Bitcoin, Ethereum, Dogecoin calm before the weekend
The price of bitcoin continued to withdraw yesterday, stopping at $ 56,000. Today we have a slight recovery to 56,950, and now we are looking to see if the price will climb to the $ 58,000 larger support zone in the previous period. Above, we can expect some consolidation at that level from which the next bullish or bearish impulse will result. Bullish scenario:
The price of Bitcoin should make a jump above $ 58,000; additional support at that level can be in the MA20 moving average.
Further positive consolidation leads us to the psychological zone at $ 60,000.
The break above climbs us to the October resistance zone at $ 64,000. Bearish scenario:
We need continued negative consolidation and a break below the $ 56,000 low income.
Our first subsequent support is at $ 55,000, and the break below us leads to a large support zone at $ 52,000 on the bottom trend line.
Ethereum chart analysis
The price of Ethereum tested the level at $ 4000 yesterday, declined, and is now at $ 4110. ETHUSD has made a new minimum this month, and now we have to pay attention to whether we will see a new lower low or a new higher high on the chart. Bullish scenario:
To continue on the bullish side, we need a break above $ 4200.
After that, our goal is to climb to the previous high at $ 4344.
Additional resistance at this level is the MA20 moving average, and the break above raises the price above $ 4400.
Our psychological resistance is at $ 4,500 with the resistance of the MA50 moving average, and we are very close to the upper trend line.
Bearish scenario:
We need a price drop of $ 4,200 with a negative consolidation that will direct us back to the $ 4,400 support zone.
Break below $ 4,000, lower the price to $ 3,900, and we will return to the October price movement zone.
If bearish pressure is still very present, we look for the next support at $ 3800 with the MA200 moving average. The maximum bearish target on this time frame is the $ 3600 zone of the lower trend line.
Dogecoin chart analysis
This morning, Dogecoin dropped to a new November low of 0.22000. We revisited the October support zone, and now we expect good support that can bring us back to a new bullish trend. Bullish scenario:
The price of Dogecoin should make a new jump to the 0.24000-0.25000 zone as it seeks support at a higher level.
If the consolidation at that level is positive, we will get support in the MA200 and MA20 moving averages.
A break above us can lead to a very important resistance zone at 0.27000. If the price exceeds that resistance, we can say that we are slowly returning to the bullish territory.
Bearish scenario:
Since the price is still under bearish pressure, we now need a continuation of the negative consolidation and a new break below 0.22000.
Breakthrough below the lead us in the support zone to 0.20000 places October lower low.
Market overview
Hillary Clinton, former US Secretary of State and Democratic presidential candidate, have joined the ranks of political leaders who seem concerned about the potential impact of cryptocurrencies on nations – claiming they have the power to destabilize nations and their currencies. Speaking via video at a panel discussion held today at the Bloomberg Forum of the New Economy in Singapore, Clinton reportedly said that crypto has the potential to undermine the US dollar as a reserve currency. Another area that I hope nation-states will start paying more attention to is the rise of cryptocurrency. “What seems like a very interesting and somewhat exotic attempt to dig up new coins to trade them, that have the potential to undermine currencies, to undermine the role of the dollar as a reserve currency, to destabilize nations,” Hillary said. Clinton’s statement came after Indian Prime Minister Narendra Modi expressed his concerns about cryptocurrencies in a virtual address at the Sydney Dialogue. The Indian Prime Minister said that “democratic nations should work together on cryptocurrency to ensure that it does not finish up in the criminal hands.”
