Analyst Predicts a Downward Target for Bitcoin (BTC) while Expressing Strong Optimism for Dogecoin (DOGE) Price
Bitcoin (BTC) has been facing extreme bearish pressure, and its price has dropped to the trend line after marking a local top at around $31,000. The bears remain in a good position, and the newly formed daily support level is initially at $26,000, with major Fibonacci support levels around $23,500. The trend reversal zone is around $29,200, and the major daily resistance is around $31,000. Dogecoin (DOGE) has lost one of its pivotal resistance levels but is expected to rebound in the coming days. The DOGE price is trading above the daily support level of around $0.07 and could trigger an upswing that may help the price reach the required resistance at around $0.1. MMBTtrader is extremely bullish on Dogecoin while believing that the BTC price may remain under the bearish influence. The major cryptos have been trading more or less flat following the recent drop, with the bulls remaining uncertain as a slight upswing is attracting the bears, who tend to extract profit and slash prices hard.