Bitcoin, Ethereum Attempt Bullish Breaks as Dogecoin Turns Low: Here’s What to Watch Over the Weekend – Bitcoin (BTC/USD), Dogecoin (DOGE/USD)

by James · November 4, 2022

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

Ethereum ETH/USD showed strength in comparison, rising nearly 10% higher at one point, while Dogecoin DOGE/USD was 2% higher than Thursday’s close after falling 5.85% Thursday night.

The crypto sector showed strength compared to the general markets. The S&P 500 experienced a largely bearish week as the Federal Reserve raised interest rates by 0.75% for the fourth consecutive time.

Traders and investors in both the crypto sector and the stock market will be monitoring the price performance of Bitcoin and Ethereum over the weekend 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, disconnecting from the movements of Bitcoin and Ethereum after Tesla, Inc TSLA CEO Elon Musk’s appropriation of Twitter, Inc closed 25 Oct.

Bitcoin and Ethereum are battling key resistance areas on 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 above a resistance zone near the $21,300 level on Friday, but failed and was bearish from the area. Most recently, between August 20 and August 26 and between September 9 and September 13, Bitcoin has attempted to regain that level and ultimately failed.

Bitcoin has been trading in a fairly consistent uptrend since October 21st, with the most recent high low formed on Thursday at $20,032 and the last confirmed higher high printed at the $21,080 mark on October 29th.

If Bitcoin closes the trading session near its intraday high, the crypto will hit a bullish Marubozu candlestick, which could indicate that higher prices will return during Saturday’s session. If Bitcoin closes the trading day with a significant upper wick, it could indicate that further consolidation to a higher low is needed before the crypto can try 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 recapture the 200-day simple moving average (SMA) during Friday’s session, but has so far failed. The 200-day SMA is a major support and resistance level, making it difficult for a stock or crypto to pass through the area on the first try.

Like Bitcoin, Ethereum is also trading in an uptrend, with the last higher low formed on Wednesday at $1,502 and the last confirmed higher high created at the $1,664 mark on October 29.

Like Bitcoin, bullish traders will see Ethereum close the trading day near today’s high price for a Marubozu candlestick to print. Bearish traders will want Ethereum to continue rejecting the 200-day SMA, which would indicate that long-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 rallied around 150% between October 25th and November 1st and has spent the days since then consolidating sharply lower. The sharp rise along with the consolidation could cause the crypto to settle into a bull flag pattern.

If Dogecoin breaks out of the bull flag on higher-than-average volume, the measured move could eventually bring the crypto up to 27 cents. If Dogecoin breaks below the eight-day exponential moving average, the bull flag will be negated.