Bitcoin, Ethereum, Dogecoin bearish pressure is strong

Over the weekend, Bitcoin had a shorter price recovery of $ 46,900 to $ 50,700. As this week began, the price was back in the current $ 48,750. So we can expect continued pressure on the MA200-day moving average. On the upper side, the MA20 is approaching a moving average, and we expect its pressure soon.

Bullish scenario:

• We need new positive consolidation and keeping the price above the $ 48,000 zone.
• With the support of the MA200 moving average, we need a break above the top trend line and a price of $ 52,000.
• After that, we get the support of the MA20 moving average, and with other support, we can expect further price recovery.
• Our next resistance zone is at $ 56,000, then we come across the MA50 moving average, and a break above it can take us to an area of around $ 60,000.

Bearish scenario:

• We need continued negative consolidation and new pressure on the MA200 moving average.
• For the continuation to continue, we need a break below $ 46,700 to enter the continuation of the bearish trend.
• The next support awaits us at around $ 44,000, and a further lowering of the price to a stronger support zone to $ 40,000.

Ethereum chart analysis

Looking at the daily chart of Ethereum, we see that the price will again test the bottom line of this growing channel. We have already had a price withdrawal below the support line once. In last week’s fall, the price dropped to $ 3500, then recovered to $ 4500, and after that, we have a new price pull to $ 3800 this weekend. Monday is bearish for the price of Ethereum, and we are now testing the zone at $ 4000 before going down to the bottom trend line.

Bullish scenario:

• We need a new positive consolidation and a rise in price above $ 4,200 yesterday’s resistance.
• Then we approach $ 4300 to the upper trend line.
• Additional resistance in that $ 4300-4400 zone is our MA20 and MA50 moving averages.
• If the price can overcome that, we climb and test the zone at $ 4,500.
• A further break above can take up to 4800% of the previous high from the beginning of December.

Bearish scenario:

• We need to continue the negative consolidation to the bottom line of this channel.
• Break below us down to $ 3800, then continue towards the previous lower low to $ 3500.
• We can ask for more support in the region of around 3200 with the MA200 moving average.

Dogecoin chart analysis

The price of Dogecoin is still in a strong bearish trend, now it is currently testing support at 0.16000, but it seems more and more that we will see a break below. Last week, the price fell to 0.13100 at one point, then retreated to 0.18000. After that, the price moves again in negative consolidation with a view to the lower levels on the chart.

Bullish scenario:

• We need a new positive consolidation and a return of prices above 0.18000.
• We come across the upper trend line and the MA20 moving average at that level.
• In the further break above, the next torch is at 0.20000, then the zone at 0.22000 with additional resistance in the MA50 moving average.
• The MA200 is in the zone around 0.25000.

Bearish scenario:

• We need to continue this negative consolidation and the price drop below 0.16000.
• After that, the potential support is at 0.15000, and if it doesn’t last, we go down to the previous lower low at 0.13100.
• Depending on the strength of the bearish pressure, 0.10000 is also a potential target zone.

The post Bitcoin, Ethereum, Dogecoin bearish pressure is strong appeared first on FinanceBrokerage.

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