Bitcoin chart analysis
The price of Bitcoin stopped at $ 42,550 yesterday and then made a new turn to $ 39,000. We are again below the $ 40,000 psychological level and are now looking at previous support at $ 37,250 as a place to stop this price drop. If bearish pressure continues, it could easily happen that the price of falling falls the trend line in the zone of 35000-36000 dollars. For the bearish option, we have to climb above $ 41,000 to be above moving averages and gain their support. After that, we will probably climb up to $ 42,000 for a new test. Our next potential resistance is at $ 45,000, March high.
Ethereum chart analysis
The price of Ethereum is also in retreat after it failed to make a break above $ 2,800 yesterday. Currently, the price is below 2600 dollars, with a view to the lower support line in the zone 2400-2500 dollars. Moving averages are again on the bearish side, giving us a signal that the pressure on the price is increasing. This may suggest that we may see a deeper price pull towards $ 2,200 and perhaps a psychological $ 2,000. For the Bullish option, we need to go back above $ 2,800 again and make a break above the MA200 moving average if we are to continue. The next target is the upper trend line in the $ 2900-2950 zone. Above the following potential resistances await us at $ 3,000, then at $ 3,200.
Dogecoin chart analysis
The price of Dogecoin has been in the bearish trend since yesterday, after rising to 0.12440. Today, the price has dropped to support at 0.1145, and now we are looking at what kind of consolidation Dogecoin will do on the bearish or bullish side. We have a lot of support at 0.11000, and we were there on February 24. If the price consolidates on the bullish side, then we need a break above 1.1250. After that, we would get support in the MA20 and MA50 moving averages, which could increase bullish optimism. That could raise the price further to 1.13000, then 0.13500. Our MA200 is in the zone around 0.1370, and we can expect higher resistance on the chart.
The BTC and the crypto sector have remained the most discussed topic among financial regulators worldwide in recent days. The crypto community has expressed optimism about the recent executive order of U.S. President Joe Biden on digital currencies.
“Bitcoin is leading the cryptocurrency market more after U.S. Treasury Secretary Janet Yellen previously issued statements revealing that President Joe Biden plans to take a constructive approach in regulating digital token space. The market has clearly encouraged talks to support responsible innovation and a constructive approach to regulating the economy of digital tokens in development. Investors waiting on the sidelines while the war between Russia and Ukraine is unfolding have re-entered the market, resulting in impressive gains for some of the leading cryptocurrencies, ”said the Bitfinex trading team.
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