep in mind, however, that the Bears held a streak at $ 48,000 earlier in the week.

In October, the Moving Average Convergence deviation indicator (MACD) detects a sell signal, highlighted by the index’s recent movement below the midline. If that sell-off call stays the same, the Bears won’t be able to stop bitcoin from returning $ 44,000 once they get closer to $ 40,000.

BTC / USD four-hour chart

BTC / USD price chart from TradingView
Dogecoin is testing its final line of defense after a $ 0.35 correction (August high). The withdrawal of funds failed to hold October at $ 0.32 and $0.3 respectively amid mounting pressure on the overhead. CoinGecko shows that it lost about 12% of its dog value in 24 hours, trading at $ 0.297.

50 SMA is currently $ 0.29 and offers Dogecoin with immediate support. Bulls need to hold on

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