Bitcoin, Ethereum, and Dogecoin are still in the red
Bitcoin is still in the withdrawal phase today, testing a 38.2% Fibonacci level at $ 37,900. Further continuation to the bearish side is very likely, first up to 50.0% Fibonacci level at $ 36,300, which coincides with the 20-day moving average, while the 50-day moving average in the zone is around 61.8% Fibonacci level. We need a break above the resistance line and a move above the $ 40,000 at 23.6% Fibonacci level if we think on the bullish side. After that, we can expect to reach the previous high at $ 43,000 first and maybe move on to the 200-day moving average in the $ 45,000 zone.
Ethereum Chart Analysis
Looking at Ethereum on the daily time frame, we see that the price continues to fall today, dropping our current $ 2477. We can expect the continuation of the bearish trend in the coming days. We are soon entering the $ 2300-2400 zone, where we can expect some consolidation. Moving averages are below in the $ 2100-2200 zone. The break below them definitely leads us to a large support zone of $ 1700-1800.
Dogecoin chart analysis
We will look at the Dogecoin chart on a four-hour time frame, see that all cryptocurrencies are under pressure, and record losses. Dogecoin fell below 0.20000, staying below all moving averages, which only increased bearish pressure. By setting the Fibonacci retracement level, we see that we can look for potential support at 61.8% Fibonacci level at 0.18800. our previous low was at 0.18280 at the 50-day moving average. We have already had a bullish rejection twice in our current position, and we have been consolidating at the same level of potential support for the last 24 hours. We need a break above the moving averages and the upper resistance line for a more concrete bullish sequel.
Overview of the market
Investigations by South African company Mirror Trading International (MTI) – considered last year’s widespread Ponzo bitcoin scheme (BTC) – now include the United States Federal Bureau of Investigation.
MTI, which was temporarily liquidated in December 2020, claimed to have more than 260,000 members in 170 countries at its peak. It first caught the attention of regulators in Texas in July last year, where its operations were quickly closed. The South African Financial Services Authority (FSCA) issued its statement in August 2020, warning that the company does not have a mandatory license and offers investors incredible, fantastic returns on their investments. The FSCA has advised existing MTI clients to request an urgent refund.
Since the scheme’s collapse in South Africa, the liquidation team has been trying to track down the assets of MTI, which is believed to have held about 23,000 BTCs worth about $ 874 million at today’s price. The team has been trying to expand its powers since January to help with their efforts.
In an e-mail to Bloomberg, five MTI commissioners said they “had meetings with international law enforcement agencies, such as the Federal Bureau of Investigation, after contacting them,” revealing that the FBI is partnering with Mirror Trading International liquidators in the interest of several American and local investors. ”
As previously reported, South African media leaked MTI’s alleged internal communication suggesting that the company’s senior managers were in the dark about the scheme’s operations, and MTI CEO Johann Steinberg was the only person to have complete control.
The post Bitcoin, Ethereum, and Dogecoin are still in the red appeared first on FinanceBrokerage.