Bitcoin has risen above $64,000 after a violent selloff drove the price from the $82,000 range to $59,000. Although the recovery from the local bottom established in early July is noteworthy, the larger technical structure is still negative. Buyers intervened forcefully in the vicinity of the $58,000-$60,000 support area, creating a string of higher lows.
The RSI has recovered above 50, indicating improving momentum, but there is still overhead resistance for Bitcoin. The current price action is directly below the 50-day EMA at $64,800, which has begun to function as a ceiling. Bulls must overcome a stacked resistance structure created by the 100-day EMA at $68,700 and the 200-day EMA at $74,800 before any significant trend reversal can be confirmed.
Dogecoin is still struggling under intense bearish pressure, trading close to $0.073 with few indications of a long-term recovery. The chart shows a months-long downward trend, with DOGE below all major moving averages. A brief attempt at a rebound was rejected, confirming the current trend’s weakness. However, the RSI is close to 35, which puts DOGE near oversold territory and may precede a brief relief rally.
Shiba Inu is stuck in a long-term downtrend, with little indication that bulls are prepared to take back control. SHIB trades below all major moving averages, with the 50-day EMA serving as immediate resistance around $0.0000045. Buyers have defended the $0.0000040 support area, but every attempt at a recovery has resulted in lower highs, indicating a lack of confidence among market participants.
Zcash has maintained a robust technical structure despite volatility, trading above all major moving averages. The asset has consolidated between $380 and $500 after correcting from highs close to $700, and the recent breakout above the 50-day and 100-day moving averages may indicate the end of the consolidation phase. Momentum is increasing, with the RSI rising above 60 without entering overbought territory, and a move toward $600 becomes more likely if buyers surpass $540.
Market Outlook
The trend still favors caution over aggressive accumulation for Dogecoin and Shiba Inu, while Bitcoin’s move is more akin to a relief rally than the start of a new bullish cycle. Zcash’s overall structure remains bullish unless it drops back below the $460-$470 support range.
Key Levels
Bitcoin must overcome the 50-day EMA at $64,800 and the stacked resistance structure to confirm a trend reversal. Dogecoin must recover $0.080 on the upside before a more significant recovery can be discussed, while Shiba Inu must recover the 50-day EMA and establish support above $0.0000045 to improve its outlook
Based on reporting from crypto.news.
