Bitcoin, Ethereum, Dogecoin continue to consolidate

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Bitcoin, Ethereum, Dogecoin continue to consolidate

We are still in the process of consolidation and Bitcoin price ranges from $ 60,000 to $ 64,000. During the Asian session the price climbed to $ 62,750, and then in the European session we have retreated to the current $ 61,625. We can say that this Friday is calm for the time being and we expect more volatility in the American session during the Nonfarm Payrolls and Unemployment Rate Report. If the dollar strengthens, we will likely see a retreat and consolidation of around $ 60,000.

Bullish scenario:

  • The previous two sessions were positive and now we need to continue and retest the last zone resistance at USD 64,000.
  • We can say that we have the support of 38.2% Fibonacci levels at $ 60,420.
  • On November 2nd, the price hit a new two-week higher high without making a new lower low. And that is a sign of the continuation of the upward trend.
  • Our initial resistance above $ 64,000 is at $ 65,000 at a Fibonacci level of 78.6% and then a transitional high at $ 67,038.

Bearish scenario:

  • We need a price pull with negative consolidation below 38.2% Fibonacci levels and zones at $ 60,000.
  • Another break below this support, the price drops to the 23.6% Fibonacci level at $ 58,850 and then to the lower low of 56,330 on October 28th.

We are still in a major growth channel, and as long as we are in it, we can hope that the price will continue to rise.

Bitcoin, Ethereum, Dogecoin continue to consolidateEthereum chart analysis

The price of Ethereum, which hit the all-time high of $ 4670 on November 3rd, marks a pullback to $ 4400. It is down from the MA20 moving average and is currently consolidating at $ 4,490. It is possible that we will see price decline for some time to come, but only as far as the October trend line. We are looking for a possible next support around the USD 4300 area and the MA50 moving average that counterbalances the trendline.

Bullish scenario:

  • We need to continue positive consolidation with support from the USD 4400-4450 zone as this is where we have made one final break towards a new all-time high.
  • A break above the previous high of $ 4670 opens the door to new levels on the chart.
  • Bullish goals are $ 4,700, $ 4,800, $ 4,900, and a psychological goal of $ 5,000.

Bearish scenario:

  • To continue, we need another lowering of price to yesterday’s low of $ 4,400, then a break below that brings us to MA50 and the lower trendline.
  • A break below this support zone will steer course to the next support at $ 4,200, then the next support is at the psychological level of $ 4,000, and the next is at the previous low of $ 3900 on October 28th.

The price had been bullish since early October, forming a growing channel on the chart. As long as we are in this channel we can say that we are in an upward trend.

Bitcoin, Ethereum, Dogecoin continue to consolidate

Analysis of the Dogecoin chart

Dogecoin price is still in bearish formation after hitting last month’s higher high at 0.34000. Today the price is in the 0.25500 to 0.27000 range and we are likely to see testing and potential support on the October lower trendline.

Bullish scenario:

  • We need a positive consolidation that will get us out of this monotony and give the Dogecoin course a tailwind so we can retest the zone at 0.27000.
  • The above price break will encounter the next resistance around the .28500 area of ​​the previous attempt to revert to the bullish trend.
  • The next one awaits us at a psychological level 0.30000 lower, then a 0.32000 higher September high, and our current main target and resistance is our October high at 0.34000.

Bearish scenario:

  • We expect continued negative consolidation and testing of the lower support line and the MA200 moving average at 0.25000.
  • Breaking below this, the price falls to the next support at 0.24000, then to the previous low at 0.20000 and the maximum pullback and support at 0.20000 October minimum.

Bitcoin, Ethereum, Dogecoin continue to consolidate

The Post, which continue to consolidate Bitcoin, Ethereum, and Dogecoin, first appeared on FinanceBrokerage.

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