Bitcoin, Ethereum, Dogecoin Forecast: Euphoria Continues

The bitcoin price made a new all-time high, climbing to $ 67,038. Cena made her success during yesterday the European session, then we had a pullback in the American and Asian sessions, and the price rose again in today’s European session.

The price dropped to $ 63,700 this morning, after which it quickly retreated above $ 65,000.

Bullish scenario:

Price needs support at $ 65,000 to keep going up,
Positive consolidation sees no new testing of the historic high at $ 67,000.
The MA20 moving average is our closest support, and we move in an upward channel.

Bearish scenario:

The price requires negative consolidation and testing of previous support at $ 63500.
We need a break below the bottom channel line and MA20.
Price seeks lower support at $ 62,750, then $ 61,500, and psychological support at $ 60,000.

Ethereum chart analysis

ETHUSD surpassed yesterday’s psychological level at $ 4,000, climbing to a new high of $ 4,250 during the Asian session. The price of ETHUSD is in a strong bullish trend, and we can expect soon testing the previous historically high at $ 4380.

Bullish scenario:

Price continues this positive consolidation.
Moving averages and the bottom trend line of the trend are our additional support.
Chart make FLAG pattern
Our upper resistances are $ 4250, next at $ 4325, and historically high at $ 4380.

Bearish scenario:

The price should form a negative consolidation below $ 4100.
First support is at $ 4000 with the MA20 moving average.
The next support is at $ 3900 with the MA50 moving average and the bottom trend line.

Dogecoin chart analysis

The price of Dogecoin has made a break above the upper resistance line. Now it is testing the MA200 moving average at 0.25500. The price started the day positively, continuation we can see later this day.

Bullish scenario:

Dogecoin needs a break above the MA200 moving average.
Our first upper resistance is the previous high at 0.27000.
Our next resistance is at 0.29000, then 0.32000 high from 06 September.

Bearish scenario:

The price should make a negative consolidation below the MA20 and MA50 moving averages and support at 0.2400.
The next support price is at 0.22000, and the lower support is on the psychological level at 0.20000.

Market overview

Coinbase has put forward an argument for creating an entirely new regulatory department to oversee the processing of cryptocurrency transactions.

The Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC) have the task of examining crypto activities and digital processes.

These agencies are required mainly to oversee the division of standard financial space, and they are not knowledgeable about cryptocurrency, which is still a fairly new industry. Coinbase believes that a completely new department needs to adapt to change and the growing crypto arena. Faryar Shirzad – Coinbase’s chief policy officer – acknowledges that the plan is bold and vocal primarily because the exchange works to strengthen policy discussion and debate.

The move is quite different from the recent stance of Brian Armstrong, CEO of Coinbase, who recently commented that regulating crypto space could potentially limit innovation and harm the industry. The change seems to stem from the idea that crypto regulation happens whether we like it or not. Therefore, Coinbase would like to see how the United States will design its regulations and implement them in the future, rather than simply accepting everything that comes without control.

Subscribe to our newsletter

Get the latest economy news, trading news, and Forex news on Finance Brokerage. Check out our comprehensive trading education and list of best Forex brokers list here. If you are interested in following the latest news on the topic, please follow Finance Brokerage on Google News.