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Bitcoin, Ethereum, Dogecoin continue record price increases
If we look at the BTCUSD chart on the four hour timeframe, we can see that the price hit a new high this morning at $ 55,500. After that, we have a shorter pullback to the current $ 54,800. Price is targeting 78.6% Fibonacci levels at $ 57,200 for the next new high, but we need continued positive consolidation above $ 55,000. At USD 53,000 we have support on a 20-4 hour moving average and if we see more payouts this will be our first support. Further down, our support is at 61.8% Fibonacci levels at $ 51,175. Our daily moving average is $ 49,000 while our 200-4 hour moving average is $ 47,000. What we can notice is that the resistance and support prices are all $ 2,000 starting at $ 47,000, $ 49,000, $ 51,000, $ 53,000, $ 55,000, $ 57,000, $ 59,000.
Ethereum chart analysis
If we look at the ETHUSD chart on the four hour timeframe, we see that the price is moving towards a new high at the 78.6% Fibonacci level at $ 3730. Yesterday’s positive consolidation is slowly reinforcing the uptrend, and if this trend continues soon, We can see the price again in the $ 3900-3950 range. For the bearish trend, we first need a pullback below the 20-4 hour moving average and below the 61.8% Fibonacci level at $ 3,500. Further price pullbacks require further support at a Fibonacci level of 50.0% and a 50-4 hour moving average at $ 3340.
Analysis of the Dogecoin chart
If we look at the Dogecoin chart on the 4 hour timeframe, we can see that the price has found support in the 200-4 hour moving average. After falling 0.24000, the price has risen to 0.25000. We now expect the price to continue towards the previous high at 0.27000 and a break above us may lead to the next resistance zone at 0.29000. For the bearish scenario, we need a retreat below 0.23000 and in this zone the 200-4 hour and 50-4 hour moving average intersect, which can then move to the bearish side and add pressure on the price by holding it towards 0.21000 and then steers towards 0.20000.
The Sri Lankan government has approved the formation of a panel to examine the rules and regulations that apply to blockchain, digital banking and cryptocurrency mining in other countries. It will also investigate the risk of criminal activity. The five-member committee will examine the regulatory framework for cryptocurrencies in countries such as Malaysia, Dubai and Singapore.
The Sri Lankan Government Information Department issued a press release on Thursday. It noted that the decision was an attempt to attract foreign investment in technology. Sri Lanka is trying to modernize its economy in the face of serious turmoil.
So far, the crypto industry in Sri Lanka has not been subject to any regulation. Stakeholders can barely buy cryptocurrencies as foreign exchange laws prohibit the payment of virtual assets by credit card.
The Central Bank of Sri Lanka has not missed the huge interest in cryptocurrencies either. Earlier this year they issued a warning about the risks associated with investing in digital currencies, and this is the second warning in three years.
Insight supplier in the Glassnode chain said: Companies’ bitcoin profits rose 94.3%. Over 16.2% of all companies in the chain have returned to profitability since September. The last time so many network companies made profits before selling was in May. Bitcoin regained momentum when it recently managed to break the $ 50,000 psychological price tag. The main cryptocurrency rose 21.79% in intraday trading to $ 54,479 in the past seven days, according to CoinMarketCap.
The open rate usually goes up as the price goes up, showing that the two are strongly related. More and more participants are joining BTC as a new number of addresses recently surfaced on this network, hitting a 4 month high of 17,818,619.
Bitcoin’s dominance in the crypto space has been on an upward trend. It allowed market capitalization to break the $ 1 trillion mark, a tipping point that was first recorded in February.
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