Trading | 2 months ago
In the Daily Crypto Analysis segment, we do the in-depth analysis of the underlying cryptocurrency by verifying the fundamentals and using all the available variables for the financial asset. We provide the market insights and unbiased information from the experienced financial analysts on top traded cryptocurrencies like Bitcoin, Ethereum and Dogecoin.
Bitcoin is currently trading near the major support level of $33,000 against the US dollar. On the daily chart of Bitcoin, it is trading below the 50-period moving average. this signals the formation of an important bearish trend line near the $33,000 price level.
Bitcoin fell by 4.4% against the US dollar on Thursday. If Bitcoin fails to hold at $33000 price level, then it could skid further down to the $32,500 support level. Therefore, one must look for selling opportunities in Bitcoin if it breaks the support level and potential buying opportunities in Bitcoin if it is able to hold the support and show any upswing.
Ethereum reclaimed some of the recent loss in this week. However, it could not hold the support level of $2277 and fell by 7.45% to trade at $2107 against the US dollar on Thursday. Currently Ethereum is trading below the 2100 price level and also below the 50- period moving average on daily chart.
If Ethereum stays above the $2,000 support zone, it could attract the bulls. The relative strength indicator for Ethereum is below the 50 which indicates it is in bearish territory. Therefore, one must look for selling opportunities in Ethereum if it breaks the support level of $2000.
Dogecoin continues to consolidate after showing some violent moves. However, Dogecoin is still trading in downtrend. Dogecoin fell by 4% to $0.24 against the US dollar on Thursday.
If Dogecoin fails to reclaim the $0.25 support level then it could further skid down to $0.22 level which is the next support zone. Therefore, one must look for short-term selling opportunities in Dogecoin at $0.22.
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