Bitcoin, Ethereum, Dogecoin Forecast for Oct 27, 2021
The price of Bitcoin succumbed to pressure at $ 64,000 and made a pullback to the current $ 59,300. The pressure increased when the price fell below the channel’s bottom line and psychological support to $ 60,000. Yesterday’s US session was fatal for the price of Bitcoin. During the Asian session, the price consolidated around 60,000. Now in the European session, the price has continued to go down further.
- The price needs to make a new positive consolidation and climb above the $ 60,000 level.
- We have to go back in the channel and above the MA50 and MA20 moving averages.
- Above us, the first upper resistance is the $ 64,000 zone, then the previous week’s high at $ 67,000.
- We expect this negative consolidation to continue.
- Our first support is at $ 58,000; next, the zone is around $ 55,000, and the October lower low is at the current $ 41,000.
Ethereum chart analysis
Ethereum’s price jumped to $ 4,300 during the Asian session but quickly retreated to its starting position at $ 4,100. During the European session, the price continues to fall to $ 3940. We are currently testing a zone around $ 4,000, expecting to find potential support for these.
- We need a new positive consolidation and a price return within the framework of a growing channel.
- We need new support in the MA20 moving average.
- The price must go above the $ 4200 zone.
- The next resistance above is the previous high at $ 4375.
- Ethereum should continue with negative consolidation.
- Our first support is the MA50 moving average in the zone around $ 3800, then at $ 3700, while the MA200 moving average is around $ 3500.
Dogecoin chart analysis
The price of Dogecoin this morning during the European session made a big pullback from 0.27450 to the current 0.23390. Today’s low was at 0.21700.
- We need new positive consolidation and support in the 0.24000 area.
- We have to go back above the moving averages, and for that, we need a price above 0.25000.
- Our first upper resistance zone is at 0.27000 than a higher high in October at 0.28320.
- The next potential resistance is at 0.29000, then a higher high at 0.32000 from September.
- We need a further continuation of this current bearish impulse.
- The next first support zone is about 0.22000, then about 0.20000 from the beginning of October.
Many of the world’s largest stock exchanges are part of Special Economic Zones (SEZs), such as Binance in the Labuan Special Economic Zone in Malaysia or Bitfinex in the Astana International Financial Center in Kazakhstan.
Special Economic Zones (SEZs) are business parks with unique regulatory frameworks that differ from their home countries. There are more than 7,500 SEZs located in 70 countries.
Companies or agencies that manage zones often have some degree of regulatory autonomy, allowing SEZ companies to contact the zone authorities directly. Instead of inefficient regulatory agencies affiliated with the central government.
In 2021, SEZs began to use their regulatory autonomy more to attract cryptocurrency exchanges. The new zones target cryptocurrencies as their primary industry emerges.
In January, the Dubai Financial Services Authority unveiled a new regulatory framework for cryptocurrency exchange.
A few weeks later, the first deputy prime minister of Belarus, Nikolai Snopkov, made a similar announcement. He said SEZ regulators will now have the right to regulate cryptocurrency exchanges, bypassing the central government directly.
Exchanges located in SEZs, such as the Belarusian Hi-Tech Park, can now work directly with the authorities of the regulatory approval zone instead of going through the central government.
ICT Minister Muhammad Javad Azari Jahromi has officially announced plans to create a crypto-centric SEZ on the island of Kish in the Persian Gulf.
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