Bitcoin, Ethereum and Dogecoin Further Recover Prices
Looking at the Bitcoin chart on the daily time frame, we see that the weekend was very successful for the price of Bitcoin as we climbed up to $ 50,000. Following the further situation, we see that we will soon reach 61.8% Fibonacci levels, a place where we can expect some resistance at $ 51,250. If the price manages to exceed this resistance level, then we continue towards the 78.6% Fibonacci level at $ 57,360. Up there, we return to the zone from the beginning of May. After that, the price starting drop rapidly to $ 28,700. Below we will once again test the 200-day moving average at $ 46,000. First of all, we will have support at the $ 48,000 site of last week’s previous resistance.
Ethereum chart analysis
Looking at the Ethereum chart on the daily time frame, we see that the price still follows the movement of the 20-day moving average. And now we are waiting for the price of Ethereum to make a stronger break above 61.8% Fibonacci level at $ 3358 so that we have a stronger bullish signal for further price growth towards the next Fibonacci level 78.6% at $ 3810. If the price meets longer resistance at this current level, then we will probably see the price rise towards 50.0% Fibonacci level to $ 3040. Further pullback leads us to a 200-day moving average, but it will take more time.
Dogecoin chart analysis
Looking at Dogecoin on the daily time frame, we see that we are still in lateral consolidation but that we are progressing slowly to the bullish side. Our obstacle is still 61.8% Fibonacci level at 0.34000. To continue the bullish scenario, we need to jump above that resistance level in order to continue towards the 78.6% Fibonacci level at 0.38900 and return to the zone from the beginning of June. For the bearish scenario, we need to raise the price below 50.0% Fibonacci level to 0.30550. If the price continues to fall, we are looking for the next support for the closest 20-day moving average, the zone 0.28000-0.29000. Below that, we have technical support at 38.2% Fibonacci level at 0.27100.
Bitcoin continued its recovery trend. It reached a value of $ 50,000 on Sunday night at around 10:40 PM Eastern Time, according to CoinDesk. That is the highest value of the world’s leading cryptocurrency in the last more than three months, CNBC reports.
This digital coin recorded a historical maximum of over 64,000 dollars in April. But its big sale and price drop followed in June and July. It fell even below 30,000 dollars. The stricter regulations of the Chinese authorities, which led to the cessation of bitcoin mining in China and the relocation of that activity to other countries, greatly contributed to that.
However, in mid-July, the continuous recovery of the crypto market began.
In the last few days, two important announcements have positively impacted the movement of digital money prices. Namely, one of the leading trading crypto platforms, Coinbase, announced last week that it would buy cryptocurrencies worth $ 500 million. Moreover, it would set aside 10 percent of its profits for a portfolio of crypto assets.
Also, the online payment company PayPal has announced that it will launch a new service in the UK to enable people to buy, store and sell digital currencies.
Meanwhile, other digital coins are also growing in value. Ether traded up about 2.0 percent to $ 3,302.59 last night.
The value of the entire crypto market exceeded $ 2.14 trillion on Sunday, according to data from the Coinmarketcap.com portal.
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