A Look at Bitcoin, Ethereum Classic and Dogecoin Heading into the Weekend – Ethereum Classic (ETC/USD), Bitcoin (BTC/USD), Dogecoin (DOGE/USD)
Bitcoin BTC/USD It briefly popped above the $20,000 mark on Friday as the S&P 500 edged higher, before hitting a group of sellers that pushed the crypto back below the level.
Dogecoin DOGE/USD followed suit, temporarily rising above Thursday’s 24-hour trading high, while Ethereum Classic ETC/USDthe weakest of the three cryptos, failed to move much higher.
Over the weekend, traders and investors will be watching to see how cryptocurrencies, particularly Bitcoin, behave for clues as to how the overall market may move when the stock market opens on Monday.
It should be noted that Ethereum Classic is similar to Bitcoin on the 24-hour trading chart, which means the same technical patterns apply.
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The Bitcoin Chart: Bitcoin reversed an uptrend on September 21, with the latest higher low formed on Wednesday at $18,407 and the latest confirmed higher high printed at $20,383.15 the day before. During Friday’s session, Bitcoin tried to run towards another higher high, but failed.
If the crypto fails to make a higher high later on Friday or Saturday, Bitcoin could consolidate into a tighter triangle pattern on the daily chart. If that happens, traders can look for Bitcoin to break up or down from the triangle on higher-than-average volume to gauge future direction.
Bitcoin has resistance above at $19,915 and $21,313.45 and support below at $17,580 and $16,000.
Ethereum Classic Chart: Ethereum traded unevenly on Thursday and Friday, with all price action taking place within Wednesday’s trading range, putting the crypto into a double bar pattern on the daily chart. The pattern leans bearish because Ethereum Classic was trading lower before the pattern formed.
Traders and investors can watch for Ethereum Classic to break up or down from Wednesday’s mother bar over the weekend. If the crypto breaks down from the pattern, the Ethereum Classic downtrend is likely to continue.
Ethereum Classic has resistance above at $32.18 and $35.38 and support below at $27.68 and $24.58.
The Dogecoin Chart: Dogecoin broke out of an inside bar pattern during Friday’s session, but faced a group of sellers that knocked the crypto back into Thursday’s trading range. Unlike Bitcoin and Ethereum Classic, Dogecoin has not developed any key patterns on the daily chart.
Dogecoin’s trading volume has been declining since September 23, indicating that the crypto may be running out of buyers and sellers alike. Declining volume is often followed by a sharp increase in volume and which direction Dogecoin moves when volume starts to fill back into the crypto will determine the direction.
Dogecoin has resistance above at $0.065 and $0.075 and support below at $0.057 and at 5 cents.
See Also: Bitcoin, Ethereum, Dogecoin Hold It Together Amid Tech-Stock Meltdown: Is Crypto ‘Close To The Bottom?’
