Can the current drop be considered a correction before a further rise?
After yesterday’s drop, the bears have become even more powerful as, now, all of the top 10 coins are in the red zone.
BTC/USD
Yesterday, in the first half of the day, the price of Bitcoin (BTC) was trying to stay in a narrow consolidation at the level of $44,000. After that, the sellers formed a weak bearish momentum and pushed the pair back to the average price area.
By the end of the day, the price of BTC returned to a narrow lateral corridor at around $44,000. This morning, the advantage of sellers was felt, who again knocked the pair out of the flat and tested the two-hour EMA55.
This moving average can stop the bears, and then the BTC price recovery can continue to the resistance of $46,000.
Bitcoin is trading at $43,313 at press time.
ETH/USD
Yesterday, in the first half of the day, the price of Ethereum (ETH) rolled back to the two-hour EMA55 area, and late in the evening, buyers made another attempt to break above the resistance of $3,200.
The bullish momentum was not strong enough and completely died out by the end of the day. Volumes decreased, and in the morning, the pair returned to the area of average prices.
Today, one should expect another bullish momentum to break through the level of $3,200. If the bears repel the attack of buyers again, the pair may roll back below the average price level.
Ethereum is trading at $3,060 at press time.
DOGE/USD
DOGE has also followed the overall decline of the market, going down by 1.12% over the last 24 hours.
Analyzing the daily chart, DOGE is neither bullish nor bearish despite today’s decline. The rate is located in the middle of a wide channel between the support at $0.1310 and the zone of the most liquidity, which serves as resistance at $0.1715. If the decline continues, there is a chance to see a further drop to $0.12 if bulls fail to hold the support.
DOGE is trading at $0.1468 at press time.
Source: https://u.today/btc-eth-and-doge-price-analysis-for-february-17