Hidden Dogecoin (DOGE) Cross Happening, Bitcoin's (BTC) Path to $70,000, Ethereum (ETH) to Face Bearish Wedge?

Dogecoin Faces Death Cross, Bitcoin Moves Towards $70K, Ethereum in Bearish Wedge

Dogecoin is approaching a significant technical event known as a "death cross." This occurs when the 200-day Exponential Moving Average (EMA) crosses below the 100-day EMA, indicating a potential shift from bullish to bearish momentum. The cross is currently occurring around the $0.12 level. If the 100 EMA sustains this position below the 200 EMA, it could confirm a bearish outlook for Dogecoin.

Key price levels to watch for Dogecoin include:

• Immediate resistance level at $0.12, where the death cross is expected
• Support level at $0.105, below which further weakness may be indicated

Bitcoin's Path to $70,000

Bitcoin is currently trading within a defined channel, with a bullish scenario towards $70,000 becoming increasingly likely. However, the 50-day and 100-day EMAs remain crucial resistance levels that Bitcoin must overcome. These levels have historically proven challenging for Bitcoin to break, and traders are monitoring them closely.

If Bitcoin decisively breaks above these EMAs, it could indicate strong upward momentum and test the channel's upper boundary towards $70,000.

Ethereum Needs Another Push

Ethereum's chart is displaying a bearish wedge pattern, which if it plays out could challenge its current bullish momentum. A bearish wedge is often considered a reversal pattern that forms during an uptrend with converging support and resistance lines. It typically indicates decreasing buying pressure and a narrowing price range.

If this pattern holds, Ethereum could experience a sharp decline, potentially revisiting support levels at $2,600 or even $2,500. Traders should monitor Ethereum's volume and price action closely.

Conclusion

The technical outlook for Dogecoin suggests a potential bearish trend, while Bitcoin appears poised for a move towards $70,000. Ethereum's immediate future is uncertain, as it navigates a potential bearish wedge. Traders should closely observe the price action and volume of these assets to inform their trading decisions.