Bitcoin, Ethereum Attempt Bullish Breaks As Dogecoin Lays Low: Here's What To Watch Over The Weekend - Bitcoin (BTC/USD), Dogecoin (DOGE/USD)


Bitcoin BTC/USD climbed about 4% at one point during Friday’s 24-hour trading session before pulling back slightly.

Ethereum ETH/USD showed strength in comparison, surging almost 10% higher at one point, while Dogecoin DOGE/USD was spiking about 2% above Thursday’s closing price after slumping 5.85% Thursday evening.

The crypto sector was showing strength compared to the general markets. The S&P 500 index suffered a mostly bearish week in which the Federal Reserve hiked interest rates by 0.75% for a fourth consecutive time.

Traders and investors in both the crypto sector and the stock market will be monitoring the price action of Bitcoin and Ethereum over the weekend to watch for clues as to whether the S&P 500 will rebound next week or continue to trend lower.

As for Dogecoin, the crypto has been on its own path lately, decoupling from the movements of Bitcoin and Ethereum after Tesla, Inc TSLA CEO Elon Musk’s acquisition of Twitter, Inc closed Oct. 25.

Bitcoin and Ethereum are battling key resistance areas Friday, and bullish traders and investors will want to see the two apex cryptos clear the areas before the stock market opens on Monday.

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The Bitcoin Chart: Bitcoin attempted to break up above a resistance zone near the $21,300 level Friday but failed and wicked from the area. Most recently, between Aug. 20 and Aug. 26 and between Sept. 9 and Sept. 13, Bitcoin has attempted to regain that level and ultimately failed.

  • Bitcoin has been trading in a fairly consistent uptrend since Oct. 21, with the most recent higher low formed on Thursday at $20,032 and the most recent confirmed higher high printed at the $21,080 mark on Oct. 29.
  • If Bitcoin closes the trading session near its high-of-day price, the crypto will print a bullish Marubozu candlestick, which could indicate higher prices will come again during Saturday’s session. If Bitcoin closes the trading day with a significant upper wick, it could indicate further consolidation into a higher low is needed before the crypto can attempt to regain $22,300 again.
  • Bitcoin has resistance above at $21,313 and $22,729 and support below at $19,915 and $17,580.

The Ethereum Chart: Ethereum attempted to regain the 200-day simple moving average (SMA) during Friday’s session but has so far failed. The 200-day SMA is a big support and resistance level, making it difficult for a stock or crypto to pass through the area on the first attempt.

  • Like Bitcoin, Ethereum is also trading in an uptrend, with the most recent higher low formed on Wednesday at $1,502 and the most recent confirmed higher high created at the $1,664 mark on Oct. 29.
  • Also like Bitcoin, bullish traders will want to see Ethereum close the trading day near its high-of-day price for a Marubozu candlestick to print. Bearish traders will want to see Ethereum continue to reject the 200-day SMA, which will indicate longer-term sentiment remains bearish.
  • Ethereum has resistance above at $1,717 and $1,957 and support below at $1,421 and $1,245.

The Dogecoin Chart: Dogecoin surged about 150% between Oct. 25 and Nov. 1 and has spent the days since then consolidating sightly downward. The sharp rise paired with the consolidation may have the crypto settling into a bull flag pattern.

  • If Dogecoin breaks up from the bull flag on higher-than-average volume, the measured move could eventually bring the crypto up toward 27 cents. If Dogecoin breaks down under the eight-day exponential moving average, the bull flag will be negated.
  • Dogecoin has resistance above at $0.135 and $0.146 and support below at $12 cents and just under the 10-cent level.

See Also: Is The Dogecoin Slump Just A ‘Blip’ Before A Rally? Here’s What Experts Say


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