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BTCUSD, ETHUSD, and Dogecoin are making profits today

Bitcoin chart analysis

The price of Bitcoin is slowly recovering, and now we are approaching the psychological level of $ 50,000. We have good support in moving averages, and we need to pay attention to the MA20 moving average. A price retreat below MA20 would introduce instability on the chart and launch a new bearish scenario.

Bullish scenario:

We need a continuation of this current positive consolidation with the support of the MA20 moving average.
Our first major resistance is the previous high at $ 51,000 from December 13.
Our next resistance zone is in the $ 52,000 area from December 7, this month’s maximum.
And our main target is the zone before the price drop, the $ 58000-59000 area.

Bearish scenario:

We need a new negative consolidation and a price withdrawal below the MA20 moving average.
Our first lower support is $ 48,000, with additional support in the MA50 moving average.
The next support is waiting for us in the zone of 46000-47000 $, and if the bearish pressure continues, then we can expect the price to fall by the December minimum to 43436 $.

Ethereum chart analysis

Looking at the ETHUSD chart, we can see that the price is positively consolidated with the support of moving averages, now testing the resistance zone at $ 4100. Now we need a break above to increase the bullish optimism on the chart. An additional price boost might be a break above the previous trend resistance line for further bullish recovery.

Bullish scenario:

We need continued positive consolidation and a break above the resistance at $ 4100.
Our next resistance is the $ 4200-4250 zone if the price continues.
Our severe first resistance is the $ 4,500 zone because we were there in a previous attempt to break above the trend line.

Bearish scenario:

We need a negative consolidation and a price withdrawal below $ 4,000.
In the $ 3900 zone, we find support in the MA50 and MA200 moving averages.
And if the price falls below, then we go down to the bottom trend line at the $ 3800 support level.
The break below directs us further to the $ 3700 zone, then to the next low at $ 3470.

Dogecoin chart analysis

After the price jump last week due to the announcement of Elon Musk that he will accept Dogecoin as a means of payment for some goods, the price dropped to the level before this statement to 0.16000.

Dogecoin is consolidating again and is slowly recovering, climbing to its current 0.17300. With this recent bullish consolidation, we can expect a further rise in price to the 0.18500 zone.

Bullish scenario:

We need the continuation of this positive consolidation and support in moving averages.
The first target and resistance is the zone 0.18000-0.18500.
If the price breaks that barrier, we continue further to 0.20000 psychological level.
The main target on this time frame is the resistance zone at 0.22000.

Bearish scenario:

We need negative consolidation and a price retreat below 0.17000 and moving averages.
Our next potential support is at 0.16000.
If the price continues to withdraw, we go down to support at 0.15000.
The December low is at 0.13100.

Market overview

Since Singapore began regulating the crypto sector earlier this year, about 170 companies have applied for a license to offer “digital payment token services,” including cryptocurrency-related services.

More than 100 companies that applied for the license were either rejected or withdrew their applications, Nikkei Asia announced on Monday.

Companies operating in the country were exempted until their licensing applications were processed.
In September, the central bank ordered Binance to stop providing crypto services to residents. Last week, Binance announced that his platform in Singapore would be closed.

Binance CEO Changpeng Zhao (CZ) claims the reason for closing the Singapore Stock Exchange was an 18% stake in Hg Exchange (HGX), a regulated securities exchange in Singapore. However, Bloomberg reported that the real reason was that Binance could not meet the requirements for a cryptocurrency exchange management license.

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