While the Bitcoin Fear and Greed Index saw a 6 point increase in 2 days, the bulls gained ground as Bitcoin and Ethereum rose over 2.5% in the past 24 hours.
However, Shiba Inu bulls struggled to trigger an uptrend after the bears broke through 61.8% Fibonacci support.
On its 4-hour chart, ETH formed a long-term reversal pattern witnessing a lower wedge over the past month. However, he has seen a symmetrical (green) triangle in the past seven days.
After repeatedly testing it, bears finally passed 38.2% Fibonacci (previous support) to prick $ 3,503. But price action rebounded off 61.8% Fibonacci support.
ETh has seen a decent 9.07% rally over the past three days in anticipation of a bullish divergence that has occurred between the RSI and price action (yellow trend line). But that rally was halted at the $ 4,000 level as the bulls test that level for the second time now.
ETH bulls will need to support their rallies with increasing volumes to break the $ 4,000 mark as support. the RSI found short-term resistance at the 59 mark as he moved towards the midline. the DMI showed a bearish bias but was unable to show a strong directional trend for ETH.
Shiba Inu (SHIB)
SHIB experienced a break from its V-shaped top on December 2 and has formed a descending channel (yellow) in the past 15 days. Alt has seen an 18-day drop of more than 40.53% in value.
This drop broke through the gold Fibonacci level at 61.8% while the bears also broke the crucial resistance of $ 0.000035. Then, as the half-line (white, dotted) of the descending channel became an immediate obstacle, the bears tested the lower channel (yellow) three times in the past six days.
At time of printing, SHIB was trading 63.3% below its ATH at $ 0.00003166. the RSI failed to stay above the half line throughout this month. In addition, the OBV lost its previous long-term support.
ALGO performed quite loose after breaking the $ 2.94 mark on November 18. Then the price action broke substantially, falling below the $ 1.84 mark. After forming a bullish (white) channel, the bulls reached the aforementioned level but succumbed to a sell off on December 3.
As a result, after forming a bearish flag, it fell again below $ 1.59 (three month resistance) into a bearish (yellow) channel.
However, at the time of going to press, ALGO was trading at $ 1.3924 after posting a 2.6% 24-hour gain. Therefore, he saw a breakout above the upper channel. the RSI struggled to cross the half line as neutral signs flashed. Despite price action marking new lows, the OBV seemed to find strong support in the short term, indicating the possibility of blocking the sale.