Published Jun 09, 2023 21:17
Updated Jun 09, 2023 22:40
A Look At Bitcoin, Ethereum And Dogecoin Heading Into The Weekend, Ahead Of Fed Rate Decision
Benzinga - Bitcoin (CRYPTO: BTC) was trading near flat during Friday’s 24-hour trading session, consolidating with a double inside bar pattern on the daily chart.
Ethereum (CRYPTO: ETH) was following the apex crypto, consolidating sideways, while Dogecoin (CRYPTO: DOGE) was showing strength, trading over 1% higher after rising almost 5% higher earlier in the trading session.
The crypto sector was trading similarly to spot gold, which was also trading relatively flat on lower-than-average volume.
With the Federal Reserve set to make a decision on interest rates in three trading days (June 14), the crypto sector, gold and the general market may trade sideways into the event. After this, volatility is likely to enter the market.
Over the weekend, traders and investors will be watching the crypto sector for clues as to how the general market will trade next week into the Fed’s decision.
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Here’s a look at Bitcoin’s, Ethereum’s and Dogecoin’s technicals:
The Bitcoin and Ethereum Chart: Bitcoin is trading in a double inside bar and Ethereum is forming a triple inside bar. Traders can watch for the cryptos to break up or down from their mother bars on higher-than-average volume to determine future direction.
Both crypto’s inside bar patterns lean bearish because Bitcoin and Ethereum are trading in downtrends. If Bitcoin and Ethereum break up from the mother bars, however, the cryptos will negate their downtrends and uptrends could be on the horizon.
Bitcoin has resistance above at $27,133 and $28.690 and support below at $25,772 and $25,288.
Ethereum has resistance above at $1,846 and $1,957 and support below at $1,717 and $1,564.
The Dogecoin Chart: Although Dogecoin traded higher on Friday, the crypto is trading in a downtrend on the daily chart and Friday’s high-of-day may serve as the next lower high within the pattern. Bullish traders want to see higher bullish volume break Dogecoin up above Friday’s high-of-day over the weekend, which could negate the downtrend.
On Monday and Tuesday, Dogecoin back-tested a descending trend line, which the crypto broke up from on May 27. Even though Dogecoin is trading in a downtrend, a back-test of the trend line is healthy and as long as Dogecoin holds above the area, bulls might gain more confidence.
If Dogecoin falls under the trend line, a longer-term downtrend could be on the horizon.
Dogecoin has resistance above at $0.069 and $0.075 and support below at $0.065 and $0.057.
Read Next: Crypto Industry Titans Address Concerns, Future Opportunities Amid SEC Onslaught
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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