BTCUSD, ETHUSD and Dogecoin are Going Back to Bearish Territory
Today the situation is reversed, and now we see a new pullback price, to the current $ 38,400. Looking at the BTCUSD chart on the daily time frame, we see that yesterday’s recovery again encounters an obstacle at $ 40,000.urther continuation, we need a drop below 38.2% Fibonacci level to $ 37,900. Below is supported in a 20-day moving average at $ 36,500. Furthermore, seeing the Fibonacci levels, we are looking for support at 50.0% and 61.8% Fibonacci levels of $ 36,300 and $ 34,700. In fact, a drop below those support levels will likely land us in a large support zone at $ 30,000. The bullish side needs a break above $ 40,000 and stronger support in moving averages from the bottom if we look at the bullish side.
Ethereum Chart Analysis
If we look at Ethereum on the daily time frame, we also see a pullback from yesterday’s high to $ 2777 to the current $ 2600. Rejection matches 38.2% Fibonacci level at $ 2730. We can expect a further price drop again to the $ 2300-2400 zone and 23.6% Fibonacci levels to $ 2340. Support for moving averages is in the $ 2100-2200 zone. For the bullish scenario, we need a new jump above the 38.2% Fibonacci level to continue up towards the $ 2900-3000 zone and approach the 50.0% Fibonacci level at $ 3045.
Dogecoin Chart Analysis
Looking at Dogecoin on a four-hour time frame, we see that the 200 four-hour moving average represents a current obstacle to a possible bullish scenario. Resistance became represented by the $ 38.2 Fibonacci level at 0.20500, and we are currently testing support at 1.19659 50.0% Fibonacci level. Since the price is under big pressure, we can expect a further decline to 61.8% Fibonacci level at 1.18790. For the bullish option, we need a jump above the moving averages and the upper resistance line to think about a more concrete continuation of the rise in the price of Dogecoin.
An Overview of the Market
The share of Bitcoin offerings owned by long-term owners continues to grow as more and more BTC is kept dormant.
BTC accumulation is underway, and the market has experienced one of the most significant outflows from cryptocurrency exchanges.
JPMorgan Chase offers its clients from private banks an internal Bitcoin fund.
Earlier bull markets were launched when the stock of bitcoin held by long-term investors increased continuously for months. BTC has built a base of about $ 30,000. It seems the reference crypto crypt is back on track to reach $ 100,000 in 2021.
Bitcoin worth $ 131 billion recently moved; however, foreign currency deposits and withdrawals accounted for only 1% of transferred BTC. Therefore, it is likely that the increase in institutional investors of OTC (OTC) trades is responsible for BTC transfers. OTC tables allow large investors and institutions to trade without the restrictions imposed by stock exchanges.
OTC deals do not affect short-term price movements because trades do not go through stock exchanges. The increase in BTC transfers indicates a growing institutional interest in Bitcoin, and according to macro perspectives, it is bullish for the highest crypto price.
News of the mega-bank JPMorgan launching its own internal Bitcoin fund fuels the story of growing institutional demand for BTC. In fact, the multinational investment bank has teamed up with the New York Digital Investment Group (NIDIG). It began placing private bank clients on a passive Bitcoin fund.
JPMorgan’s passively managed BTC fund has no investors yet, which could change soon.
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