Bitcoin, Ethereum Slide On Turkish Ban, Dogecoin Goes Ballistic, Up 500%+ In A Week

Free stock photo of achievement, background, bank

BITCOIN (BTC/USD), ETHEREUM (ETH/USD), AND DOGECOIN (DOGE/USD) PRICE, ANALYSIS AND CHART:

  • BitcoinEthereum nudge lower on Turkey ban.
  • Dogecoin goes ballistic, the rise and rise of alt-coins.

A week, when Bitcoin and Ethereum hit fresh record highs is ending on a downtick after Turkey said that they will ban cryptocurrency payments. The Turkish central bank said the ban, which comes into place on April 30, was due to the irrevocable risks that surround cryptocurrency transactions and that their ‘market values can be excessively volatile’. While this news is stemming the latest rally, any further profit-taking in the space will likely be seen as another opportunity to enter the market at more favorable levels. As always, care should be taken over the weekend sessions, even in this 24/7 market, as reduced liquidity can lead to sharp moves.

THE RISE AND RISE OF ALT-COINS – DOGECOIN SOARS

This week’s star performer and media headline-grabber is meme darling Dogecoin which has soared from just over 6 cents to a current level of 38 cents in the last seven days, a rise in excess of 500%. The token, a favorite of Tesla founder Elon Musk, has more than doubled today - giving it a market capitalization of $48 billion - helped by yet another bullish tweet by Musk. When you get 273k Twitter likes, you know your message is hitting home. Any kind of serious technical analysis on Dogecoin is moot at this point with price action driven solely by various cryptocurrency Reddit boards, StockTwits, and Elon Musk’s musings.

Bitcoin, Ethereum Slide on Turkish Ban, Dogecoin Goes Ballistic, Up 500%+ in a Week

Bitcoin is edging lower on the day but remains positive for the week, just, on the Turkish central bank news, but as can be seen on the daily chart, any recent sell-off has been seen as an opportunity to enter, or re-enter, the market. The chart shows an unbroken sequence of bullish waves of higher highs and higher lows and as long as this pattern remains in place then higher prices look likely. If the sell-off continues, a support zone between $58,400 and $59,200 (20-day sma) will come into play ahead of the April 7 swing-low at $55530.

1 2
View single page >> |

Disclosure: See the full disclosure for DailyFX here.

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
William K. 4 weeks ago Member's comment

Clearly, all it would take to get rid of the crypto currency would be to declare it unacceptable for any dealings with the US government, and for the states to follow suit.