Crypto Watch: Bitcoin, Dogecoin Enjoy Weekend Momentum As Ethereum Looks To Confirm New Trend
Benzinga
Published Dec 01, 2023 21:15
Updated Dec 01, 2023 22:40
Crypto Watch: Bitcoin, Dogecoin Enjoy Weekend Momentum As Ethereum Looks To Confirm New Trend
Benzinga - by Melanie Schaffer, Benzinga Editor.
Bitcoin (CRYPTO: BTC) was popping up about 3% higher during Friday’s 24-hour trading session, in tandem with the general market, which saw the S&P 500 rising about 0.4% higher after Personal Consumption Expenditure (PCE) price index data showed inflation is continuing to slow.
Ethereum (CRYPTO: ETH) was spiking up nearly 2% higher, while Dogecoin (CRYPTO: DOGE) traded muted after spiking 3.67% on Thursday, when Bitcoin and Dogecoin consolidated.
While some have argued the crypto sector is a hedge for inflation, like gold is often believed to be, Bitcoin, Ethereum and gold have largely traded higher with the general market over the last few months. If the phenomena continue to hold true, traders and investors across stocks, gold and at least some cryptocurrencies could be in for a strong Santa Claus rally to end 2023.
From a technical analysis standpoint, Bitcoin, Ethereum and Dogecoin are reacting as expected, continuing to break higher from bullish chart patterns the cryptos have formed on their respective daily charts.
Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.
The Bitcoin and Ethereum Charts: On Friday, Bitcoin and Ethereum were breaking up from double inside bar patterns, which leaned bullish for continuation from a technical standpoint. Golden crosses had also formed on both cryptos’ charts in October and November, which indicates Bitcoin and Ethereum are experiencing bull cycles.
While Bitcoin is trading in a confirmed uptrend, making a series of higher highs and higher lows, Ethereum remains trading mostly sideways without a confirmed trend in either direction. Bitcoin’s most recent higher low was formed on Nov. 27 at $36,715 and the most recent confirmed higher high was printed at the $38,480 mark on Wednesday.
Bullish traders want to see Bitcoin and Ethereum continue to hold above the eight-day exponential moving average, which the two cryptos recently regained as support. Bearish traders want to see the cryptos lose support at the 21-day EMA, which could accelerate downside pressure.
Bitcoin has resistance above at $39,600 and at $42,223 and support below at $38,105 and at $35,593.
Ethereum has resistance above at $2,140 and at $2,317 and support below at $2,020 and at $1,937.
The Dogecoin Chart: Dogecoin has been trading in a strong uptrend since Nov. 21, forming higher highs and higher lows. The most recent higher high was printed at the $0.081 mark on Monday, and the most recent higher low was formed at $0.076 the following day.
On Friday, Dogecoin was working to print a shooting star candlestick, which could indicate the local top has occurred, and the crypto will retrace on Saturday. If that happens, Friday’s high-of-day will serve as the next higher high within the uptrend.
Get The App
A golden cross took place on Dogecoin’s chart on Nov. 21, which, like Bitcoin and Ethereum, indicates the Shiba Inu-themed crypto is trading in a bull cycle. Also like Bitcoin and Ethereum, Dogecoin is above the eight-day EMA, which bullish traders want to see continue.
Dogecoin has resistance above at $0.083 and at 9 cents and support below at $0.075 and at the 7-cent mark.
Read Next: Tiger Global's Venture Fund Crumbles - Paper Losses Reach 18%, Markdowns Shock Investors
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Read the original article on Benzinga
Written By: Benzinga
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.