The price of Bitcoin tested the psychological level at $ 60,000 yesterday. After that, the price found support, and we continued on the bullish side again. We are in a growing channel during October, and for now, we can expect a further continuation of the bullish scenario.
The Bitcoin price must stay above $ 60,000.
Our supports are the MA50 moving average and the bottom line of the growing channel.
And the price has not made a new lower low so far, which would indicate increased pressure.
The price should form a negative consolidation, which will lower us below the bottom line of support.
We need a break below $ 60,000 of psychological support.
Negative consolidation leads us to lower support at $ 58,000.
Ethereum Chart Analysis
Ethereum tested the zone at $ 4,000 yesterday, found support, and climbed to the current $ 4,150. The price is still in the growing October channel.
Ethereum must make a break above the resistance zone at $ 4,200.
The MA20 moving average and the channel’s bottom line are good support for us on the chart.
The next upper resistance is at $ 4380, and we hope to break above to make a new historic high.
The price should make a pull below the MA20 moving average and the bottom line of the channel.
Then our first support is at $ 3800 with the MA50 moving average, the next in the $ 3700 zone.
The MA200 is currently at a whopping $ 3,500.
Dogecoin Chart Analysis
Dogecoin managed to make a new October high at 0.28320 yesterday. After that, today, we have a smaller price withdrawal to 0.26540. The price of Dogecoin is slowly advancing to the bullish side by moving its movement to higher levels on the chart.
The price of Dogecoin confirmed its bullish pretensions by making a new high.
Moving averages are on the bullish side in the zone around 0.25000.
Additional support is in our October bottom trend line.
The first upper resistance is at 0.29000, then psychologically at 0.30000 and the previous higher high from September at 0.32000.
We need negative consolidation and testing of the October bottom line of support.
Stronger pressure on the price brings us below the support zone to 0.24000.
The next lower support is at 0.22000, then the October low at 0.20000.
Cryptocurrency Market Overview
The Central Bank of Saudi Arabia is experimenting with emerging technologies, such as the blockchain for the financial sector. Still, it does not intend to phase out cash in favor of digital payments.
Central bank digital currencies (CBDCs) are one of the most important financial technologies in development. Still, according to a central bank representative quoted in the report, the kingdom does not intend to phase out the use of paper money.
The central bank was one of the first in the world to experiment with CBDCs back in 2019 when it announced the Aber project, a bilateral experiment with the UAE, to test the use of digital books in cross-border transactions.
Saudi Arabia is trying to increase the share of electronic payments to 70% of the entire country by 2030. Still, the kingdom wants to ensure the continuity of cash transactions and the availability and acceptance of paper and metal cash as means of payment, according to the interview. The representative said that the goal will probably be achieved five years earlier, in 2025.
The UAE is now working on another cross-border CBDC project with China, Thailand, and Hong Kong.
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