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Bitcoin, Ethereum, Dogecoin chart review on 1 December

Today we look at the price of Bitcoin on the daily time frame. First, we see that the price has been moving in a rising channel since July. This year’s low was $ 28,695 in June. After that, the price of Bitcoin starts in a bullish trend, creating a current growing channel. In September, the price dropped to $ 40,000, and by forming that higher low, we got a lower trend line. In October, we see that the price started a strong bullish trend, making the first historical high at $ 67,150. Then we have a smaller withdrawal to $ 58,000 in early November and a new bullish boost to a new all-time high at $ 69275. In the second half of November, Bitcoin was in a pullback and made a drop of about 30% to $ 53,250.
Bullish scenario:

  • The price of Bitcoin made a bullish GAP on the chart but stopped in the zone around $ 60,000.
  • We need a break above $ 60,000 to get support in the MA20 starting average.
  • After that, our next upper resistance is in the $ 64,000 zone.
  • Then if the price continues on the bullish side, our next resistance is the previous lower high at $ 67,000.

Bearish scenario:

  • We need a negative consolidation to close GAP from the beginning of the week and lower the price back to the $ 53000-54000 support zone.
  • If the price continues, our next support is the lower trend line, around $ 52,000.
  • A further break below this support will create a new December low, and our potential targets are first a zone at $ 48,000 and then perhaps an area at $ 40,000.

Bitcoin, Ethereum, Dogecoin chart review on 1 DecemberEthereum chart analysis

Looking at the chart on the daily time frame, we see that the price of Ethereum is very close to jeopardizing the previous high at $ 4868. Significant resistance at $ 4500 has been broken, and the price is now at $ 4723. We have been in a bullish trend since July after the price dropped to $ 1700. In September, the price managed to climb to $ 4,000, making a new high but quickly making a drop on the MA200 moving average at $ 2,650. October is pure bullish, and a growing parallel channel has formed on the chart. We can use it as an approximate price movement in the coming period. In November, we got a new all-time high at $ 4,868, and saturation and euphoria led to a new pullback to $ 4,000. The price found support there, and we have been in this bullish momentum ever since.
Bullish scenario:

  • We need positive consolidation and a break above the zone of the previous historical maximum.
  • Our first target is the psychological price of $ 5,000.

Bearish scenario:

  • We need a negative consolidation that would pull the price to $ 4,500 by asking for that support.
  • Further price reductions could lead us to a larger support zone at $ 4,000.
  • Additional support is our lower trend line from July.
  • A break below would increase the bearish pressure on the price and maybe bring us down to much lower levels on the chart.

Bitcoin, Ethereum, Dogecoin chart review on 1 December

Dogecoin chart analysis

On the daily time frame, the price of Dogecoin is in a bearish trend. The price of Dogecoin by no means manages to consolidate in the 0.30000-0.35000 zone so that we have a sense of the potential strengthening of the bullish option. We are still below all downward-moving averages. In July, the minimum was at 0.15990, and now we have not moved much because we are currently at 0.21230.
Bullish scenario:

  • We need better positive consolidation, at least above the MA20 moving average.
  • If the price does this on the chart, the bullish momentum will increase to 0.25000 and the next resistance in the MA50 moving average.
  • In the zone around 0.27000, we encounter the next resistance in the MA200 moving average.
  • If the price in 2022 starts above 0.30000, we can expect a continuation of the bullish trend and maybe a new historical high.

Bearish scenario:

  • We need a continuation of this negative consolidation that started on Monday.
  • We then descend to a larger zone at 0.20000, which has been our support since August.
  • A further drop in the price of Dogecoin brings us down to the next low of around 0.160000.

Bitcoin, Ethereum, Dogecoin chart review on 1 December

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