Today LIVE FROM NEW YORK! BENZINGA CANNABIS CAPITAL CONFERENCE

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Episode Summary

On today's Crypto Daily we talk bout the following terms

• Support Level
• Resistance Level
• 50 Day Moving Average
• 200 Day Moving Average
• Golden Cross
• Bullish Golden Cross
• Bearish Golden Cross

We also look at key support and resistance levels for the following coins:

• Bitcoin
• Ethereum
• Solana
• Dogecoin

Hosts:

Joe Dewitt [email protected]

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Also listen to the Moon or Bust Podcast

Disclaimer: All of the information, material, and/or content contained in this program is for informational purposes only. Investing in stocks, options, and futures is risky and not suitable for all investors. Please consult your own independent financial adviser before making any investment decisions.

Unedited Transcript

Hello everybody happy Friday morning. My name is Joe Dewitt and this is crypto daily. Before we go ahead and get started, I just want to go ahead and go through some basic terms that we're going to be using in some of our next podcasts.

So levels of support and resistance. Levels of support pretty much describe a price where we've struggled to get below in the past. So if I point out a level of support, I means I am pointing out a level where we have struggled to get below and recent cycles. Resistance applies the same thing, just the opposite.

So resistance levels are price action that we struggle to get a above. So we're talking about a term of resistance is going to mean a price action that has been hard for us. Get above in the past, we also have the term consolidation. So when talking about something that's consolidating, that means price action is becoming less volatile.

So price is starting to move in a squeezing form, starting to consolidate as people become more into. And our last term for today being the golden Macross when discussing a golden cross, it is a 50 day moving average with a 200 day moving average. If you were unfamiliar with those moving averages, all they are is a 50 day would be a 50 days of price action averaged.

That is plotted at that point. Um, very simple. So a 50 day and a 200 day, and the golden cross is any point that they cross. So the 50 day on top of the 200 day, it would be considered a bullish crossing. And the 200 day above the 50 day, it would be considered a bearish crossing, jumping straight into it, taking a look at Bitcoin price action.

Since yesterday, when we talked, Bitcoin was testing that 58,000 level of resistance. Today, we hopped up above that level of resistance and we are looking to close this daily candle, stick above this level. If we can close above this level, that'll be a very, very bullish sign. We will be in that zone, that zone of 58,000 to our all time high of around 65.

If we can look to close above this, this would be, um, an 11 hours. His candlestick is closing. So that is going to be a huge help for us coming down from there. If we get rejected, we're going to be bouncing back into that $52,000. And looking to touch down on that 50 day, ma for some support. Now, moving over to a theory from Ethereum looks really good.

It has a price target of about $4,000 as we move up towards that level of resistance. We just previously consolidated for a couple days, um, touching down in that 50 day, moving average and touching our previous support of $3,200. That was a huge level of support for us here as it was resistance term support.

Um, we bounced off that. We're looking to our $4,000 price range, which is going to be one step before our all time highs zone, that zone of around 4,000 to $4,400. That's on, there is not going to be as volatile as this zone that we are currently in. And that's going to be a zone of consolidation as we battle for an all time high.

So usually all time high zones are going to be. Zones of consolidation. This is primarily due to struggling getting above that all time high, because that is establishing a value of this crypto at a completely different point than it was previous. So that is obviously something we should be weary of. So that, so that's on there, the 3,900 and the four one.

300 is going to be a zone of consolidation for us. We can expect usually battling in all previous, all time high is going to be a struggle, um, as we look to, you know, break above that price point. So we can expect there. If we get above this line of around $4,000 to see a bit of consolidation, if we get rejected there, we're going to be coming down heading towards that 50 day.

Moving average, most likely putting ourselves at around 3,600, not taking a look over at Solano, the salon of chart today. It looks quite interesting. Our daily candlestick bouncing off of that 50 day, moving average, we've been consolidating on that line for a number of days. Um, bouncing off there to our target of $175.

If we can get that target, um, get above it, we will get to a zone of that 1 75 to two 15, putting us at an all time high of solar. If we get rejected from the zone, we're going to be bouncing back to that 50 day. Moving average, putting us at around $160. I'd expect us to get above this line, considering salon and momentum right now with the volume coming in.

If we can not clear this level, we're going to bounce off and come back down to the 50. Then clearing to the 200 day moving average, putting us at around a hundred dollars. Finally now moving over to dos coin. Doge coin continues to consolidate the stays below this 200 day. Moving. And this 50 day moving average, we just got a flag for a cross on the 4th of October, which means the 200 day moving average is a BOV the 50 day moving average.

Um, we are currently just sitting on that 50 day. Moving average is a level of resistance. So we are just right below it. Price action can get right above that level. That 50 day moving average, we will be volatile bonds in between that 50 day and 200 day moving average, if not, if we cannot get above that, we are going to fall back down to our current level of support of 15 cents.

Um, just around that level, if we touched down on that 15 cent mark, I'd expect us to come back. Consolidate in that zone. If we test that level and we fall below it, it looks like we're going to go to a support level of around 8 cents, but that is still a while away for us. Thank you for tuning in to Benzinga his newest podcast, crypto daily.

I hope everyone has some wonderful weekend plans in store. Get some time with some family. Um, if anyone has suggestion on any crypto that they want me to look. Please email me, Joe [email protected]. That would be wonderful. And we can get a little analysis going in one of our future episodes. Thank you so much for listening and have a wonderful day.

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