Bitcoin, Ether, DOGE Daily Charts Analysis for Oct 20, 2021
Bitcoin is approaching the previous historical high, currently consolidating in the $ 64000-64500 zone. The price jump in the last week was 11% and over 30% in the previous month.
Bitcoin shows strong bullish signs above the $ 61,000-62500 zone.
The price is now trading at 64100 and above the MA20 moving average.
On the eight-hour chart, the price had a strong bullish momentum during yesterday’s U.S. session, rising from $ 62,300 to $ 64,478.
Immediate support is close to the $ 63,560 level, and the break below takes us to the support at $ 62,750. Then, the next is at $ 61,500, then at $ 60,000.
Bitcoin could continue to grow and may even pass the $ 65,000 level soon, forming a new historical high.
Ethereum chart analysis
Ethereum has been consolidating above $ 3800 for the last three days. The price needs to break above 3900 to continue to grow in the near future.
Ethereum found its bullish support at $ 3675 on Monday and has been growing since then.
The price has support in the MA20 eight-hour moving average and the lower current trend line.
Ethereum now needs to continue with positive consolidation, to make a break above $ 4000.
Potential bearish trend:
we need a break below the trend line and MA20,
The price should be a pullback on support $ 3750, and then we go down to stronger support on $ 3675.
Ethereum is in a bullish trend, and the continuation towards higher targets is still evident.
Dogecoin chart analysis
Dogecoin has been consolidating for the last few days in the 0.24000-0.25000 zone. Price had previously visited the previous high at 0.27000.
Dogecoin is now trading at 0.24500 and has support in the MA20 and MA50 eight-hour moving averages.
The price has additional support in the lower trend line from September 28.
The price should break above the upper resistance line and the MA200 moving average to 0.26000.
Our target is 0.27000 previous resistance zone, and the break above leads us to a 0.30000 psychological level.
The first support below is at 0.23500; then the next is at 0.22000.
A further drop in the price of our descent to 0.20000 psychological level.
Consistent volumes must support dogecoin’s progress. Otherwise, negative winds may begin to sneak into the market, which would instill fear in Dogecoin holders, forcing them to sell their assets.
China is before 150 days banned Bitcoin mining, and BTC’s action has only benefited as a result. Five months ago, China sparked a significant but not surprising uprising by doubling its hostile environmental policy toward cryptocurrencies.
The Chinese move against the miners led to temporary price turbulence, leading to the biggest turnaround in Bitcoin history.
Now the network and its security have virtually erased every trace of Chinese influence, and the BTC price shows a much clearer trend.
The Senate Committee on Australia as Technology and Financial Center (ATFC) has just submitted its third and final report to Parliament containing 12 far-reaching recommendations for regulating digital assets and fintech technology below.
It proposes new licenses for cryptocurrencies, new laws to manage decentralized autonomous organizations, a capital gains tax overhaul in DeFi, and a tax rebate for cryptocurrency miners using renewable energy. The reports found a need for greater regulatory clarity and certainty by avoiding stifling innovation with heavy demands.
Asher Tan, executive director of the Australian crypto exchange Coinjar, praised the chairman of the board of senators, Andrew Bragg, and the team for the advanced approach they have taken with this proposed regulatory framework. He stated the following: “In our view, the AFTC report evokes a commendably optimistic tone that sees blockchain technology as a historic innovation as it is – and one that comes with appropriate opportunities and risks.”
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