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Bitcoin, Ethereum, Dogecoin increase greed drives prices up
If we look at the BTCUSD chart on the daily timeframe, we can see that yesterday’s price managed to hit a new high at $ 55,250, and we were last on the 12th using Bitcoin as a means of payment for Tesla cars. Today we have a minor pullback on the chart to $ 53,790. Below that we now have initial support at the 61.8% Fibonacci level at USD 51,200. If the pullback continues, our next psychological support will be $ 50,000. The moving averages are in the range of about 50.0% Fibonacci levels at $ 46,900. Our 200 day moving average is in the range of around $ 45,000 and if a major pullback occurs we can expect support along with the lower trendline. To continue the bullish trend we need this positive consolidation to continue and our next upper resistance is at 78.6% Fibonacci level at 57,300. Above the stronger resistance zone is $ 59,000-60,000, where the steep decline is Bitcoin price started in May.
Ethereum chart analysis
If we look at the ETHUSD chart on the daily time frame, we see that the price has made a break above $ 3500. We were a little short of reaching a September transitional high of $ 3,680. After the pullback fell to the 61.8% Fibonacci level to $ 2,600, we have a bullish trend to this day. Now we need another positive consolidation that will bring the price back to the previous high of $ 4000. For the bearish scenario, we need a payout below 23.6% Fibonacci levels testing a 50-day and 20-day moving average, which we are looking for support at 38.2% Fibonacci levels at $ 3,115. Stronger and more concrete support awaits us on the lower trend line of support with a 200 day moving average in the range of around 50.0% Fibonacci levels at $ 2845 Large support will steer us into a stronger downtrend that has the potential has to fall to previous lows from July onwards.
Analysis of the Dogecoin chart
If we look at the Dogecoin chart on the daily timeframe, we see that yesterday’s price tested the upper trendline and the 50-day and 200-day moving averages in the 0.27000 zone. Today the situation is a little different as we have a price pullback at currently 0.24440. Should the pullback continue, we are looking for the closest support on the 20-day moving average in the 0.23000 area. The break below leads us to retest the previous low at 0.20000. For the bullish scenario, we need positive consolidation that will push price above the upper resistance line and above 0.27000, a very important obstacle to the bullish trend. If the price succeeds in that, further growth to the next psychological level at 0.30000 can only be expected.
Digital assets are rapidly becoming an integral part of financial systems around the world, a fact that can no longer be ignored. The bank found that the digital asset class has grown and now represents a market of over $ 2 trillion with over 200 million users, numbers that have had the power to affect and transform major industries worldwide by improving efficiency and addressed challenges that hamper existing financial models. The bank also noted that the number of businesses launched in this new ecosystem focused on digital assets has grown significantly.
Bank of America previously announced plans to launch bitcoin battle trading for its customers through the Chicago Merchantile Exchange Group (CME), which would act as the liquidity provider. The decision to discontinue CME was already made when various digital asset companies continued to pile up Bitcoin ETF applications unsuccessfully, prompting various central banks such as JPMorgan and now BOA to enlist the services of certified traditional companies.
Financing rates that become an overly optimistic indication that the market expects further growth and that the long BTC is a significant asset. In such circumstances, a mass reduction of positions could accelerate and intensify the downward movement as it begins. Financing rates that become an overly optimistic indication that the market expects further growth and that the long BTC is a significant asset. In such circumstances, selling positions in bulk could accelerate and exacerbate the downward movement as it begins.
The article Bitcoin, Ethereum, Dogecoin: Increasing Greed Drives Prices Up, first appeared on FinanceBrokerage.