Bitcoin, Ethereum, Dogecoin daily view and negative pressure on cryptocurrencies

Looking at Bitcoin on a four-hour time frame, we see that the price consolidates around $ 48,000 on the MA200 moving average, still above the 50.0% Fibonacci level at $ 46,925. We have to wait to see what the sequel to the bearish or bullish side will be like. If we see positive consolidation and growth above the MA200 moving average, our target is still 61.8% Fibonacci level at $ 51,226. We first need to pull the price below the MA20 moving average and below the 50.0% level and the MA50 moving average for the bearish scenario. The target for the bearish scenario is our previous low at $ 44,000 from August 13, and further continuation may lead us to the next support at 38.2% Fibonacci level at $ 42,623.

Ethereum chart analysis

Looking at the chart on the four-hour time frame, we see that the price yesterday met resistance at 61.8% Fibonacci level at $ 3640, and after that, we have a withdrawal of up to 50.0% to 3520%. We can now expect Ethereum’s price to continue with this pullback to 38.2% Fibonacci levels at $ 3400. Below, MA50 and MA200 moving averages are waiting for us as potential support, i.e., an obstacle to continuing the bearish trend. If, by any chance, the price continues on the bearish side, the next support is at 23.6% Fibonacci level at $ 3250, where the lower trend of the support line awaits us. For the bullish scenario, we need a positive consolidation at 38.2% Fibonacci level with the support of moving averages, which will help the price move back to the upper levels on the chart. A bigger hurdle for us is the upper downward trend line, and we need a break above it to continue the bullish trend.

Dogecoin chart analysis

Looking at the chart in the four-hour time frame, we see that Dogecoin is consolidating in the 0.23000-0.26000 zone. The price movement is in a descending parallel channel, and we see the price moving down the bottom line of the channel, currently testing the MA20 and MA50 moving averages. If moving averages manage to provide more concrete support on the chart, then we can expect growth first to resistance at 0.26000 in the zone of about 50.0% Fibonacci levels. The maximum bullish target on this time frame is the top line of this channel in the area around 61.8% Fibonacci level at 0.28000. This zone coincides with the MA200 moving average. For a possible bearish scenario, we need a negative consolidation below 0.23000, with targets and potential support at the previous low at 0.21450. If the price breaks through that zone of support as well, then we have to think about lower possible price supports.

Market overview

It has been just over a week since El Salvador began recognizing Bitcoin as a legal tender, and other countries are already considering it. Cuba became the next to start accepting cryptocurrencies as a legal payment method with the entry into force of new regulations.
The country’s central bank, the Banco Central de Cuba (BCC), recently issued Resolution 215 of 2021. The resolution recognized digital currencies such as Bitcoin, thus allowing their use in the country.
According to local reports, the order became official two days ago, on Wednesday, September 15. Through it, the country’s central bank has officially recognized cryptocurrencies – bitcoin and altcoins – that can now be used for financial transactions and investments.
In late August, the country’s central bank originally announced its decision to regulate and recognize digital currencies less than a month ago. Since then, work has been done relatively quickly on the creation of Resolution 215 from 2021, which contains provisions on the licensing regime for the exchange of digital currencies and other providers of virtual goods operating in the country’s territory.
The crypto industry still bears its risks, about which the central bank was very transparent. It has been observed that, although digital currencies operate outside the Cuban banking system, their use carries significant monetary policy risks and concerns about financial stability.