Is Dogecoin Due For A Breakout? Bullish and Bearish Cases For Ethereum? - Crypto Breakdown December 2, 2021

Crypto Breakdown

Episode Summary

Dogecoin chart trends indicate a possible breakout?

Ethereum Bullish and Bearish Scenarios Until the End of the year

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Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Unedited Transcript:

Hey everybody happy Thursday is Joe Dewitt, and this is the crypto breakdown. Taking a look at Bitcoin. We are still in that crucial area here where it is undetermined. We have accumulated some higher lows and some higher highs. Although the micro trend does not look right. We have fallen below that 50 day.

Moving average and price looks like it is making its way down towards that 45,000. Which we previously just came out of Bitcoins. Next month of price action is going to heavily determined on the next few days and what it decides to do at this 58,000 resistance level price, getting above would solidify its bullish trend in bursts through all time highs and no time falling below towards that 45,000 support would.

Just lasts a little bit longer of consolidation. Taking a look over at Ethereum. Ethereum continues to uptrend with a slight pullback today, looking at a four and a half percent down on the day, which is of course common after a good run like this. It looks like it was regressing back to its support level of around 4,350, solidifying this as support and reversing off of there in the upwards direction.

Up towards that 4,800 would be. Great. Now the dose coin chart also looks fairly interesting. It looks here like it has established a low it came down and had a little bit of reversal now. So price has been climbing could consider this. If this does confirm to be low, this could be considered a higher, low, although it is lower highs with higher lows, which means it is deforming, a descending triangle here.

So those going overall, the macro trend, it looks like it could be breaking out in a matter of a few weeks. In order for a nice breakout worth waiting for it. We'd have to get above that 50 day and 200 day and Bitcoin price action would have to be moving as all coins like to follow. So the next few weeks will be a telltale sign for those coin.

And today, guys, I'm going to break down a theorem a little bit, talk about a possible parish standpoint, as well as the realistic bullish standpoint. The biggest thing that concerns me with delirium is the increasing gases. I know they've been addressing this for quite some time and looking to switch over to eith 2.0.

Gas fees are not getting any better. And it is just pushing away users from Ethereum to alternatives like Selana, which personally, you know, I've done the same thing. I've transferred over to Solano for a lot of NFC transactions. Not to say that it has everything that theorem has to offer, but it is a great alternative for those looking to make trades with very minimal fees.

And if this continues to keep up and they. Continue to procrastinate the rollout of Eve 2.0, I could see price continuing to drop. Although price has been climbing users on the network are struggling with transaction fees. It's not necessarily going to drop price, but it's going to consolidate price and limit the amounts that it's going to move, going to limit the capability of price action.

Because with the full capability of Ethereum, I think is where we will see the most potential. And until then, I don't think price is necessarily going to reflect that. So on the bear standpoint eats 2.0, takes another few months to roll out. Eve gets above all time highs potentially around that 4,900.

And quickly it breaks down and continues to consolidate for about a month year falling back towards that 3,600 and just sideways. I'm consolidating for a bit then with the rollout of Eve 2.0 price, absolutely skyrocket, continuing to break all time highs now on the alternative that Eve 2.0. Proof of stake does not hold that much weight on price.

Action. Price will hit a reversal on this current support that it is touching and move in the upwards direction towards that all time high. And one's breaking all time highs just continues to hit that squeeze because a breakout like that would cause for a bit of price action and that would lead price to move into a undiscovered area.

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