Bitcoin, Ethereum, Dogecoin daily chart review

We currently see negative consolidation of the Bitcoin price below the MA20 and MA50 running averages and testing support in the $ 56,500 zone. Bitcoin tried three times to overcome the resistance in the zone at $ 59,000 but failed and always came back down for new support. Now we have to be careful and watch whether the price will break below or manage to move away from this support with further consolidation.

Bullish scenario:

• We need a new positive consolidation above the $ 56000-56500 zone and a break above the MA20 and MA50 moving averages.
• Then we can expect a further continuation towards the upper resistance around $ 58800-59000.
• Further price increases bring us up to a $ 60,000 psychological level.

Bearish scenario:

• Our current support is the MA200 moving average in the $ 56000-56500 zone.
• Continuing the negative consolidation puts us below this zone, and we are looking for further support at the $ 55,500 price.
• If that support doesn’t last either, we can expect Bitcoin to drop to the next support in the $ 53500-54000 zone.

Ethereum chart analysis

Ethereum’s price found support at $ 4,500 this morning, and then we see a slow, if constant price rise to the resistance zone at $ 4,600. Now I have to pay attention to how the price will behave at this level, whether it will break above or retreat to lower levels.

Bullish scenario:

• We need continued positive consolidation above $ 4,600 and above the MA20 and MA50 moving averages.
• Then we can expect to retest the resistance zone around $ 4780-4800.
• A further break above could jeopardize the previous high of $ 4868 and perhaps form a new all-time high.

Bearish scenario:

• We need non-negative consolidation and new testing of the $ 4500 level.
• The break below could lower the price until the next support to $ 4400, where the MA200 moving average awaits us as additional support.
• Further bearish pressure lowers the price of ETHUSD to the next support at $ 4200.
• We can expect the maximum pullback on this time frame is up to a $ 4000 large support zone.

Dogecoin chart analysis

This morning’s dogecoin price found support in the 0.20000 area, declining from the falling trend line, making a retest on the line. The price has made the current daily maximum at 0.22320, and now we have consolidation at 0.21500, where we expect to support moving averages. By setting the Fibonacci retracement level, we can say that we now have support at 23.6% Fibonacci level.

Bullish scenario:

• We need a continuation of the positive consolidation above the 23.6 Fibonacci level.
• In the continuation, the price increase leads us to the next resistance at 38.2% Fibonacci level at 0.22850.
• If we see a further break above, the next target is 50.0% at 0.24150 and above 61.8% at 0.25470.

Bearish scenario:

• We need negative consolidation and retreats below the moving averages of MA20 and MA50.
• In the continuation of the pullback, we encounter the next resistance at 0.20000.
• And our maximum bearish target is November low at 0.18600.

Market overview

The head of the SEC, Gary Gensler, returns to this with several remarks on the need for regulation in a decentralized industry. Chairman Gensler spoke remotely at the Digital Asset Compliance and Market Integrity Summit, stressing the need to register cryptocurrency exchange platforms with the SEC instead of protecting consumers. He even offered that the commission is ready to discuss topics such as token custody with exchanges.

However, Gensler reiterated that crypto platforms could face the wrath of regulators following non-compliance with SEC laws. The head of the SEC, Gary Gensler, confronted former SEC President Jay Clayton at the DACOM summit, where Gensler said cryptocurrency exchange platforms should “work with us (SEC).” In addition, both SEC chiefs said they saw a productive future for cryptocurrencies, however, not without a “trust environment.”

Towards the end of the third quarter, CoinGape reported Gensler’s stern warning against unregulated crypto exchanges. Gensler argued that unregulated cryptocurrency markets and companies operating outside the regulatory framework “will not end well,” further arguing that compliance with SEC rules will pave the way for success.

The post Bitcoin, Ethereum, Dogecoin daily chart review appeared first on FinanceBrokerage.

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