Bitcoin, Ethereum, Dogecoin Forecast for Oct 22, 2021
The price of Bitcoin made a pullback to $ 61730 after the new historical high at $ 67038. Price finds support at $ 62,000, and after that, we head to the bullish side again.
- Bitcoin has been in a strong bullish trend since October 30.
- We have the support of all moving averages from below.
- The price is moving in a growing channel, and as long as we are in that channel, we can expect a continuation towards new bullish targets.
- Our first hurdle is in the $ 64,500-65,000 zone, and then the next is historically high at $ 67,000.
- The price should put more pressure on the channel’s bottom line, and we need a drop below the MA20 moving average.
- The following support is psychological level at $ 60,000, and next below is MA50 moving average at $ 58,000. The MA200 is far below in the $ 50,000 area.
Ethereum chart analysis
Ethereum made a new high at 4375% yesterday, just $ 5 below the previous historical high from May. The price was very volatile yesterday during the European session; it ranged from 3800 to 4375 $.
- The price must remain above support at $ 4000.
- Moving averages are also on the bullish side, and we are in a strong growing channel.
- Our first upper resistance is at $ 4250, and then the area of the previous historical high at $ 4380.
- The price should first drop below the support to $ 4000.
- Below we have a large support zone in the MA20 and MA50 moving averages on the channel’s bottom line.
- The drop in price below this zone leads us to support at $ 3700.
Dogecoin chart analysis
The price of Dogecoin climbed to 0.26200 yesterday, where it stopped and made a pullback to 0.23750. Today, the price has made a slight shift on the bullish side, current 0.24700. We are moving in one triangle, below the upper resistance at 0.27000, and above monthly support in the form of a lower trend line.
- The price must stay above the 0.24000 support zone.
- The MA20 and MA50 give us additional support on the chart along the bottom trend line.
- We need a break above the top trend line and 0.26200 yesterday’s high.
- Then our next resistance is at 0.27000, and the break above takes us to the new monthly high on the chart.
- The price must make a break below the lower support line and MA20, MA50.
- Lowering the price below directs us towards the October support zone to 0.22000.
Billionaire Paul Tudor Jones talks about the role of Bitcoin as a hedge against his investment during his appearance on CBNC on Wednesday, claiming that Bitcoin is currently winning the race with gold. Gold fell 6.95% compared to last year, while Bitcoin rose 121%.
Jones said he prefers owning physical bitcoin, talking about launching the first bitcoin exchange held yesterday. A prominent US investor revealed its position regarding bitcoin back in May 2020, which was considered a turning point for the reference cryptocurrency. Asset managers around the world are closely following his words.
Jones says he still has a single-digit cryptocurrency in his portfolio. He thinks that inflation is not transient, adding that this is the biggest threat facing society. He said: “I think the number one issue facing Main Street investors is inflation, and it is quite obvious to me that inflation is not temporary.”
He also criticized the Federal Reserve for pursuing the most inappropriate monetary policy during his lifetime. Jones describes Fed President Jay Powell as the “creator of inflation” as the central bank continues to work on quantitative easing.