Dogecoin may be a lighthearted joke, but it's no laughing matter when your money is involved. Jim Cramer – host of “Mad Money” on CNBC – recently claimed that Dogecoin is security eventually regulated. Is Doge A Security? Cramer issued a warning about the meme coin in a tweet on Thursday. Were the SEC to agree with his assessment, he suspects exchanges will come under fire for making money from newly “created” Dogecoin. “Please be careful with Dogecoin...It is a…
Last week, the BTC price initiated a steady rise above the $8700 and $8880 resistance levels against the USD. It gained traction and even managed to rise above the key $9000 resistance.
Nevertheless, the price faced a strong resistance close to the $9200 region and the 4-hours simple moving average (SMA).
A Look at the BTC/USD 4-Hours Chart
The BTC/USD 4-hours chart reveals a critical bearish trend line, with resistance around $8700. However, Bitcoin failed to clear the trendline, $8700 resistance, and the 100 SMA. In this case, a sharp decrease under level $8500 occurred, and the price is currently down by 8%. If Bitcoin fails to protect the $8250 support level, a further drop will happen.
A look at the upside, if the $8250 support level remains intact, Bitcoin price may start an upside correction. An initial resistance on the upside is around $8400, above which the bulls could take over. If there is a clear break above the trend line and the $8400 resistance, it could trigger a strong rally towards the $8600 and $8800 levels in the short term. Overall, the Bitcoin price action is currently bearish, and it might decline further towards $8000.