Bitcoin, Ethereum, Doge Forecast: Key Trading Levels To Watch

Key Insights:

• Cryptocurrencies subdued in Asian session amid Binance regulatory concerns and China’s slow economic recovery.
• Dogecoin bucks the trend with gains after Elon Musk’s Twitter rebranding announcement.
• Bitcoin faces downtrend, potential support at $28,000, upside if back above $29.650.

Bitcoin, Ethereum and Doge Forecast Video for 25.07.23 by Tim Smith

Leading cryptocurrencies remained subdued in Tuesday’s Asian session after selling down Monday amid ongoing regulatory concerns surrounding the world’s largest cryptocurrency exchange and a slower-than-expected economic recovery in China.

Bitcoin (BTC) briefly slipped below the closely-watched $29,000 level to start the week after a report surfaced in the Wall Street Journal that Binance CEO Changpeng Zhao (CZ) suggested in a 2019 private conversation that the exchange’s affiliates had engaged in wash trading — an illegal activity used to give the impression of higher trading volumes. Meanwhile,  indications from Chinese policymakers about a challenging economic recovery with no mention of stimulus measures also pressured crypto markets. However, Dogecoin (DOGE) bucked the trend, adding gains after Doge enthusiast Elon Musk announced plans to rebrand Twitter to X.

Below, we take a closer look at the charts and discuss important trading levels to watch over the next week.

Bitcoin

The king’s price has started the week by breaking down from a descending triangle, with the 50-day simple moving average (SMA) trading well beneath the 50-day SMA. Moreover, the relative strength index (RSI) trades just above oversold levels, suggesting current weakness may have further to play out. Additional selling from the bears could see the price fall to the $28,000 level. However, look for buyers to defend an established horizontal trendline in this area. Conversely, a move back above the breakdown level at $29.650 could lead to a trend reversal back to the upside.

Ethereum

Ethereum’s (ETH) price has performed marginally better than Bitcoin’s early this week but still remains entrenched in a downtrend. Within the downtrend, the price has formed a broad triangle with well-established areas of support and resistance and $1,840 and $1,875, respectively. A breakdown from current levels could pave the way for further falls to major support at a key trendline at $1,755. On the other hand, a push above the triangle’s top trendline and 50-day SMA could see a retest of last week’s high around the psychological $2,000 level.

Dogecoin

Dogecoin’s price has roughly traded within a 10% range over the past day. Throughout the Asian session, the price continues its attempt to stage a breakout above overhead resistance at the $0.074 level. Increasing volume has accompanied the move higher, indicating conviction from the bulls. Further upside could see a test of the $0.081 area, where the coin may encounter resistance from a multi-day trendline. Alternatively, a reversal back below the breakout level could see prices return to this week’s low around $0.064.

For a look at today’s earnings schedule, check out our earnings calendar.