Bitcoin, Ethereum, Dogecoin new price drops

Following the chart on the hourly time frame, we see that the price jumped above $ 59,000 yesterday, while today, the picture is totally different because Bitcoin fell to $ 54,451, losing 8 percent of its value. Bearish pressure has skyrocketed as the day began, and if it continues like that, our potential target is a zone around $ 52,000 on the bottom trend line.

Bullish scenario:

• We need a new positive consolidation that would form support at the current level.
• We need to go back above $ 56,000 to get back to the previous movement zone.
• Moving averages are at our $ 58,000 level creating stronger pressure in that zone.

Bearish scenario:

• We need a continuation of this negative consolidation and a break below 54400.
• The fall below opens new November lows, first in the zone around 54,000.
• Our maximum target on this time frame is the $ 52,000 zone on the lower trend line.

Ethereum chart analysis

 

The price of ETHUSD managed to climb to 4,500 dollars yesterday and test the upper line of the trend. After that, the price falls from that level to 4000$, losing 12% of its value. We failed to hold on and make a breakthrough above the upper trend line, and the Bears took control and lowered the price to a psychological level of $ 4,000.

Bullish scenario:

• We need positive consolidation above $ 4,000 for a potential price recovery.
• ETHUSD must climb to the previous support zone of $ 4,200.
• If the price continues up, our next resistance is at $ 4,250 on the  MA200 moving average and then at the level of $ 4,300 with the moving average of the MA50.
• We need to go back above $ 4,500 if we consider a more concrete continuation of the bullish trend.

Bearish scenario:

• We need continuous negative consolidation and a price drop below $ 4,000.
• Our next support is $ 3,900 from October 28th.
• Some maximum fall in this time frame is us to the bottom line of the trend in the zone around 3700 dollars.

Dogecoin chart analysis

 

Dogecoin fell 13.0% today, dropping from 0.23000 to 0.18600. We now have a slight retreat to 0.19860 and test the zone at 0.20000. As long as this bearish pressure is present, we can expect a further price drop, perhaps below today’s minimum.

Bullish scenario:

• We need a new positive consolidation and a return above 0.20000-0.21000 to form a certain bottom on the chart.
• Then we need a break above 0.22000 and the upper trend line to continue towards higher levels.
• Additional support at this level is provided in the MA20 and MA50 moving averages, supporting the price in further recovery.
• At the 0.24000 level, we can say that we got out of this bearish pressure.

Bearish scenario:

• We need a continuation of this negative consolidation that is directing us to lower levels.
• A further fall in the price again brings us down to the 0.18600 August movement zone.
• Our next potential support is at 0.18000 and then at 17000.

Market overview

 

Hillary Clinton warned that the United States must act to regulate the cryptocurrencies faced by states and non-state actors who “manipulate” it and other technologies to destabilize the dollar.

In her speech, Clinton gave her comments in the middle of a broader conversation about countries like China and Russia that “manipulate technology,” including social media, technology platforms, and cryptocurrencies.

Clinton attracted attention to the “need to regulate the cryptocurrency market.” He pointed out the combination of social media, algorithms that drive social networks, the accumulation of even bigger sums of money through the control of specific chains of cryptocurrencies.

We are not just looking at countries like China or Russia that are manipulating technology of all kinds to their advantage. We see non-state actors, either in agreement with states or alone, destabilizing countries, destabilizing the dollar as a reserve currency.

And earlier, Clinton has raised the alarm due to threats to national security posed by cryptocurrencies.

Last week, Clinton said cryptocurrencies could potentially undermine the US dollar, warning that they “in the wrong arms or alliances with the wrong people” could directly threaten nation-states and global markets.

In the middle of yesterday’s warning, Clinton put pressure on the Biden administration to take action. “There are so many heavy questions that the Biden administration has to answer, and I don’t think we just don’t have much time,” she said.

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