bitcoin BTC/USD It was leading the crypto industry in Friday’s 24-hour trading session and has risen about 10% higher.
Price action soaring overnight on Thursday predicted a major move north for general markets on Friday, which saw the S&P 500 rally nearly 1.7%.
afternoon bitcoin holding strongly near the day’s peak. Ethereum ETH/USD and dogecoin DOGE/USD It initially rose but started to consolidate intraday and fell about 1.7% and 2.5% respectively from the day’s high.
Bitcoin will eventually need to consolidate and may start to do so over the weekend. If that happens, Ethereum and Dogecoin will likely do the same.
Below is a look at three crypto charts:
Bitcoin Chart: Bitcoin rejected the short downtrend by printing a higher high above the most recent low in Friday’s session. The uptrend has yet to be confirmed as the coin has not made any lower pressure above $18,527.
- Once Bitcoin begins to consolidate, a higher low may occur and traders and investors can watch the crypto print a bullish reversal candlestick like a doji or hammer candlestick after the pullback.
- The second most likely scenario is for Bitcoin to print an inside bar pattern during Saturday’s trading session, which will be bullish.
- Bitcoin has resistance above $21,313 and $22,729 and support below $19,915 and $17,580.
- Ethereum Chart: Ethereum has been trading in an uptrend since August. 29 forms a fairly consistent series of highs and higher lows. In Friday’s session, the crypto broke out of a bullish inside bar pattern on Thursday and Friday; this was the most likely outcome because the crypto was trading higher before forming the pattern.
- Bull traders want Ethereum to consolidate further to hit the next low in the uptrend, which could provide a solid entry point for those who are not already in a position. Bear traders will want to see massive bearish volume coming in and push Ethereum below the latest low to negate the uptrend.
- Ethereum has resistance above $1,717.41 and $1,957.24 and support below $1,421.80 and $1,245.
Dogecoin Chart: Like Ethereum, Dogecoin broke out of an inside bar pattern bullish in Friday’s session, causing the crypto to regain the eight-day exponential moving average (EMA) as support. Dogecoin failed to break above the 21-day EMA, which may indicate further consolidation is needed.
- Bull traders would like to see consolidation continue and then Dogecoin break above September. 6th Bearish traders at $0.065 to confirm an uptrend want the big bearish volume to come and push the crypto down below the $0.057 mark, suggesting that the recent bullish price action was a bull trap and a downtrend will continue.
- Dogecoin has resistance above $0.065 and $0.075 and support below $0.06 and $0.057.
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