Bitcoin, Ethereum, Dogecoin New Bullish Accumulations
The price of BTCUSD yesterday during the American session managed to break above the previous high at $ 4000. After that, we had a shorter pullback to $ 62,500 and then redirected the price to the bullish side. The current price is $ 63330. Bullish scenario:
The price of BTCUSD should stay above $ 62,500 with support in MA20 and MA50 moving averages.
From the bottom, we can draw the October trend line in support of this bullish trend.
We can expect the price to rise to $ 65,000 with positive consolidation.
Further price growth continues to lead us to the next resistance at $ 67,000.
Bearish scenario:
We need a negative consolidation that will direct the price below the MA20 and MA50 moving averages.
Then we test the October trend line, and the break below us brings us into the $ 60,000 zone.
The next lower support is at the previous low at $ 58,000.
Ethereum chart analysis
The price of Ethereum made a new historic high at $ 4643 in the Asian session. There is a growing chance that we will soon see a breakthrough above and the formation of a new historic high. Bullish scenario:
The price should stay above the $ 4400 previous high from the end of October.
The moving averages lag in the $ 4200-4400 zone.
Our next bullish target is $ 4700, then $ 4800, and the main target is $ 5000.
Bearish scenario:
First, we need negative consolidation and new testing of the previous zone at $ 4400-4450.
The break below us drops to the first MA20 moving average, then to the MA50 moving average, and the October bottom trend line at $ 4200.
Just a further break below us leads to psychological support at $ 4000.
Dogecoin chart analysis
The price of Dogecoin consolidating around 0.27000 in the last few days, with a slight increase and a look at the bullish side. The price is in the October rising channel, and based on it, we can expect a further rise in the price of Dogecoin first to 0.30000, and then above this psychological level. Bullish scenario:
The price during October has excellent support in the MA50 and MA20 moving averages that follow this growth.
Now we need to continue this consolidation to 0.30000 on testing.
The next potential resistance is 0.32000 level from September, followed by last week’s high at 0.34000.
Bearish scenario:
With negative consolidation, we fall below 0.27000, and the MA50 moving average to the support zone at 0.25000.
Below we have greater support in the MA200 moving average, the lower trend line, and the zone 0.24000-0.25000.
The break below us sends October support levels to 0.22000, then 0.20000.
Market overview
Singapore aims to become a center for cryptocurrencies. The city-state is trying to secure its role as a leading player in the crypto space; this is in a recent comment by the head of its central banking institution. Authorities in Singapore are taking steps to consolidate their position as a key player in the crypto business, an official who headed the Singapore Monetary Authority for a decade revealed in an interview. The statement comes when Singapore and other financial centers worldwide are exploring ways to regulate a fast-growing sector. MAS Director-General Ravi Menon said: “We think the best approach is not to suppress or ban these things.” The MAS is Singapore’s central banking institution responsible for setting the rules for banks and financial firms. The government is now also trying to introduce “strong regulations” for companies that deal with cryptocurrencies to enable those who meet its requirements and adequately address the whole range of related risks to work in the jurisdiction. “With crypto-based activities, it is an investment in the future, the shape of which is not clear at this time,” Menon said. The executive has warned that Singapore risks being left out if it does not join the area. He further stated that: Early entry into this game means that we can have an advantage and better understand its potential benefits and risks. In the race to attract crypto business, Singapore competes with destinations such as Malta, Switzerland, and El Salvador. The task is difficult because the crypto industry has developed with little regulation in many cases, while players oppose government attempts to impose restrictions. The leading crypto platform already operating in Singapore is Binance, the world’s leading digital asset exchange.
