Bitcoin, Ethereum, Dogecoin Potential for Further Recovery
Looking at the BTCUSD chart on the daily time frame, we see that the price managed to climb to $ 51,200 at 61.8% Fibonacci level yesterday. Today we have a price withdrawal from yesterday’s high to the current $ 50,310. If the pullback continues, we can expect it to 50.0% Fibonacci level at $ 46,880. Below, we can get additional support in moving averages, driving the price to higher levels on the chart. A break below this support can take us to the next below support at 38.2% Fibonacci level at $ 42,580. For the bullish scenario, we need a new price jump above the current resistance and the previous high to $ 53,400. Break above to go to the next 78.6% Fibonacci level at $ 57,295. In general, we can say that we are still in the bullish trend since July.
Ethereum chart analysis
Looking at the ETHUSD chart on the daily time frame, we see that yesterday’s price managed to climb to a new two-week high at $ 3550, and today we have a shorter retreat from that level to the current $ 3366, asking for support at the 50-day moving average. Looking at the chart from 20 July, we can form a growing channel; we see that the price has found support on the bottom line, and now it is again possible to re-test the lower support in the zone around $ 3000. For the bullish trend from this level, we need the continuation of positive consolidation, which will continue with the help of the 50-day moving average towards the previous lower high at $ 3680. Our main bullish goal is a higher high at $ 4000 from the beginning of September.
Dogecoin chart analysis
Looking at the Dogecoin chart on the daily time frame, we see that the price managed to climb to the upper resistance line at 0.27000, but above we encountered resistance in the 200-day moving average. After that, the price drops to the current 0.24500, and now there is a chance to go down and test the previous support to 0.23000. For the bullish scenario, we need a break above 0.27000 to hope for a new psychological level test at 0.30000.
According to the data provider on the chain, the addresses of millionaire whales at the bitcoin level have achieved the largest accumulation in the last 27 months, since July 2019. The data provider notes:
Bitcoin whale traders keep between $ 100 and $ 10,000 BTC accumulated $ 70k BTC 10 days ago, the biggest accumulation day for this group since July 2019. Not surprisingly, prices have gradually returned to over $ 51,000 because whales are no sign of a dump yet.
As CoinGape reported, the supply of Bitcoin on the stock exchanges reached the lowest level of 30 months. So much of bitcoin purchases are currently moving into quiet wallets.
Long-term bitcoin owners are on a big rise after supply fell to the bottom earlier this year in March 2021. According to data from Glassnode, these long-term owners have accumulated 13x more BTC than has been mined in the last seven months.
The pattern of bitcoin accumulation clearly shows that we are going to the beginning of the next bull race. Many analysts predict a minimum of $ 100,000 for bitcoin by the end of this year. In addition, all eyes are on the possible approval of the Bitcoin ETF by the end of this year.
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