Trading | 3 months ago
In the Daily Crypto Analysis segment, we do the in-depth cryptocurrency market analysis by verifying the fundamentals and using all the available data like volume weighted average price. We provide the insights and unbiased information on top traded cryptocurrencies like Bitcoin, Ethereum and Dogecoin.
Yesterday, Bitcoin tried to reach the most important psychological price level of $40,000. However, after a week of positive gains, today Bitcoin is consolidating at $37000 price level. Bitcoin price fell by 5.9% in the Asian trading session.
$37,000 is a major support level for Bitcoin, if it breaks this support level then it may go down to $35,000. Technical indicators indicate that Bitcoin has entered into a minor consolidation phase. Therefore, one must avoid trading in Bitcoin for the time being.
Last month Ethereum fell below its all-time high after the announcement of Chinese regulators on crypto currency restrictions. Ethereum (ETH/USD) has rallied and tested the $2900 level in this week. It looks like Ethereum has reignited the interest of the traders after launching a new concept known as proof of stake to verify the blockchain transactions which are much safer and energy efficient.
As a result, the institutional adoption in Ethereum is rising every month. One must look for buying opportunities in Ethereum at the support level.
Dogecoin rallied by 14.2% on Wednesday after Coinbase, the biggest U.S. cryptocurrency exchange with almost 50 million active users has listed Dogecoin on their platform.
Today at the time of writing, Dogecoin was down by 6% to $0.37 after two consecutive daily rallies. Bulls expect a major breakout in Dogecoin after this price correction. Therefore, one must look for buying opportunities in Dogecoin at $0.365 Support level.
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