Started by PocketOption, Feb 07, 2022, 06:08 pm
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Against the backdrop of upcoming tighter regulations and fears that rising rates will reduce liquidity, crypto markets had a volatile start until 2022. From a peak to a low since the beginning of the year, Bitcoin has suffered a 30% loss in value. The turning point came on January 23, when $ BTC began to rise from $ 34,500. However, the small bodies of the candles indicated a marked lack of self-confidence in the bulls. It was only after last Friday that the Bulls made a decisive move, raising the price from $ 37,300 to $ 41,800, closing the day slightly from the top to $ 41,600. Sentiment against the Index of Fear and Greed has shifted from a rating of 20, which is classified as extreme fear, to 45 today. On the daily chart, the bulls are on the verge of breaking the 50-day moving average. Breaking above the moving average will signal the continuation of the rising moment.
Following the steps of El Salvador, there is talk of another nation that could legally regulate Bitcoin as a legal tender.
Although there is no more news in that regard, rumors are that it will be another Latin American country. Panama, Paraguay, and Guatemala are the names discussed, or maybe even Argentina.
After the price jump on Friday, we were in consolidation over the weekend, and we continue to do so today. The price is above $ 3000, and for now, everything is very calm, and we are waiting for the next impulse on the chart. The price of Ethereum after almost two weeks is again above $ 3,000 amid various speculations about a potential drop to $ 1,700. Assets, unlike bitcoin, have seen steady ups and downs since the beginning of this month. Therefore, it can be expected that the upward trend will continue until it reaches a safe zone above $ 3,200. However, around the market, it will start to stagnate, and we will enter a prolonged consolidation for another period of time. The price of ETH tests the upper resistance of the rising channel, and therefore it can be sure that it will reach levels of $ 3,200 at the earliest. Undoubtedly, Ethereum, which is not affected by the growth of bitcoin prices, could continue to grow above $ 3,200 but could later fall back into the same consolidation but would remain strong above $ 3,100. Therefore, it is confirmed by an upward trend, unless any drastic sell-off disrupts price growth and directs us to lower levels.
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