Bitcoin, Ethereum, Dogecoin positive today

During the previous weekend, the price of Bitcoin consolidated in the zone of 54000-55000 $. Then the price made a break above the MA20 and MA50 moving averages, climbing to $ 58,000. We now expect the price to get support and the MA200 moving average for the new bullish wave.

Bullish scenario:

• Bitcoin made a good jump out of the $ 54,000-5,000,000 zone and needs to consolidate above $ 56,000 to continue.
• With the support of moving averages, we can expect the price to rise and stay above $ 58,000.
• In the zone around $ 58,000, we encounter resistance in the upper trend line, and if we see a break above, it opens the next area at $ 60,000.

Bearish scenario:

• We need a rejection and price withdrawal below the MA200 moving average.
• Then we come across moving averages of MA20 and MA50 in the $ 56,000 zone.
• And a further break below us brings us back to the $ 54000-55000 zone.
• Our maximum possible pullback is to the bottom trend line in the zone around $ 52,000.

Ethereum chart analysis

The price of Ethereum, like bitcoin, was consolidating over the weekend in the $ 4,000-4,200 zone. Then we have a break above $ 4200 to $ 4360, where we now consolidate on an hourly time frame. We are close to the next upper resistance at $ 4400 and the upper trend line. Now we hope that the new bullish consolidation will make a break above $ 4400 and visit the zone of the previous high at $ 4500.

Bullish scenario:

• The price should stay above $ 4200 and solidify its position for further continuation on the bullish side.
• Our first resistance is the price of $ 4400 with the upper trend line.
• A break above can raise the price to $ 4,500 last week’s high.

Bearish scenario:

• We need a price withdrawal below $ 4300 to test moving averages in the $ 4200-4250 zone.
• A further drop in prices brings us back to the $ 4000-4200 weekend consolidation zone.

Dogecoin chart analysis

The price of Dogecoin consolidated around 0.20000 over the weekend and tested the previous low to 0.18600, dropping to 0.19100. We are now in a smaller bullish trend with current MA20 and MA50 support on the hourly time frame. We now expect the price to break above 0.21000 and continue further to 0.22000 and MA200 moving average.

Bullish scenario:

• We need a continuation of this positive consolidation and a break above 0.21000.
• Then further price growth can lead us to 0.22000 and the upper trend line.
• The price break above the trend line opens up space for us to the resistance zone at 0.24000.
• The next upper resistance is at 0.25000, and the next higher resistance is in the zone around 0.27000.

Bearish scenario:

• We need continued negative consolidation and a break below 0.20000.
• After that, five of us descend into the zone of November lows around 0.19000.
• If the price does not find support here, we are going down to the next potential support at 0.18000.

Market overview

Thailand setting the groundwork to become a “crypto-positive society” to attract cryptocurrency owners and boost its tourism industry. The country hopes to regain some of the $ 80 billion in lost tourism revenue due to the Covid-19 pandemic and subsequent closure.

The Tourism Administration of Thailand (TAT) is working with state regulators to make it easier and more convenient for guests to spend cryptocurrencies in the country, Bloomberg reported on Saturday, citing TAT Governor Yuthasaka Supasorna.

The governor explained in detail: “There are people who have become rich by holding digital currencies and may want to take advantage of the wealth they have acquired,” elaborating:

If they can use their currencies here without changing them or being faced with state taxes, that would benefit them.

He explained that the Thai tourism authorities are laying the foundations for a wider acceptance of cryptocurrencies, which they plan to establish by the time global travel returns to normal.

The plan is already being discussed with the Thai Securities and Exchange Commission (SEC), the Bank of Thailand (BOT), and Bitkub Online Co. The governor revealed the country’s largest cryptocurrency exchange.

Authorities will set up a new unit next year to issue their own crypto tokens, produce a wallet and build a new tourist ecosystem, he added. Thailand does not currently recognize cryptocurrencies, such as bitcoin and ether, as legal tender.

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