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Bitcoin, Ethereum, Dogecoin continue to press for support

The price of Bitcoin still fails to make a significant shift in the chart, to re-test the price at $ 60,000. In contrast, we again have a withdrawal below the $ 58,000 resistance zone, and the price has dropped to $ 56,625. We now have increased pressure on the zone around 56000, and if a break occurs below, we will get a new November minimum.

Bullish scenario:

We need better consolidation with shifts above $ 58,000.
We have additional support by moving above $ 58,000 in MA20 and MA50 moving averages.
After that, we expect the price to rise to the $ 60,000 zone, the site of a previous attempt to move into the bullish trend.
A break above can take us to the MA200 moving average at $ 62,000.
Our next resistance is the October resistance zone at $ 64,000, and a break above this zone can strengthen the supports and bullish momentum.

Bearish scenario:

With the MA20 and MA50 moving average pressure, we need a break below the $ 56,000 support zone.
We are close to $ 55,000 in psychological levels and potential support.
A drop in price below $ 55,000 opens the door to $ 52,000, where possible support in the lower trend line awaits us.

Ethereum chart analysis

The price of Ethereum is stable at $ 4200 for now. A previous attempt failed to make a break above $ 4400, followed by a pull to till the MA20 and MA50 moving averages. In the last ten days, the price has been in the range of $ 4,000-4,400.

Bullish scenario:

To continue on the bullish side, we need a break above $ 4400.
Right up there, we find high resistance at $ 4500 along the top trend line and the MA200 moving average.
A potential break above this resistance zone would open the door to the next consolidation zone of $ 4500-4800.

Bearish scenario:

We need negative consolidation and pullback below the MA20 and MA50 moving averages.
We then test the $ 4200 price as potential support.
A further drop in ETHUSD brings us down to the November support zone at $ 4000.
Support in the $ 3900-4000 zone is very important because if it drops, it will lower the price to lower levels of support.
The next also significant support is on the bottom trend line in the $ 3700 zone.

Dogecoin chart analysis

The price of Dogecoin managed to break below substantial support at 0.2000, dropping to the current 0.21750. The picture is increasingly bearish, and as such, we can expect a continued pullback to more crucial support at 0.20000. The last time we were there was at the beginning of the previous month.

Bullish scenario:

We need a new positive consolidation and for the price to rise above 0.23000.
At this point, we can get potential support in MA20 and MA50 moving averages.
Further potential positive consolidation climbs us to the next resistance 0.24000, and with a break above 0.25000-0.26000, we can say that we have returned to a smaller bullish trend.
From October 0.27000 is an essential resistance zone that can bring us back to the bearish trend if we don’t see a break above.

Bearish scenario:

Further pressure on the 0.22000 zone will cause the price to fall further towards the next support.
The first smaller support zone is at 0.21000, while the larger support zone is waiting for us at 0.20000 October minimum.
With the breakthrough below, the price will drop on August lows.

Market overview

The Indian government plans to ban most private cryptocurrencies during the presentation of a new law regulating digital currencies at the winter session of parliament. The government announced late on Tuesday, November 23.

The government will allow only specific cryptocurrencies to promote blockchain technology and its application in line with the legislative agenda of the winter session, which should begin later this month.

“The law also seeks to ban all private cryptocurrencies in India. However, it allows certain exceptions to promote the underlying cryptocurrency technology and its use,” the text of the law states.

Through the Cryptocurrency and Official Digital Currency Regulation Act 2021, the government also plans to develop a framework for the official digital currency used by the Central Bank of India.

The Reserve Bank of India has expressed concern over private cryptocurrencies and plans to launch its own digital currency by December.

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