Bitcoin and Ethereum are still under pressure

Looking at the chart on the daily time frame today, we see that even today, the price of Bitcoin is still under bearish pressure. Today, the price has dropped below the 50-day moving average. We are currently close to the previous low of $ 44,000 on the day Bitcoin was adopted in El Salvador as a means of payment. Further continuation could lower the price to 38.2% Fibonacci level to $ 42,625, which is the place of the previous high from the beginning of August, and the break, which raised the price to 54,000 $ on September 7. If this zone does not last, and the price continues to fall even lower, we are looking for support in the zone around $ 38,000 and 23.6% Fibonacci level at $ 37,300. We need a new price jump above the 50.0% Fibonacci level to $ 46,925 and above moving averages for a potential bullish trend. Further growth leads us to 61.8% Fibonacci levels at $ 51,225. We can notice that the 20-day moving average is a good technical indicator of the Bitcoin price movement in this time frame.

Ethereum chart analysis

Looking at the chart on the daily time frame, we see that the price of Ethereum is still under pressure, as our current resistance is a 20-day moving average and 61.8% Fibonacci level at $ 3360. We are now looking for support at the 50-day moving average. We are looking for additional support at the 50.0% Fibonacci level at $ 3040. Further negative consolidation and continued bearish pressure could lower the price below $ 3,000. We now need positive consolidation supported by a 50-day moving average and a new climb above 61.8% Fibonacci levels for a potential bullish scenario. Our next resistance is at $ 3500, and the next resistance is at 78.6% level at $ 3810.

Market overview

Ukraine is now the newest country in the world to legalize and regulate bitcoin and cryptocurrencies. Up to this point, the number one digital asset in the world has existed in some gray space within the country’s borders. Still, now the nation seems to be thriving with the use of BTC, indicating that the asset is becoming increasingly popular and legitimate.

The Parliament of Ukraine unanimously voted to allow bitcoin activities and implement appropriate regulations to ensure that malicious activities do not bring down the state. The law was first introduced in 2020, and now administrators seem to have made progress in passing it.

Until the law was passed, individuals could potentially trade and invest in cryptocurrencies, although all companies that worked or dealt with blockchain and digital assets ended in suspicion about the Ukrainian government. They were under strict surveillance and felt quite unwelcome.

The idea in Ukraine for some time was that most crypto activities come from fraud and illegal companies. For example, just last month, the Secret Service of Ukraine (SBU) worked to prevent the work of a group of crypto exchanges within the capital Kyiv after launching claims that these companies were allegedly involved in money laundering.

However, the new bill contains provisions that would ultimately protect individuals who trade cryptocurrencies if they ever become victims of fraud. Although the country collects some comparisons with El Salvador, which became the first country to declare bitcoin a legal tender, the comparisons are not entirely accurate. Ukraine does not allow bitcoin payments for goods and services, nor puts assets on the same scales as the hryvnia. The national currency of the country.

Nevertheless, legalization and enactment activities related to the “official” introduction of assets into the region are seen as a solid step forward in legitimizing digital currencies among international governments. However, not everyone can “see a positive light.”

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