Dogecoin Price Technical Analysis for 02/12/2015 – Selling Rallies?

Key Highlights

  • Dogecoin price looks like forming a short-term base near 32.2 Satoshis, as shown on the hourly chart (price feed from HitBTC).
  • The price may bounce from the current levels, but could find resistance near 35.0 Satoshis.
  • Selling rallies may be a good deal moving ahead as long as the price is below the mentioned resistance area.

Dogecoin price may recover in the near term, but we cannot discard the fact that there is a lot of bearish pressure, calling for sell rallies idea.

35.0 Satoshis as Resistance

Dogecoin Price Technical Analysis

Dogecoin Price Technical Analysis

Dogecoin price found bids near 30-32.0 Satoshis, and currently attempting to recover some ground. Our highlighted trend line and resistance area on the hourly chart remain intact, and there were many attempts by buyers to break it but they failed. The 100 hourly simple moving average (price feed from HitBTC) is also aligned around the trend line to act as a barrier in the near term.

If we look at the price feed from CEX.IO, then there is another trend line forming via connecting swing highs on the hourly timeframe. An initial resistance

Read more ... source: NewsBTC USA