Bitcoin, Ethereum, Dogecoin are recording current gains in the chart
If we look at the BTCUSD chart on the daily timeframe, we can see that the price has increased from $ 41,000 to $ 44,000. Today the price rose further to $ 45,000 by testing that level along with a 200-day moving average. To continue on the bullish side we need a break above the moving average where we first look for the following resistances at the 50 day moving average at $ 47,000 and then at the 23.6% Fibonacci level at $ 47,765. For the bearish trend we need negative consolidation that will bring the price below the 38.2% Fibonacci level to $ 44,296. Continued downward pressure will bring us back into the USD 4000-41000 support zone at the 50.0% Fibonacci level.
Ethereum chart analysis
If we look at the ETHUSD chart on the daily timeframe, we can see that the price has found support at USD 2800; after that we have a breakthrough above $ 3000 and are now at $ 3120. We can say that the 200-day moving average is good support for the bullish trend for now. After the Fibonacci level, we see that in the previous Fibonacci setting, the pullback was at the 61.8% Fibonacci level. Now we need a break above the 20-day moving average and 50.0% Fibonacci levels at $ 3167 to test again the 61.8% Fibonacci levels at $ 3290 with resistance at the 50-day moving average. For the bearish trend we need a new negative consolidation that will steer ETHUSD back towards the USD 2800 support with the support of a 200 day moving average.
Analysis of the Dogecoin chart
If we look at the Dogecoin chart on the daily timeframe, we see that the price found support at 0.20000 and that we have a stable price at 0.20000 for the third day in a row. Today we hit the current value of 0.20620 and we can expect the price to hit a 20-day moving average of 0.22000. We are still in a more bearish consolidation within the falling channel and now that we have found support we expect the price to rise to the upper resistance level in the 0.25000-0.27000 zone. The additional resistance above is in our 50-day and 200-day moving averages. For the bearish scenario, we need a rejection of the 20-day moving average with a further reorientation of the price towards retesting the support zone at 0.20000. The break below us falls to the lower potential support at 0.18000 and then to the next at 0.16000.
Federal Reserve Chairman Jerome Powell testified before the House of Representatives Financial Services Committee yesterday. He said he had “no intention” to ban cryptocurrencies and stated that in his earlier testimony he was referring to stable coins, not all cryptocurrencies. Jerome Powell told Congress that he had “no intention of banning cryptocurrencies” like China did.
He believes that regulations ensure that consumers withdraw their money in the event of a crisis. His views are not fundamentally different from pro-Bitcoin Senator Cynthia Lummis, who said yesterday, “It may be that stable coins should only be issued by custodians or through money market funds or similar institutions.” She added, “Stablecoins must be 100% backed by cash and cash equivalents and this should be checked regularly. “
Powell has been working with Treasury Secretary Janet Yellen on a stable currency bill that is expected in the next few weeks. It is likely that it will not affect other cryptocurrencies, including Bitcoin and Ethereum, which are more volatile assets.
The National Bank of China did not have such an objection. It recently stepped up its efforts to limit the use of cryptocurrencies, even when experimenting with the central bank’s own digital currency – the digital yuan. This has resulted in exchanges like Huobi blocking access to billions of customers in mainland China – as well as powerful Chinese mining basins ceasing to operate and leaving China.
The record profits after Bitcoin, Ethereum and Dogecoin on the chart first appeared on FinanceBrokerage.