Bitcoin and Ethereum continue to consolidate

The price of Bitcoin is still to consolidate above $ 50,000 to get support with the MA20 moving average and start a further recovery. For now, we are finding support in the $ 48,000-49,000 zone.

Bullish scenario:

• We need positive consolidation and a move above the MA20 moving average and $ 50,000.
• Below we can expect further growth to the $ 52,000 previous resistance zone and the MA50 moving average.
• If the consolidation continues to be bullish, our next resistance is the $ 53000-54000 zone.
• Additional bearish pressure at that level may amplify the upper trend line.
• A break in Bitcoin prices above the trend line will boost bullish optimism, and we expect the next resistance zone to be around $ 58,000 with the MA200 moving average.

Bearish scenario:

• We need negative consolidation and new testing of the $ 48,000 zone.
• If the price drop, our next support is at $ 46,000, and if it does not last, we will go down to the next potential support, around $ 43,500-44,000.
• Depending on the strength of the bearish pressure, the maximum pullback can be up to $ 40,000, October support zone.

Ethereum chart analysis

The price of ETHUSD reached $ 4,500 yesterday but then quickly retreated to the current $ 4,295. We are now looking at potential support in the $ 4200-4250 zone. We will probably see price movements between these two zones of resistance and support in the next few days.

Bullish scenario:

• We need new positive consolidation and rejection from the lower support zone.
• ETHUSD needs to climb back to $ 4,500 to get support in moving averages.
• The additional resistance is our upper trend line, and we need to break above it to confirm the continuation of the bullish trend.
• Then the next resistance costs us at $ 4600, then at $ 4800 previous high from December 1st.

Bearish scenario:

• We need to continue this negative consolidation and new testing of the lower support zone of $ 4200-4250.
• A break below can bring us down to the next support in the $ 4,000 zone.
• If it does not last, we can expect further price increases to the lower trend line.

Market overview

Today, hardware wallet maker Ledger made a series of announcements at its Ledger Op3n conference in Paris.

Key among them was the unveiling of his new crypto debit card, released because, as Ledger’s vice president of payments, Iqbal Gandham said, “we need to start focusing on spending.” According to the presentation, it is a Visa card issued by Baanx, a subsidiary of Contis Financial Services.

The Crypto Life card supports a range of cryptocurrencies and can be tracked via Ledger Live, the software companion to Ledger’s range of hardware wallets. Ledger launched a waiting list before launch.

Gandham said the card would be converted into cryptocurrencies at the point of sale, or cardholders can request an interest-free credit line for 30 days based on their own cryptocurrency. He added that at the beginning of next year, the cardholder would be able to pay to his account and automatically convert to cryptocurrencies. Ledger wants to make it safer to send NFTs between wallets.

Charles Hamel, vice president of product at Ledger, said on stage that when users make an NFT transaction, they will either blindly sign it (meaning they don’t see what data they agree to share) or see a big “blob” of data, which is for most people pointless. This contrasts with a standard crypto transaction where users can usually see where they send funds when they approve a transaction.

Ledger’s alternative is to break the transaction and present what is happening in his mobile application at the place of signing. Hamel showed a demo in which the application provided details of the transaction, including the destination address and the token being sent.

The post Bitcoin and Ethereum continue to consolidate appeared first on FinanceBrokerage.

Share this post