Bitcoin Predictions Bolstered by Doji Patterns
Bitcoin (BTC), despite forming two successive Doji candlestick patterns on its weekly charts, shows promising signs of persistence above the 20-week exponential moving average ($28,072), indicating that the bullish momentum is still strong.
Renowned tech analyst, TechDev, referring to the three-week timeframe, pointed out that Bitcoin’s retention above the 20-period moving average has reached levels only seen four times since Bitcoin's inception. Interestingly, during the three previous instances, the expansion was upward, implying history's favorability for the bulls.
Lower Bitcoin Futures Trading Volumes Indicate Potential Market Shifts
Nonetheless, the recent downturn in volatility has led to Bitcoin futures trading volumes plummeting to levels unseen since December 2022. Marcel Pechman, a frequent contributor at Cointelegraph, suggests that this could signify traders moving towards other markets or possibly adopting a cautious stance at these price levels.
Bitcoin Anticipated to Set the Pace for Outperforming Altcoins
While many altcoins are awaiting Bitcoin's direction, a select few have shown promising short-term performances. Let’s examine the charts of the top five cryptocurrencies that have demonstrated positive projections over the coming days.
SaberMetrics of Bitcoin
Bitcoin's recent trading has hovered near the 20-day EMA ($29,447), implying indecisiveness amongst bulls and bears. The relatively similar fluctuations in the moving averages and the relative strength index (RSI) near its midpoint fail to provide clarity on whether bullish or bearish momentum will prevail.
Shiba Inu Continues Strong Recovery
Shiba Inu (SHIB), despite facing resistance close to the overhead at $0.000012, shows a robust recovery. Shiba Inu's potential to soar to $0.000014 and possibly to $0.000016 is heightened if the bulls can outperform the overhead resistance.
Uniswap Exhibiting Promising Signs at Lower Levels
Uniswap (UNI) bounced back from the 50-day SMA ($5.79) on August 7 and surpassed the 20-day EMA ($6.09) on August 8, implying that buyers are energized at these lower levels.
Maker Maintains Above Key Support Level
Maker (MKR) has remained above the crucial level of $1,200 over the last few days, suggesting that the bulls continue to convert this level to support.
XDC Network Experiencing a Pullback
XDC Network (XDC) is retracting towards the 20-day EMA ($0.062), making this an essential support level to monitor closely.