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 Bitcoin, Ethereum, Dogecoin possible longer consolidation

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 Bitcoin, Ethereum, Dogecoin possible longer consolidation

Looking at the Bitcoin chart on the daily time frame, we see that the price, for now, I have current support at $ 41,500 at 50.0% Fibonacci level. Bearish pressure is still evident because we are still below moving averages. To continue on the bullish side, we need to first break above the 38.2% Fibonacci level at $ 44286, after which we come across moving averages in the $ 45000-47000 zone. To continue, we must overcome this resistance zone and climb above the 23.6% Fibonacci level to $ 47,750. For the bearish trend, we expect the Bitcoin price to fall further below the 50.0% Fibonacci level and a new test of the previous low to $ 40,000. A further drop could lower the price to the next low potential support at 61.8% Fibonacci level at $ 38,685.

 Bitcoin, Ethereum, Dogecoin possible longer consolidation

Ethereum chart analysis

Looking at the ETHUSD chart on the daily time frame, we see that the price is still supported at the 200-day moving average and that we need to pay attention to whether the price will break below or reject and continue to the bullish side. For the bearish side, we need a break below $ 2600 in order to expect a further price drop towards the lower zones of the pod. The first lower support below us is at $ 2400, followed by the next at the $ 2000 psychological level, while the last support is waiting for us down at $ 1700. For the bullish scenario, we need a positive consolidation that can push the price of Ethereum above the upper falling line of resistance; if a break occurs, only then can we expect ETH to visit the previous high at $ 3680.

 Bitcoin, Ethereum, Dogecoin possible longer consolidationDogecoin chart analysis

Looking at the Dogecoin chart on the daily time frame, we see that the price has found current support at 0.20000. Bearish pressure is still evident, but a positive consolidation in this zone can climb us to a safer zone around 0.23000. Further progress can lead us to a psychological level of 0.25000. To continue the bullish trend, we definitely need a break above all the moving averages.

 Bitcoin, Ethereum, Dogecoin possible longer consolidation

Market overview

The Swiss Financial Market Supervisory Authority approved the country’s first dedicated crypto fund on Wednesday. The new crypto fund will be called the Crypto Market Index Fund. FINMA has categorized the crypto fund under “other alternative investment funds.”

The Swiss regulatory supervisor said the crypto fund, although it would be regulated under existing legal provisions, would be done in a technology-neutral way to make room for innovation.

In order to reduce the risks associated with an unstable crypto market, the new crypto fund would primarily invest in those assets that have a large trading volume. In addition, all crypto transactions would be enabled only through established contracting parties and platforms based in the member country of the Financial Action Task Force and are subject to appropriate anti-money laundering regulations.

The adoption of cryptocurrencies in 2021 broke many records because it involved institutional investors and governments. El Salvador has made Bitcoin (BTC) a legal tender, while Paraguay, Argentina, and Panama have also shown interest in adopting Bitcoin.

Major financial institutions, including some of the former critics, such as JP Morgan, Morgan Stanley, Goldman Sachs, have returned with their statements about launching crypto or fund focused on Bitcoin for investors amid high demand. More importantly, some of Wall Street’s biggest names are also building and investing in crypto mining infrastructure, such as the world’s largest asset manager Blackrock.


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