What to watch on Bitcoin, Ethereum, and Dogecoin over the weekend – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
bitcoin Bitcoin / US Dollar It fell more than 3% during the 24-hour trading session on Friday along with Standard & Poor’s 500which was suffering the fourth consecutive day of sharp decline in prices.
Ethereum ETH/USD And the Dogecoin DOGE/USD It was weaker than bitcoin, and fell about 5% below Thursday’s closing price.
The downturn in the public market and the cryptocurrency sector came after the Fed chief Jerome Powell The Wall Street party crashed Wednesday with predictions that inflation will remain stubbornly high in 2023 and the unemployment rate will climb to more than 4%.
Ahead of the gloomy outlook, the market rebounded on weaker-than-expected CPI data showing that inflation fell in November, sending Bitcoin and Ethereum higher. Dogecoin has not joined the party and is down more than 24% since November 30.
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bitcoin chart: Bitcoin’s slide on Thursday caused the stock, which has been holding the cryptocurrency between $16,000 and $17,580, to fall back into a sideways trading pattern since November 11. Exponential Moving Averages for today, which were bearish at least for the short term.
Some moderate support is near the $16,800 pattern that developed over the past month and bullish traders would like to see bitcoin close the Friday session above there. If that happens, Bitcoin could consolidate sideways in the upper band of the sideways channel over the weekend.
Bitcoin has resistance above at $17,580 and $19,915 and support below at $16,797 and $16,000.
Ethereum chart: Ethereum broke out of a sideways channel on Friday, invalidating its current bullish trend by posting a lower low. To confirm the downside trend, Ethereum will need to eventually rebound to print at least a lower high on the 24-hour chart.
Unlike Bitcoin, which was trading on low volume, Ethereum’s decline came with an increase in volume, which was a bad sign for buyers. Eventually, Ethereum is likely to enter a consolidation phase and start trading sideways. If that happens, bullish traders may want to see the cryptocurrency print a series of candlesticks with lower wicks to indicate that a buildup is taking place.
Ethereum has higher resistance at $1,245 and $1,412 and support below $1,081 and $997.
Dogecoin scheme: Dogecoin’s bearish trend was occurring between two parallel lines, which caused the cryptocurrency to settle in a bearish channel pattern on the 24-hour chart. The pattern is considered bearish until the stock or cryptocurrency breaks above the upper descending trend line of the channel on above-average volume.
On Friday, Dogecoin was testing the lower trend line of the channel and bouncing off the level. If Dogecoin continues to trend lower within the channel, bullish traders would like to see the cryptocurrency bounce off the 200-day SMA if Dogecoin returns to that area.
Dogecoin has resistance above at $0.083 and $0.091 and support below at $0.075 and $0.07.
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