As of the beginning of the week, the price of bitcoin is in consolidation between $ 56000-58000. Today the picture on the chart is the same, and we are currently testing the zone at $ 58,000. The support from the bottom is given to us by the MA20 and MA50 moving averages, while the additional resistance is the MA200 moving average. The price so far within this zone has not made a new lower low and based on that, we believe we will see a stronger pressure on resistance at $ 58,000 and maybe a break above.
Bullish scenario:
We need a continuation of this positive consolidation and a break above the MA200 moving average.
If we see a break above the next target, we have at $ 60,000 last week’s resistance.
In that zone, the potential additional resistance is in the upper trend line and the price break above the amplifying bullish impact.
Bearish scenario:
We need a new break below the MA20 and MA50 moving average.
We then re-test the support zone at $ 56,000.
The break below leads us to a price of $ 55,000, and our maximum pullback is up to $ 52,000, the bottom trend line.
Ethereum chart analysis
The price of Ethereum, with the support of all one-hour moving averages, made a level break above $ 4,300, and now we hope to see testing of a larger resistance zone at $ 4,400 again. As of November 22, ETHUSD is in the bullish trend, and for now, we believe in continuing towards higher levels.
Bullish scenario:
We need to continue this positive consolidation and test the zone at $ 4400.
The break above leads the price to the next resistance to the upper trend line of $ 4,500.
A stronger break above brings us back to a more concrete bullish trend.
Bearish scenario:
We need negative consolidation and a price pull below moving averages.
Then we test the support zone again at $ 4200, and the break below directs us to a psychological support zone at $ 4,000.
Dogecoin chart analysis
The Dogecoin price has found support at 0.21500, and the current consolidation is pushing the price to 0.22000. If the support lasts, we can expect further price growth towards 0.22500 and resistance in the upper trend line.
Bullish scenario:
We need continued positive consolidation and growth above 0.22000 with the support of MA20 and MA50 moving averages.
The first higher resistances are on the MA200 and the upper trend line in the zone around 0.23000.
Further price break above increases the bullish impact and the ability to climb to 0.24000.
The next upper resistance is at 0.27000 frequent price movements from the first part of November.
Bearish scenario:
We need continued negative consolidation and zone testing at 0.21500.
The price falls below the 0.21000 support zone; next is the 0.20000 October support zone.
Market news
Kazakhstan experienced a significant jump of 8% of domestic electricity consumption in 2021, a jump attributed to the influx of Bitcoin miners from China. According to data obtained from the Financial Times, Kazakhstan received 88,000 bitcoin mining equipment from Chinese companies during the current year. This followed a Chinese attack on cryptocurrencies, and we could see that number increasing. The increase in consumption has led to a significant deficit in the electricity grid, which has led to irregular power supplies and unreliable electricity services, exacerbating the problems facing the local population. At a meeting with bankers on November 19, the President of Kazakhstan presented the idea of a nuclear power plant to solve the stress on the country’s electricity infrastructure. Speaking to bankers, the president said: “Looking to the future, we will have to make an unpopular decision to make a nuclear power plant.” Nuclear power is still relatively unpopular in Kazakhstan, and the only nuclear power plant in the country was closed in 1999. Although Kazakhstan produces about 41% of the world’s uranium reserves, citizens remain wary of nuclear energy after years of testing nuclear weapons under the Soviet Union. Kazakhstan experienced a huge influx of miners from China. As a result, the country’s hashrate quadrupled to more than 18%, and in August, Kazakhstan became the second-largest Bitcoin mining location in the world, behind only the United States. America, which accounts for over 35% of the world’s BTC mining operations.
