Bitcoin (BTC): Double bottom or head and shoulders pattern? Dogecoin (DOGE) price surges 5%, Ethereum (ETH) trades at key market levels

Ethereum is currently struggling to escape the bearish trend in the market and is at a critical juncture. Recently, Ethereum broke through several important resistance levels, showing a positive attitude among traders, but as selling pressure increases, it becomes more difficult to maintain this upward momentum. Currently, the price of Ethereum is around $2,624 and the market is at a turning point.

The Relative Strength Index (RSI) is approaching a critical point, which suggests the market may enter a correction phase or continue a bullish recovery trend. In the short term, the future direction of Ethereum depends on the choices of traders, so it is important to pay close attention to market trends. A break above current resistance could lead to significant price growth; a failure could lead to a return to a more difficult trend.

Dogecoin Price Trends

Dogecoin price recently gained 5%, breaking the 100 EMA resistance on the daily chart and approaching the 200 EMA mark. Traders and investors are optimistic about this rise, and if Dogecoin manages to break above the 200 EMA, it could signal a bullish turn for the market and a reversal of the long-term trend.

The "golden cross" of short-term and long-term moving averages may be a key signal for this round of rebound. A golden cross is often considered a sign of a bull market, increasing confidence in Dogecoin’s future direction. However, the 200 EMA at $0.12 remains a significant resistance for Dogecoin. If it breaks through, the price could rise further, attracting more buyers and confirming a trend reversal, but failing that, the price could fall back to the $0.1000 support.

Bitcoin’s Key Patterns

Bitcoin’s current chart shows two possible patterns, and traders are paying close attention to the impact of a double bottom pattern and a head and shoulders pattern on the price. A double bottom is a bullish reversal signal and means the price could break above the $65,000 resistance and continue rising. The head and shoulders pattern is a bearish signal, suggesting that the market may be about to shift into a downtrend.

If Bitcoin falls below the $61,000 support, the head and shoulders pattern will be confirmed, potentially leading to a longer decline. However, a successful move above $65,000 would see Bitcoin regain its bullish momentum, overturning the bearish expectations of a head and shoulders pattern.