Bitcoin's current sideways action could change next week, following a Federal Reserve meeting and a potential rate hike by the central bank.
) is consolidating in a downtrend and the positive divergence on the RSI suggests that the selling pressure could be reducing.Buyers have an opportunity to start a recovery by pushing the price above the 20-day EMA . If they do that, the ADA/USDT pair could attempt a rally to the downtrend line. The 50-day SMA may offer minor resistance but it is likely to be crossed.
If bulls fail to clear the 20-day EMA quickly, the possibility of a break below the critical support of $0.29 increases. That could signal the resumption of the downtrend and the pair may plummet to $0.27.The bulls bought the dip to the 50-day SMA on Dec. 7 but they are facing resistance at the psychological level of $0.10. This indicates that the bears have not yet given up and they continue to sell the rallies in Dogecoin .
Contrarily, if buyers sustain the price above the 50-day SMA, the pair could consolidate between $0.09 and $0.11 for a few days. The flattening 20-day EMA and the RSI just above the midpoint, also hint at a range-bound action in the near term. The bullish momentum could pick up above $0.11.
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