Bitcoin, Ethereum, Dogecoin daily price movements
The price of Bitcoin was very volatile yesterday. During yesterday’s European session, the price was at $ 62,000, while during the American session, the price dropped to $ 58,000. The Asian session started tonight at $ 60,000, and today’s European session recorded smaller gains, climbing to $ 61,000.
- The price should stay above $ 60,000, and we need a break above the MA20 and MA50 moving averages.
- The upper next resistance is at $ 64,000, and then our resistance is historically high at $ 67,000.
- We need a price withdrawal below $ 60,000 and a continuation below the MA20 and MA50 moving averages.
- We then descend to the previous low of $ 58,000, where we expect the first potential support.
- A further drop below that support is the $ 55,000 zone.
Ethereum chart analysis
The price of ETHUSD continues to rise during the European session to the current $ 4400, and it is now very possible to test and create a new historical high. After retreating on October 27 at $ 3890, the price found support on the MA50 moving average, and after that, we see growth to the current level.
- The price needs to stay above the support zone at $ 4200, and we have support in MA20 and MA50 moving averages.
- Our first resistance is the historical high at $ 4400; above, we make a new historical high.
- We need a withdrawal below $ 4,200 and testing the MA20 and MA50 moving averages
- Our next support is the psychological level at $ 4000, a little below that; we are looking for support at the previous low at $ 3900.
Dogecoin chart analysis
The price of Dogecoin yesterday made a new October higher high at 0.34000. After that, we have a price withdrawal to 0.28350 during the morning, and the price has found current support at 0.29000.
- We have now come across a support zone at 0.28000, the site of a previous price breakout.
- Further progress leads us to the first resistance zone at 0.32000 and then at 0.34000.
- With a break above, we climb to 0.35000 higher-high from August.
- We need a drop below 0.27000, the previous October resistance zone.
- Then we find ourselves in the zone of moving averages 0.24000-0.26000, where we can expect more support and some price consolidation.
- The lower below next support is at 0.22000, and the October lower low is around 0.20000.
Elon Musk believes that checking the price of cryptocurrencies could be detrimental to your mental health. Tesla CEO Elon Musk assures us that monitoring the prices of cryptocurrencies can cause mental health problems.
His warning comes after the Bitcoin fell more than 7% within a minute before quickly offsetting the entire decline on Thursday. The cryptocurrency market was extremely turbulent this week, and Shiba Inu was a major player in the crypto market. Meanwhile, the second-largest cryptocurrency ETH reached a new record of $ 4,400 a few hours ago.
While the billionaire personally holds BTC, ETH, and DOGE, Musk’s stakes in crypto are unlikely to be large enough to sweat around cryptocurrency prices. The net worth of Tesla’s boss has now exceeded an incredible $ 300 billion. Musk recently announced that he bought the mentioned coins “out of curiosity” and denied holding Shiba Inu.
Musk’s concern is not unfounded. As reported by U.Today, research has shown that students suffer from stress and constant mood swings due to investing in cryptocurrencies.
There is a rehabilitation clinic in Scotland for those suffering from addiction to cryptocurrency trading. Edinburgh-based Castle Craig has already treated 15 patients obsessed with cryptologists.
Addiction to cryptocurrencies needs to look like a different condition, but it resembles compulsive gambling. Social media and promises of big gains make people hooked on volatility.
Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.