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BTC, SHIB and DOGE Price Analysis for October 22

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Fri, 22/10/2021 - 16:14
BTC, SHIB and DOGE Price Analysis for October 22
Cover image via www.tradingview.com

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Despite the ongoing bullish trend, some coins have already entered the correction phase.

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Top coins by CoinMarketCap
Top coins by CoinMarketCap

BTC/USD

After updating the historical maximum, the Bitcoin (BTC) price rolled back to the $64,895 level yesterday and tried to stay above it in the first half of the day.

BTC/USD chart by TradingView
BTC/USD chart by TradingView

However, in the afternoon, the volume of purchases decreased and sellers began to dominate the market. The bears managed to push through the support of the 100% Fibonacci level and roll back the price below $63,000. At the end of the day, the pair tested the level of $61,850, after which the decline stopped.

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Last night, the BTC price was in sideways consolidation, and in the morning, the pair recovered to the level of $63,000. If, today, whales try to resume the bull run, then there is some probability that the pair can return to the zone of the absolute maximum.

Bitcoin is trading at $63,291 at press time.

DOGE/USD

DOGE is the biggest loser from the list today as the meme coin has fallen by 4.37%.

DOGE/USD chart by Trading View
DOGE/USD chart by Trading View

DOGE is currently trading around the zone of the most liquidity around $0.24. It means that neither bulls nor bears are dominating at the moment, and traders are accumulating power for a further sharp move. Such a statement is also confirmed by a low trading volume.

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In this case, the more likely price action is sideays trading in the range of $0.23-$0.25.

DOGE is trading at $0.2390 at press time.

SHIB/USD

SHIB is also going down, falling by almost 1% since yesterday.

SHIB/USD chart by TradingView
SHIB/USD chart by TradingView

From the technical point of view, SHIB is trading in a wide channel between the support at 2,010 satoshis and the resistance at 3,528 satoshis. Currently, one needs to pay close attention when the altcoin reaches those areas. If bulls can keep the rise going, there are good chances to see a breakout and further growth.

SHIB is trading at 2,760 satoshis at press time.

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