Bitcoin, Ethereum, Dogecoin continue to consolidate
We are still inside consolidation, and the Bitcoin price ranges from $ 60,000 to $ 64,000. During the Asian session, the price climbed to $ 62,750, and then in the European session, we have a withdrawal to the current $ 61,625 again. We can say that this Friday is calm for now, and we expect more volatility in the American session during the Nonfarm Payrolls and the Unemployment Rate report. If the dollar strengthens, then we will probably see a withdrawal and consolidation of around $ 60,000. Bullish scenario:
The previous two sessions were positive, and now we need to continue and re-test the last zone resistance at $ 64,000.
We can say that we have the support of 38.2% Fibonacci levels at $ 60,420.
On November 2, the price made a new two-week higher high without creating a new lower low. And that is a sign of the continuation of the bullish trend.
Our first resistance above $ 64,000 is at $ 65,000 around 78.6% Fibonacci levels, and then a transitional high at $ 67038.
Bearish scenario:
We need a price pull with negative consolidation below 38.2% Fibonacci levels and zones at $ 60,000.
A further break below this support, price dropping to 23.6% Fibonacci level at $ 58,850 and then to 56,330 lower low from October 28.
We are still in a big growing channel, and as long as we are in it, we can hope that the price will continue to rise.
Ethereum chart analysis
Ethereum’s price reaching the all-time high on November 3 at $ 4670 makes a pullback to $ 4400. It declines from the MA20 moving average and is currently consolidating at $ 4490. It is possible that we will see a price drop for some time to come, but only until the October trend line. We are looking for potential next support in the $ 4300 zone and the MA50 moving average that balances with the trend line. Bullish scenario:
We need to continue the positive consolidation with the support of the $ 4400-4450 zone because we made a last break here towards a new historical high.
A break above the previous high at $ 4670 opens the door to new levels on the chart.
Bullish targets are $ 4,700, $ 4,800, $ 4,900 and a psychological target of $ 5,000.
Bearish scenario:
To continue, we need a further lowering of the price to yesterday’s low to $ 4400, then a break below brings us to MA50 and the lower trend line.
A break below this support zone directs the price to the next support at $ 4200, then the next support is at the $ 4000 psychological level, and the next is at the $ 3900 previous low from October 28.
The price has been bullish from the beginning of October, forming a growing channel on the chart. As long as we are in that channel, we can say that we are in a bullish trend.
Dogecoin chart analysis
The price of Dogecoin is still in bearish formation after reaching last month’s higher high at 0.34000. Today the price is in the range of 0.25500-0.27000, and we will probably see testing and potential support on the October bottom trend line. Bullish scenario:
We need a positive consolidation that will get us out of this monotony and give a wind in the back of the price of Dogecoin so that we can test the zone again at 0.27000.
The price break above will encounter the next resistance to the 0.28500 area of the previous attempt to return to the bullish trend.
The next one is waiting for us at 0.30000 lower psychological level, then 0.32000 higher-high from September and our current main target and resistance is our October maximum at 0.34000.
Bearish scenario:
We expect continued negative consolidation and testing of the lower support line and the MA200 moving average at 0.25000.
With the break below, the price will drop to the next support at 0.24000, then to the previous low at 0.20000, and the maximum pullback and support at 0.20000 October minimum.
