Bitcoin, Ethereum, and Dogecoin – Positive Vibrations on the Chart

Looking at the chart on the daily time frame, we see that the price of Bitcoin after yesterday’s bullish impulse continued today on the same side, climbing to $ 50,225. We still need a break above 61.8% Fibonacci levels at $ 51,230 to continue the bullish trend. Now again, we have a chance that if a break occurs, we see the price of Bitcoin at $ 55,000 next psychological level. We need a price withdrawal below 50.0% Fibonacci levels and a 200-day moving average for the bearish trend. After that, we can expect the price to drop further by 38.2% Fibonacci levels to $ 42,630. Below we can get additional support on the 50-day moving average, which in turn can direct the price towards the bullish trend.

Ethereum Chart Analysis

Looking at the chart on the daily time frame, we see that the Ethereum price after the bullish impulse encountered current resistance at 78.6% Fibonacci level at $ 3810. after that, we have a shorter withdrawal to $ 3740. If the pullback continues, we can expect the price to drop first to the psychological level at $ 3500. Meanwhile, stronger support awaits us at 61.8% Fibonacci level at $ 3360. Additional support at that level would be in the 20-day moving average. The pullback is now more likely than a direct sequel to the bullish side; less consolidation would be a great price option at this point.

Dogecoin Chart Analysis

Looking at the chart on the daily time frame, we see that the price of Dogecoin is currently testing a 20-day moving average. After the previous consolidation, we can expect the price to continue rising towards the previous high at 0.35000 and 61.8% Fibonacci level. We can see a pullback to 38.2% Fibonacci level at 0.27100, and we have more serious support below that level in the 50-day and 200-day moving average. For now, the trend is bullish from July, and we can expect that in the coming period.

Market Overview

Canada is imposing an audit to prevent crypto tax evasion. The project’s goal is to create a crypto tax for all enthusiasts of this new financial market.
CRA is doing everything possible to ensure that cryptocurrency lovers pay taxes in Canada. The agency received an order to search the crypto platform Coinsquare. RAK is looking for the names of people who traded cryptocurrencies without paying taxes.
The inspection will cover the period from January 1, 2013, to March 19, 2021. However, this revision will not ignore violators who traded cryptocurrencies before January 1, 2013.
The Compensation Agency has no restrictions on analyzing these reports. So, they have as much time as they want to look for violators. The lawyer explains that the CRA can call the perpetrator this year or in 2022.
MacDonald says that RAK has the power to analyze whether Coinsquare users have reported the necessary taxes, GST-HST refunds, and salary compensations. The agency will also determine whether the amount of crypto tax presented by the user is fair.
A few years ago, a Canadian compensation agency launched an investigation against eBay trade in North America, similar to the current audit. Until then, RAK had received a court summons forcing eBay to report the data of its users to the agency. The agency even asked for data on clients who are not in the country.

Conclusion

Canada and its crypto tax system are not clear because regulators must constantly express their opinions to each other. However, the agency passed resolutions on bitcoin transactions in that area.
CRA believes that crypto transfers, especially bitcoins, are like barter in Canada. There each customer pays the tax required by that commercial source. However, the order does not dictate the tax rate on the token and whether it will change for each currency used.
Although the cryptocurrency tax has not been formalized in Canada, the CRA is expected to solve the problem before the end of the year. For now, cryptocurrencies are widely used in the country, and these regulations have not affected their trade in other world regions.