Bitcoin, Ethereum, and Dogecoin Forecast: Potential Recovery

Looking at the chart on the daily time frame, we see that Bitcoin’s price is stable at around $ 46,700 for now. But it’s still the current support of the 200-day moving average and the 50-day moving average. We are also tethering the 50.0% Fibonacci level to $ 46,980. We need a price withdrawal below this support for the continued pullback to the bearish side, with a target at 38.2% Fibonacci level at $ 42,700. If the price finds support here and goes up again, our first hurdle is the 20-day moving average. And above it is the 61.8% Fibonacci level at $ 51,270, while the previous high awaits us at $ 53,350. A break above that previous high would take us back to the bullish scenario to conquer new levels on the chart.

Ethereum chart analysis

Looking at the chart on the daily time frame, we see that Ethereum price after falling on Tuesday to $ 3000 today managed to recover and climb to currently $ 3500. We can still say that the price tests a 20-day moving average at 61.8% Fibonacci level at $ 3360.
Now we can expect the price to continue rising again to 78.6% Fibonacci levels at $ 3810 and again approach the previous high to $ 4000. We need a price pull below the 61.8% level for the bearish scenario. It searched for support on the 50.0% Fibonacci level at $ 3040 with additional support at the 50-day moving average.

Dogecoin chart analysis

Looking at the chart on the daily time frame, we see that the price of Dogecoin yesterday was in the zone around 0.25000; today is a similar situation. The price still has the support of the 200-day moving average. If the price continues to stay above, then we can expect further price growth. Our first hurdle is the 38.2% Fibonacci level at 0.27100. Then we have a 20-day moving average at 0.29000. While our higher resistance is on the upper trend line and 50.0% Fibonacci level at 0.30500. For the bearish scenario, we need a price drop below the 200-day moving average and 23.6% Fibonacci levels at 0.22860. While we are looking for psychological support at 0.20000 levels.

Market overview

The Ukrainian Parliament adopted Law No. 3637, “On Virtual Property,” by a large majority of votes in favor.
This is an updated version of the previous law. Still, it introduces as a novelty the de facto legalization of the use of cryptocurrencies. Unlike, for example, neighboring Russia, where the use of cryptocurrencies by the authorities is still viewed with suspicion.
The law essentially introduces the legal concept of “virtual property.”
It is defined as a data set in electronic form. It has value and exists in the trading system in the virtual property. This includes not only bitcoin and cryptocurrencies but also tokens, NFT, and tokenized securities.
Now that the new law has been adopted, cryptocurrencies can be legally owned, used, and traded in Ukraine. However, they are not recognized as legal tender.
Moreover, the new legal status of virtual assets also provides legal protection to those who use and trade them in the market.
The most striking thing is the diametrical distance from the attitude of the Russian authorities towards this property, considering that in the neighboring country. They are actually trying to convince the citizens not to use them.

Conclusion

At this point, one could even imagine that this new law could convince all Russian crypto companies to move to Ukraine. It is not at all unreasonable that one of the goals of this measure is exactly that.
Ukraine is one of the countries with the largest adoption of cryptocurrencies globally, more or less on a par with Russia. So, this could be a pretty important game. Also in light of the obvious conflicts that have been opposed by the two countries for several years.
Binance became involved in this matter, as evidenced by the official Twitter profile of Binance Ukraine. So, it is possible that it could be one of the first stock exchanges to receive a license. This could have a positive impact on the legal issues facing the well-known exchange.
As for the taxation of cryptocurrencies, a new law entitled “On Amendments to the Tax Law of Ukraine on the Specifics of Taxation of Transactions with Virtual Property” will become published later.
However, it will be necessary to wait for the approval of this second law before the law “On Virtual Property” finally enters into force.