The Bitcoin, Ethereum and Dogecoin Setup Heading into the Weekend: Will Cryptos Go Higher? – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
Bitcoin BTC/USD rebounded from $18,659 during Friday’s 24-hour trading period to regain the $19,000 level, buoyed by a bullish day in the general markets, with the S&P 500 rising more than 2%.
Ethereum ETH/USD and Dogecoin DOGE/USD also rose from its daily lows to bounce to almost flat.
The rebound was not nearly enough to break the three cryptos out of sideways trading patterns that Bitcoin, Ethereum and Dogecoin have been stuck in for weeks. The volatility historically seen by the crypto sector has subsided, indicating that interest, at least for short-term traders, is likely to be low.
Bitcoin, Ethereum and Dogecoin may be lagging behind an upcoming bullish cycle in the general markets. The price action of the cryptos over the weekend could provide clues as to whether the S&P 500 will gain bullish momentum into the week ahead.
Here’s a look at the three cryptos:
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The Bitcoin Chart: Bitcoin began trading in a sideways pattern on September 18, entering brief up-and-down trends between $18,131 and $20,479. During Friday’s 24-hour trade, Bitcoin extended a higher low above the October 13 intraday low, but has not printed a higher high to confirm an uptrend.
As Bitcoin bounced on Friday, the crypto failed to recapture the eight-day and 21-day exponential moving averages (EMA), which have served as resistance since October 7. If the crypto is able to emerge above the level over the weekend it would give bulls more confidence going forward.
Bitcoin has resistance above at $19,915 and $21,313 and support below at $17,580 and $16,000.
The Ethereum Chart: Ethereum trades similarly to Bitcoin, making higher lows and lower highs, which could eventually put the crypto into a triangle pattern on the daily chart. Ethereum’s sideways trading pattern takes place between $1,190 and $1,400.
Like Bitcoin, Ethereum is struggling to regain the eight-day and 21-day EMAs as support. If the stock is able to break up to print a higher high above $1,343, Ethereum will also regain the moving averages, which would be positive for the bulls.
Ethereum has resistance above at $1,421 and $1,717 and support below at $1,245 and $1,081.
The Dogecoin Chart: Dogecoin, like Bitcoin and Ethereum, is in a lull, trading sideways between $0.055 and $0.068 since August 26. The Shiba Inu-based crypto is also stuck below the eight-day and 21-day EMAs, which could continue to push Dogecoin lower.
Dogecoin has seen a general decrease in volume recently, indicating a current lack of interest in the crypto. However, decreasing volume is often followed by increasing volume, and if bullish volume enters Dogecoin over the weekend, the crypto could break above the moving averages to print a higher high.
Dogecoin has resistance above at $0.065 and $0.075 and support below at $0.057 and at 5 cents.
Also See: Former FBI Agent Says $114M Mango Crypto Exploit Was ‘Market Manipulation, Not a Hack’
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