Bitcoin, Ethereum, Dogecoin new price pullbacks

Yesterday we had a new withdrawal of the price of Bitcoin. The price reached the level of $ 49,500, and after that, it retreated below the moving average to the current $ 47,100. We are now in this week’s $ 46,000-47,000 support zone. Our obstacle is still the $ 50,000 level.

Bullish scenario:

• We need a new positive consolidation and a rise in prices above $ 48,000 and above moving averages.
• Then again, we come to the resistance zone at $ 49000-49500, with additional resistance in the upper trend line.
• Break above the resistance line intensified and bullish optimism.
• The next potential resistance is at $ 51,000 previous high, then $ 52,000 high from December 7th.

Bearish scenario:

• We need continued negative consolidation and a break below the $ 46,000-47,000 support zone.
• The price break below opens up space to the $ 43,466 December minimum.

Ethereum chart analysis

The price of ETHUSD ran into an obstacle at the $ 4100 level. She retreated below the moving average again and crossed to the bearish side. After price arrival in that zone, it soon made a pullback to the current $ 3863. We need to pay attention in the $ 3700-3800 zone to what kind of consolidation ETH will do.

Bullish scenario:

• We need a new positive consolidation and a return to the price above the $ 4,000 psychological level of support.
• We come across moving averages in that zone and expect their support for further continuation on the bullish side.
• We also need a break above the upper resistance line, and the first next resistance is at $ 4100.
• Further bullish momentum climbs us to the $ 4,200 resistance zone, and if we exceed that level, then we can expect to visit the previous high at $ 4,500 from December 9th.

Bearish scenario:

• We need to continue this negative consolidation and the price fall in the support zone of 3700-3800 $.
• Break below the descent to the previous low of $ 3640, and if he does not support us, we will continue to the December minimum at $ 3470.

Dogecoin chart analysis

Elon Musk’s announcement that it would allow customers to buy certain goods with Dogecoins shook the chart, and the price jumped to 0.22000. Very soon after that, the price made a pullback, as if nothing had happened, on 0.17160 price. Dogecoin is now testing potential support in the MA200 moving average, and depending on further consolidation, and we will see in which direction the trend will proceed.

Bullish scenario:

• We need a new positive consolidation, a break above moving averages, and 0.18000.
• After that, we test the resistance in the zone 0.18500-0.19000, and we need a break above to move towards 0.20000.
• Our next bullish target is the previous high at 0.22000.

Bearish scenario:

• We need negative consolidation and lowering the price below moving averages.
• Increased bearish pressure directs us further towards the previous low to 0.15170, and if this support does not last, we descend to the December low at 0.13100.

Market overview

Contradictory reports on the state of crypto-regulatory issues appeared in Russia yesterday. First, a Reuters report that the Central Bank of Russia is seeking a ban on cryptocurrencies, citing risks to financial stability and exploding the volume of transactions. If adopted, the move would be in line with remarks by Russian President Vladimir Putin last month, who said cryptocurrencies “bear high risks.” The National Central Bank is currently preparing an advisory report on this issue.

Anatoly Aksakov, Chairman of the Financial Markets Committee of the Duma of the Russian Parliament, made the following statement at a press conference: “There is a rigorous approach to altogether banning cryptocurrencies, such as acquiring or owning. There is an approach where there must be proper cryptocurrencies, where everything is legalized, transparent and understandable to regulators. It would be easier for Russia’s Federal Tax Service to tax such exchange offices. transactions. “

Chairman Aksakov also expressed support for the country’s cryptocurrency mining regulations, citing factors such as mining taxation and business electricity consumption. Authorities in the country prioritize introducing the CBDC ruble (digital ruble). They have taken harsh measures against the private crypto sector, including a ban on mutual funds investing in Bitcoin (BTC). The latest data show that Russians make transactions of around 5 billion dollars in cryptocurrencies every year.

The post Bitcoin, Ethereum, Dogecoin new price pullbacks appeared first on FinanceBrokerage.

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