Bitcoin, Ethereum, Dogecoin Forecast: Return to the Bullish Side
The price of Bitcoin dropped to $ 58,300 yesterday. Today, the picture is different, and the price has returned above $ 60,000 to the current $ 60,700. We are also entering a zone of potential resistance in the MA20 and MA50 moving averages. Bullish scenario:
We need better support above $ 60,000, and further positive consolidation should break above the MA20 and MA50 moving averages.
The first resistance above is at $ 63,750, then the psychological level at $ 65,000.
Our main bullish target is historically high at $ 67,000.
Bearish scenario:
We need a negative consolidation below the MA50 and MA50 moving averages and $ 60,000 levels.
Our first support is the previous two-week lower low at $ 58,300.
Our next support is in the $ 55,000 zone, and our MA200 moving average is in the $ 50,000 zone.
Ethereum chart analysis
The price of Ethereum found support in the Asian session at $ 3900. After that, we have a new price increase to the current $ 4140, and we have a new bullish impetus to continue this growing trend. Bullish scenario:
The price needs to be kept above the MA20 and MA50 moving averages.
We need to stay above the $ 4,000 psychological level and make a break above the $ 4200 previous resistance zone.
The break above us leads to the previous high at $ 4375.
Bearish scenario:
We need a negative consolidation below the $ 4000 level.
Our first support is on the MA50 moving average at $ 3900.
Our next lower support is $ 3700, then the MA200 moving average in the $ 3500 zone.
Dogecoin chart analysis
The price of Dogecoin during the Asian session made a new October high at 0.33600. After that, in the European session, we have a withdrawal to the current 0.30000. Cene managed to break above 0.28000 previous high this month. Bullish scenario:
Moving averages are our current support and this time frame.
We now have to look for some support at 0.28000.
We also need a new positive consolidation and a break above 0.336000 to continue on the bullish side.
Our next upper resistance is at 0.35000, the previous higher high from August.
Bearish scenario:
The price should continue below 0.27000, the previous resistance zone.
Further negative consolidation brings us down to the area of moving averages around 0.25000.
Additional support at this level we can search in the October bottom line of support.
Market overview
China’s technology standardization body will publish a national standard for blockchain next year, a Chinese Electronics Standardization Institute official said, according to the Chuanguan newspaper. The institute has drafted the standard and is in the process of approval, said Li Ming, director of the Office for Block Research in the standardization body, at the Fifth Chinese Blockchain Development Competition held in Chengdu, Sichuan. China seeks to encourage innovation and blockchain application in companies and governments across the country to suppress cryptocurrencies. His latest five-year plan, a planning document describing development goals, has matched the blockchain with artificial intelligence, big data, and cloud computing. Lee said the standards are fundamental to the industry and cited the example of WiFi or Bluetooth. Furthermore, without a single standard, devices from different manufacturers would not connect to the network. The director said that by setting a standard, the body would consider developing evaluation criteria around it so that a “benign” for creating an ecosystem. Key government projects such as the Blockchain Services Network and Xinghuo Chain follow an “open licensing” protocol, which tries to retain some of the benefits of decentralization while maintaining centralized control. The export of blockchain and Chinese-made standards is also the goal of these projects. Last year, the International Telecommunication Union adopted blockchain standards for financial applications developed by the National Bank of China, Huawei, and the Chinese Academy of Information and Communication Technologies.
