News

Bitcoin, Ethereum, Dogecoin Forecast: Recovery Continues

Bitcoin continued to withdraw up to $ 62,150 during the Asian session. During the European session, the price rose to $ 63,000, allowing us to continue on the bullish side.

Bullish scenario:

Price has current MA20 support for the moving average at $ 62,640.
We have more support in the MA50 zone of the moving average and the channel’s bottom line at $ 60,000.
The first opened for us at the psychological level at $ 65,000, and the next at $ 67,000 at the current historical high.

Bearish scenario:

Bitcoin should make a negative consolidation and withdrawal below the bottom line of the channel.
We need a break below the MA50 moving average at $ 60,000.
Potential lower supports are $ 58,000, and $ 55,000.

Ethereum chart analysis

The price of ETHUSD was more stable compared to BTCUSD during the Asian session consolidating around $ 4200. The price movement is in the growing October channel and based on that; we can expect the bullish trend to continue.

Bullish scenario:

The price has great support in moving averages and bottom line channels.
We need positive consolidation for the bullish continuation and testing the historical high at $ 4380.
The break above us leads to a potential new historical high at $ 4,500.

Bearish scenario:

We need a negative consolidation below $ 4,200.
Our first support is in the MA20 moving average at $ 4090, then the next on the channel’s bottom line at $ 4000.
Lower support is on the MA50 moving average to $ 3850.

Dogecoin chart analysis

The price of Dogecoin takes a new turn upwards, climbing to 0.27000. If this continues, we can expect Dogecoin to test yesterday’s October higher high at 0.28320.

Bullish scenario:

The price made a break above the MA200 moving average yesterday, and more accelerated from 0.25000 to 0.28320.
Our first significant resistance is 0.28320, then the zone on 0.29000.
Further above, the next resistance is 0.30000 psychological level and 0.32000 high from September.

Bearish scenario:

We need negative consolidation and new testing of the 0.24000-0.25000 zone. Our potential stronger support is the October lower trend line.
A drop below this support brings us down to 0.22000, then on the lowest October low to 0.20000.

Market overview

American Express President and CEO Stephen Square have made it clear that American Express will not offer crypto-connected cards in the near future. However, he is researching the crypto market and could potentially offer reward points, in addition to being interested in stable coins.

Speaking at the Yahoo Finance All Markets Summit on October 25, the president and CEO of American Express, Stephen Skerry, said that the market would not soon see American Express credit cards linked to cryptocurrency. Square said that he sees major cryptocurrencies such as bitcoin and Ethereum as gold, unlike traditional cryptocurrencies.

While there may not be comprehensive support for cryptocurrencies, banks are not shying away from experimenting with the technology. American Express itself has allowed cardholders to purchase unique NFT. But perhaps what has reached the biggest titles lately is the collaboration between Bakkt and Mastercard, which will result in crypto debit and credit cards.

As for the cards issued by large financial institutions, there was not much to notice. However, both MasterCard and Visa have taken multiple fundamental steps toward working with the cryptocurrency class as they see that interest in crypto is growing.

MasterCard bought crypto intelligence firm CipherTrace, while Visa published a white paper on central bank digital currency (CBDC) and stable coke interoperability. Both have shown interest in NFT.

Support

Platform

Spread

Trading Instrument

Subscribe to our newsletter

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.

BitcoinChart AnalysisDogecoin (DOGE)EtherForecastMarkets News and Charts

What's your reaction?

Excited
0
Happy
0
In Love
0
Not Sure
0
Silly
0

You may also like

Leave a reply

Your email address will not be published. Required fields are marked *

More in:News