Bitcoin, Ethereum, Dogecoin in a sleepy consolidation

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Bitcoin, Ethereum, Dogecoin in a sleepy consolidation

Again, the price of Bitcoin does not stay above USD 64,000 and makes a new pullback to the current USD 61,500. We have failed to make any more significant new higher high and now we are likely to continue the pullback. The price tests the October trendline and if we see a break below it we can retest the zone at USD 60,000.

Bullish scenario:

  • We need a positive consolidation above the trend line, the running averages of MA20 and MA50.
  • After that, we can expect to retest the previous resistance zone at $ 64,000.
  • With the break above, we will encounter resistance at $ 65,000, then the previous higher high at $ 67,038.

Bearish scenario:

  • The price should continue below the October trendline with this negative consolidation.
  • In addition, you break the decline to the previous low of $ 58,000.
  • After the Fibonacci retracement levels, we need a break below 23.6% Fibonacci levels with the goal of reaching a 38.2% level at $ 56,640.

What we can tell is that the price has been holding above $ 60,000 for the past ten days and until we see a larger break below that we cannot expect a transition to a bearish trend.

Bitcoin, Ethereum, Dogecoin in a sleepy consolidation

Ethereum chart analysis

The price of Ethereum hit a new all-time high yesterday at $ 4670. After that, we see the price rise to USD 4,500 during the Asian session and currently we have a consolidation at that level during the European session.

Bullish scenario:

  • The price must stay above the $ 4400-4500 support zone.
  • The MA20 and MA50 moving averages provide us with additional support in the October growth channel.
  • Our next resistance and goal is $ 4,700, then $ 4,800, and a psychological goal at $ 5,000.

Bearish scenario:

  • We need negative consolidation below the support zone and the MA20 moving average.
  • Another drop in price brings us to the bottom line of the channel and the MA50 moving average in the $ 4200-4300 zone.
  • A break below the bottom line of the channel will add downward pressure and after that we can see the price at $ 4000.

Bitcoin, Ethereum, Dogecoin in a sleepy consolidation

Dogecoin chart analysis

Dogecoin price again fell below 0.27000 of the previous October resistance zone. It is now under pressure again from the MA20 and MA50 moving averages and there is a possibility that it will fall to the lower trendline in the 0.25000 area.

Bullish scenario:

  • We need a positive consolidation that makes a new turnaround on the bullish side.
  • The price has to break above .2700 if it is to climb to the previous high.
  • The first resistance is the 0.30000 psychological level, then the September high to 0.32000 and the October high of 0.34000.

Bearish scenario:

  • We expect the pullback to continue to the lower October trendline in the MA200 moving average zone at 0.25000.
  • The break below it takes us to the next support levels at 0.24000, then 0.22000, then the October minimum at 0.20000.

Bitcoin, Ethereum, Dogecoin in a sleepy consolidation

Market overview

Fund manager Mark Mobius in an interview with CNBC, because of its very speculative nature, crypto is more of a religion than an asset to invest in. He believes that cryptocurrencies should be viewed as a fun activity, not an investment.

He added, “People shouldn’t see these cryptocurrencies as an investment vehicle, but rather as a means of speculation and entertainment. But then you have to go back to stocks at the end of the day. “

Cryptocurrencies are often confronted with conflicting opinions by high-profile investors, financial regulators and analysts. While some large institutional investors believe crypto has potential, others believe the asset class is worthless.

JPMorgan Chase’s CEO and a well-known critic of Bitcoin, Jamie Dimon, criticized digital asset, saying that Bitcoin has no material value and is “gold for fools”. He added that because of the potential for abuse to conduct illegal transactions, terrorism, including sex trafficking and money laundering, BTC needs to be regulated.

Billionaire investor Paul Tudor Jones said that crypto is his preferred choice over gold, which makes room for an asset class, and that cryptocurrencies are better at protecting against inflation than gold.

The post Bitcoin, Ethereum, Dogecoin in a Sleepy Consolidation first appeared on FinanceBrokerage.

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