Bitcoin, Ethereum, Dogecoin Edge Higher After PCE Data: The Bull, Bear Case Over The Weekend

Bitcoin BTC/USD was slightly higher during Friday’s 24-hour trading session, in line with S&P 500 which rose around 0.8% in response to core PCE inflation data, which came in below analyst estimates.

The number came in at 4.6%, slightly below the 4.7% rise analysts expected, indicating that the Fed’s hawkish policy is starting to lower stubborn inflation.

Ethereum ETH/USD and Dogecoin DOGE/USD was also back on Friday after dipping lower during Thursday’s session. All three cryptos have been consolidating mostly sideways for a long time under strong resistance levels.

Traders and investors will be watching the crypto sector over the weekend for clues as to how the stock market may behave next week.

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The Bitcoin Chart: Bitcoin has been consolidating below a resistance level of $28,700 since March 19, failing to close a 24-hour trade above the area. On Friday, Bitcoin tried to break through the resistance, but faced a group of sellers who dropped the crypto from the area.

• Bitcoin has held support above the eight-day exponential moving average (EMA) since March 13 and on Friday tested the area as support before bouncing higher. The eight-day EMA is curling upwards and could continue to lead the crypto higher, through the $28,700 mark over the weekend.
• The crypto negated its downtrend on Thursday by printing a higher high of $29,190. If Bitcoin is able to break through this area over the weekend, Friday’s intraday low will serve as the highest low to confirm a new uptrend.
• If Bitcoin falls below the eight-day EMA, it may find support at the 21-day EMA.
• Bitcoin has resistance above at $28,690 and $31,418 and support below at $25,772 and $25,288.

The Ethereum Chart: Ethereum confirmed a new uptrend during Friday’s 24-hour trading session by posting a higher high, which was above the recent high of $1,827 posted on Wednesday. Like Bitcoin, Ethereum failed to break above a strong resistance level of $1,846.

• Bullish traders want to see the crypto break through this level over the weekend, which would confirm that Thursday’s low is a higher low within Ethereum’s uptrend. Bearish traders want to see heavy bearish volume come in and knock Ethereum down below the eight-day EMA, which would counter the current uptrend.
• Ethereum has resistance above at $1,846 and $1,947 and support below at $1,717 and $1,546.

The Dogecoin Chart: Like Bitcoin and Ethereum, Dogecoin is also trading in a largely sideways trading pattern, but recently Dogecoin has also entered a triangle pattern on the daily chart. Within the pattern, Dogecoin has made a series of lower highs and higher lows, indicating consolidation.

• Dogecoin is set to meet the top of the triangle on April 4, and traders and investors can watch for the crypto to break up or down from the pattern on higher-than-average volume to gauge future direction.
• Dogecoin has resistance above at $0.083 and $0.091 and support below at $0.075 and at the 7-cent mark.

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