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Bitcoin, Ethereum, Dogecoin record profits on the chart

Bitcoin, Ethereum, Dogecoin record current profits on the chart

Looking at the BTCUSD chart on the daily time frame, we see that the price has jumped from $ 41,000 to $ 44,000. Today, the price further advanced to $ 45,000 by testing this level along with a 200-day moving average. To continue on the bullish side, we need a break above the moving average, after which we look for the following resistances first in the 50-day moving average at $ 47,000, and then at 23.6% Fibonacci level at $ 47,765. For the bearish trend, we need a negative consolidation that will direct the price below 38.2% Fibonacci levels to $ 44,296. Continued bearish pressure will bring us back to the $ 40000-41000 support zone at 50.0% Fibonacci level.

Ethereum chart analysis

Looking at the ETHUSD chart on the daily time frame, we see that the price has found support at $ 2800; after that, we have a break above $ 3000, and we are now at $ 3120. We can say that the 200-day moving average is good support for the bullish trend for now. Following the Fibonacci level, we see that in the previous Fibonacci setting, the pullback occurred at 61.8% Fibonacci level. Now we need a break above the 20-day moving average and 50.0% Fibonacci levels at $ 3167 to get back to testing 61.8% Fibonacci levels at $ 3290 with resistance in the 50-day moving average. For the bearish trend, we need a new negative consolidation that will again direct ETHUSD towards support at $ 2800 with the support of a 200 day moving average.

Dogecoin chart analysis

Looking at the Dogecoin chart on the daily time frame, we see that the price has found support at 0.20000 and that for the third day in a row, we have a stable price at 0.20000. Today we have progressed to the current 0.20620, and we can expect the price to reach a 20-day moving average of 0.22000. We are still in greater bearish consolidation within the falling channel, and since we have found support, we now expect the price to rise to the upper resistance line in the 0.25000-0.27000 zone. The above additional resistance is in our 50-day and 200-day moving average. For the bearish scenario, we need a rejection from the 20-day moving average with a further reorientation of the price towards re-testing the support zone at 0.20000. The break below us drops to the lower potential support at 0.18000 and then the next to 0.16000.

Market overview

Federal Reserve Chairman Jerome Powell testified yesterday before the House Financial Services Committee. He said he “had no intention” of banning cryptocurrencies, explaining that he was referring to stable coins in his earlier testimony, not all cryptocurrencies. Jerome Powell told Congress he “has no intention of banning” cryptocurrencies like China has done.

He believes the regulations will ensure consumers withdraw their money in the event of a crisis. His views are not entirely different from pro-bitcoin Senator Cynthia Lummis, who said yesterday, “It may be that stable coins should only be issued by depository institutions or through money market funds or similar institutions.” She added: “Stablecoins must be 100% supported by cash and cash equivalents, and this should be checked regularly. “

Powell has worked with Treasury Secretary Janet Yellen on a draft regulation on a stable currency, which is expected in the next few weeks. It is not likely to touch other cryptocurrencies, including Bitcoin and Ethereum, which are more volatile assets.

The National Bank of China did not have such an objection. It recently stepped up efforts to limit the use of cryptocurrencies even when experimenting with the central bank’s own digital currency – the digital yuan. This has led to exchanges like Huobi closing the access of billions of customers in mainland China – as well as to powerful Chinese mining basins closing their operations and moving out of China.

The post Bitcoin, Ethereum, Dogecoin record profits on the chart appeared first on FinanceBrokerage.

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