Bitcoin, Ether, DOGE Forecast: Positive Moves on the Charts

Bitcoin, Ethereum, Dogecoin Forecast: Positive Moves on the Charts

Looking at the BTCUSD chart on the daily time frame, we see that the price with the support of moving averages and 50.0% Fibonacci levels is at $ 46,880. Following this support, the price jumped to the current $ 49,900. We can soon expect to approach the next upper resistance at 61.8% Fibonacci level at $ 51,275. To move into a stronger bullish trend, we need a break above this resistance zone. Moreover, we must retest the previous high at $ 53,500. For the bearish trend, we need a negative consolidation that will pull the price below 50.0% Fibonacci levels, and below us, support in moving averages awaits. A further drop in the price finds the next support at 38.2% Fibonacci level at $ 42,580.

Ethereum chart analysis

Looking at the ETHUSD chart on the daily time frame, we see that the price in consolidation is above the 50-day moving average in the 61.8% -78.6% Fibonacci level zone. For now, we are looking positively at this consolidation. We can expect further price growth and retesting the previous low to $ 3682. For the bearish scenario, we need a break below 61.8% Fibonacci levels at $ 3288. Below, our next support is at 50.0% Fibonacci level with the support of a 20-day moving average at $ 3166.

Dogecoin chart analysis

Looking at the DOGEUSD chart on the daily time frame, we see that yesterday’s price tested the resistance at 0.25000 level. Today we have a smaller withdrawal to the current 0.23700. Now again, we can expect some consolidation in the 0.23000-0.25000 zone. Just a break below 0.23000 and a 20-day moving average can take us to the previous low zone at 0.20000. For the bullish scenario, we need a break above the top line and a 50 day and 200-day moving average. First, the next upper resistance above us is 0.27000; only after the break above that level can we expect to visit the zone around 0.30000.

Market overview

Digital asset manager CoinShares monitors the influx of institutional investors as capital pours into Bitcoin amid improving sentiment in crypto markets.

CoinShares says Bitcoin seems to be accelerating again after Federal Reserve Chairman Jerome Powell told investors that the Fed has no plans to ban bitcoin.

Data from the weekly report on the flow of CoinShares digital asset funds shows that in the past seven weeks, digital assets recorded a positive inflow. It currently amounts to 411 million dollars. Bitcoin especially enjoyed the change in mood, the company claims.

“Bitcoin recorded an inflow of $ 48 million last week. After suffering the longest recorded outflow, Bitcoin experienced the third week of inflows totaling $ 3 million.

We believe this decisive turnaround in sentiment results from growing confidence in the asset class among investors and more tailored statements by the U.S. Securities and Exchange Commission and the Federal Reserve.

Ethereum recorded another week of inflows totaling $ 20 million, although it has lost market share to bitcoin in recent weeks, falling from a peak of 28% to 25%.”

Last week, CoinShares CEO Meltem Demirors shared her rationale for the recent Bitcoin rally. They said she expects the price to continue to rise as additional ways to access BTC development. He thinks the most crucial thing is that a lot of money is sitting on the sidelines. It seems many investors are now seriously considering allocating Bitcoin in their portfolios.

You can do this in so many different ways. Either through public investment or through the property itself on platforms like Coinbase, Robinhood, or Square.

The post Bitcoin, Ether, DOGE Forecast: Positive Moves on the Charts appeared first on FinanceBrokerage.

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