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Bitcoin, Ethereum, Dogecoin in positive consolidations

The price of Bitcoin yesterday ranged from $ 56100-57400, oscillating around the MA20 and MA50 moving average with constant support with the MA200 moving average. Now we expect the price of Bitcoin to make a bullish impuls and try once again to test the resistance zone at $ 59,000.

Bullish scenario:

We need to continue this consolidation above $ 57,400 so that the price has a better momentum and continues further towards $ 59,000.
We have already tested the $ 59,000 zone three times, and now we expect to make a break in this attempt.
Upstairs, the next resistance immediately awaits us the $ 60,000 October lower maximum.

Bearish scenario:

We need negative consolidation, pulling the price below MA200 and re-testing the zone at $ 56,000.
The next support is at $ 55,000, the breakthrough point of pre-consolidation.
And the maximum potential drop next week could be up to the $ 53,600-54,000 support zone.

Ethereum chart analysis

The price of Ethereum is turning upwards, finding support at $ 4,500. ETH is now testing the zone at $ 4,600 with support in MA20 and MA50 moving averages. For a potential break and attack on the previous high of $ 4,784. We can notice that the bearish pressure is fading, and we are slowly returning to the bullish trend.

Bullish scenario:

We need a continuation of this positive consolidation above $ 4600.
With the support of MA20 and MA50 moving averages, we continue to $ 4700 and approach the previous high at $ 4784.
A break above could jeopardize the current all-time high of $ 4,868 and form a new high, perhaps as low as $ 5,000.

Bearish scenario:

We need a negative consolidation of up to $ 4,500; we test this zone after the check and expect a break below.
Then we look for the next support at 4400 with additional support in the MA200 moving average.
Further price reductions can lower us to $ 4,200, and even to a large support zone at a psychological $ 4,000.

Dogecoin chart analysis

The price of dogecoin never manages to break away from the 0.20000 zone. We had a recovery attempt during this week, but it all ended at the 0.23000 zone. Together with the 38.2% Fibonacci level, it is our first obstacle for further continuation in the bullish trend.

Bullish scenario:

We need positive consolidation first above 23.6% Fibonacci levels at 0.21130.
After that, we get support in MA20 and MA50 moving average, and we can move towards 0.22800 to test 38.2% Fibonacci levels.
The break above leads us to the next resistance at 50.0% level and the MA200 moving average to boost resistance.
In the following, we go to 0.25500 at 61.8% level, and then if the bullish impulse continues, we go to 0.27300 at 78.6% Fibonacci level.

Bearish scenario:

We need a negative consolidation and a price withdrawal of 0.20000 for new support testing.
If the support does not last, we will continue until the November minimum at 0.18600.
Break below the price drop to the point of departure from July and August.

Market overview

The growth of the crypto market this year in 2021 was crazy, with the broader growing market growing 3x, adding almost $ 2 trillion to the total market capitalization. Traditional investors like Charlie Munger find this too challenging to grasp.

Addressing Australian investors at the Sohn Hearts and Minds conference today, Mr. Munger called this investment environment “a little more extreme.” He also supported China in suppressing “some exuberances” of capitalism. Expressing his extreme criticism of bitcoin and cryptocurrencies, Mr. Munger said:

“I think the dot-com boom was stupider in terms of valuation even than what we have now. But in general, I consider this age even crazier than the dot-com era. I don’t particularly appreciate participating in these crazy booms, one way or another. It seems to work; everyone wants to pile up, and I have a different perspective. I want to earn my money by selling people something good for them, not things that are bad for them. He added that people who create cryptocurrencies don’t think about the customer; they think about themselves.”

Warren Buffett and Munger’s partner at Berkshire Hathaway have also leveled strong criticism of Bitcoin in the past, calling it ‘rat poison.’ Following Buffett’s comments in 2018, Bitcoin has just continued to grow.

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