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Bitcoin, Ethereum, Dogecoin forecast for October 22, 2021
Bitcoin’s price retreated to $ 61,730 after hitting the new historic high of $ 67,038. The price finds support at USD 62,000 and then we go back to the bullish side.
- Bitcoin has been in a strong upward trend since October 30th.
- We have the support of all moving averages from below.
- Price is floating in a growing channel and as long as we are in that channel we can expect a continuation towards new bullish targets.
- Our first hurdle is in the $ 64,500 to $ 65,000 range, and then the next is historically high at $ 67,000.
- Price should put more pressure on the bottom line of the channel and we need a break below the MA20 moving average.
- The following support is the psychological level at $ 60,000, and the next one below that is the MA50 moving average at $ 58,000. The MA200 is way below that in the $ 50,000 range.
Ethereum chart analysis
Ethereum hit a new high of 4,375% yesterday, just $ 5 off its historic high from May. The price was very volatile during the European session yesterday; it ranged from $ 3,800 to $ 4,375.
- The price needs to stay at $ 4000 above the support.
- The moving averages are also on the bullish side and we are in a strong growing channel.
- Our first upper resistance is at $ 4,250 and then around the historic high of $ 4,380.
- The price should initially drop below the support at $ 4000.
- Below that we have a large area of support in the MA20 and MA50 moving averages on the bottom line of the channel.
- Falling below this zone leads us to support at $ 3700.
Dogecoin chart analysis
Dogecoin price climbed to 0.26200 yesterday where it paused and retreated to 0.23750. Today the price has shifted slightly to the bullish side and is currently at 0.24700. We are hovering in a triangle below the upper resistance at 0.27000 and above the monthly support in the form of a lower trendline.
- The price must stay above the 0.24000 support zone.
- The MA20 and MA50 give us additional support on the chart along the lower trend line.
- We need a break above the upper trendline and yesterday’s high of 0.26200.
- Then our next resistance is at 0.27000 and the break above it takes us to the new monthly high on the chart.
- The price needs to break below the lower support line and MA20, MA50.
- A lowering of the price will move us towards the October support zone at 0.22000.
Billionaire Paul Tudor Jones speaks about Bitcoin’s role as a hedge against his investment during his appearance on CBNC on Wednesday, claiming that Bitcoin is currently winning the race with gold. Gold is down 6.95% year over year while Bitcoin is up 121%.
Jones said he prefers to own physical bitcoins and talked about the launch of the first bitcoin exchange that happened yesterday. A prominent US investor announced his position on Bitcoin back in May 2020, which was considered the turning point for the reference cryptocurrency. Asset managers around the world are following his words exactly.
Jones says he still has a single digit cryptocurrency in his portfolio. He believes inflation is non-transitory and adds that it is the greatest threat to society. He said, “I think the main problem Main Street investors are facing is inflation, and it’s pretty clear to me that inflation is not just temporary.”
He also criticized the Federal Reserve for pursuing the most inappropriate monetary policy during his lifetime. Jones describes Fed President Jay Powell as the “creator of inflation” as the central bank continues to work on quantitative easing.
The post Bitcoin, Ethereum, Dogecoin Forecast for October 22, 2021 first appeared on FinanceBrokerage.