Bitcoin’s $120k Dream Crumbles! Dogecoin’s Rescue? SHIB’s Shocking Fate!

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Behold, the technical indicators, in their most dramatic manner, herald the commencement of a broader downturn, and Bitcoin‘s grand march toward $120,000 has met its match. 🧙‍♂️💸 After numerous attempts to breach the $120,000 threshold, and months of fervent momentum, the market now turns its back on the once-esteemed Bitcoin, endangering its vital support levels. 😬

The 50-day EMA, that steadfast guardian of bullish sentiment, has now succumbed, leaving the market in a state of bewilderment. One might say the short-term optimism has been as fleeting as a summer breeze. 🌸 The inability to uphold this level signals the waning of bullish fervor, and Bitcoin, now trading below this moving average, betrays a definite downward trend. 📉

Now, the gaze shifts to the 100-day EMA at $110,500, a once-reliable sanctuary for Bitcoin during its consolidations. Yet, with the swift decline in momentum, its steadfastness is now in question. 🤔

The 200-day EMA, the next bulwark of structural support, lies around $103,000. A clear breach of this line would likely invite a deeper retracement, as if the market itself were sighing in resignation. 🥲

Momentum indicators, ever the harbingers of doom, corroborate this bleak assessment. A shift toward seller dominance, and the loss of bullish strength, are the RSI’s whispered warnings, as it descends below 50. The likelihood of unrelenting downward pressure grows if the RSI continues its descent into bearish territory. 🐍

The bearish narrative is further bolstered by the trading volume. The bulls, it seems, are too timid to defend key price levels, as trading activity has been as lackluster as a rainy afternoon. This absence of conviction only strengthens the downtrend’s grip. 🌧️

Dogecoin can avoid it

After recent downward pressure, Dogecoin, that most mischievous of coins, is struggling to cling to its technical levels, teetering on the edge of the bear market. Yet, there is a glimmer of hope. 🌟

The 50-day EMA, still above its 100-day and 200-day counterparts, stands as a beacon of medium-term bullish structure. This alignment suggests that, despite its recent woes, Dogecoin remains a lady of resilience. 🐕 The price’s hold on the 50-day EMA support is a buffer against further calamity, and if it can maintain this, a recovery is not beyond the realm of possibility. 🏃‍♀️

Declining volume on the downside moves is another favorable sign. When sell-off volume wanes, it often signals a faltering bearish momentum. 🚶‍♂️ A lack of resolve from sellers might grant Dogecoin the time it needs to stabilize and rebound. 🌈

Still, the risks loom large. A rapid decline below the 50 EMA would expose Dogecoin to the 100 EMA at $0.21, and a subsequent breakdown might test the 200 EMA at $0.20. Should these levels fall, the market would plunge into a pronounced bearish phase, rendering recovery a distant dream. 🧨

Positively maintaining current support could allow Dogecoin to retest the resistance zone between $0.24 and $0.26, a challenge it has long faced. The first clear sign of a fresh bullish push would be a breakthrough of this area. 🎯

Shiba Inu: End of symmetrical triangle

Shiba Inu, that most enigmatic of coins, finds itself at the bottom of a symmetrical triangle pattern, a precarious position indeed. The peak of the volatility we witness now is nigh, and the breakout’s direction will likely dictate its next significant move. 🧵

SHIB is struggling near the triangle’s lower boundary, and the declining trading volume suggests neither bulls nor bears are particularly confident. Traders, ever the cautious souls, wait for confirmation before investing, and low volume within consolidation patterns often precedes significant swings. 🧭 The longer SHIB remains in this narrowing range, the more explosive the final breakout may be. 🔥

The 50-day EMA’s impending descent below the 100-day EMA adds to the pressure. A bearish signal would result from such a development, clashing with the midterm strength and short-term momentum’s waning. 🌀 This cross might push SHIB below its crucial support at $0.000012, inviting further declines. 📈

Yet, the proximity to the triangle’s tip suggests that buyers may initiate a significant upward move if SHIB can recover and maintain support. A break above $0.000014-$0.000015 would dispel short-term pessimism and likely trigger a volatility-driven rally, with targets potentially returning to the $0.000017 region. 🐾

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2025-08-20 03:26