Dogecoin Plunges, Bitcoin, Ethereum Firm: Analyst Says Watch Out for This Memecoin Pattern Ahead of Friday Jobs Data – Bitcoin (BTC/USD), Ethereum (ETH/USD), Dogecoin (DOGE/USD)
Dogecoin DOGE/USD fell sharply on Thursday night, even as Bitcoin and Ethereum traded in the green, with the global cryptocurrency market cap rising 0.8% to $1 trillion at 9:05 p.m. EDT.
| Coin | 24 hours a day | 7 days | Price |
|---|---|---|---|
| Bitcoin BTC/USD | 0.4% | -0.3% | $20,284.22 |
| Ethereum ETH/USD | 0.5% | 1.1% | $1,539.25 |
| Dogecoin DOGE/USD | -9.15% | 62.9% | $0.12 |
| Cryptocurrency | 24-hour % change (+/-) | Price |
|---|---|---|
| OCD (OCD) | +22.3% | $19.8 |
| Phantom (FTM) | 17.4% | $0.30 |
| Polygon (MATIC) | +11% | $0.99 |
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The two biggest coins remained resilient even as the Nasdaq closed up 1.7% on Thursday and the S&P 500 fell 1.1%.
US stock futures were trading slightly in the red at the time of writing as investors anticipated the October non-farm payrolls report. Wall Street consensus is for job creation of 220,000, down from 263,000 last month.
On Thursday, The Bank of England raised Bank Rate to 3% from 2.25% – the biggest increase since 1989 – after the U.S. Federal Reserveits move to increase speed by 75 bps.
“European central banks are nearing the end of their tightening cycles. BOE delivered a dovish rally when they clearly signaled that they should not raise interest rates too much, said Edward Moyaa senior market analyst at OANDA.
“The BOE’s outlook was the opposite of what we got from the Fed. The BOE said we could see a two-year recession if the market follows the market curve. The BOE believes the markets are a little aggressive in pricing their rate path.”
On Bitcoin, Moya said: “Stocks are down significantly after feeding, but Bitcoin continues to hover above the $20,000 level. Bitcoin may eventually break here, but this resilience on display should show the markets how confident long-term hodlers remain.”
Michael van de Poppe said his strategy for Bitcoin remains the same. He is looking for a sweep of the $20,000 mark for longs and ideally at the $19,700-$19,900 level.
“Otherwise I’d be looking at $20.4K for longs,” the trader said on Twitter.
The strategy remains the same #Bitcoin.
Looking for a $20K sweep for longs; ideally $19.7-19.9K.
Otherwise I would be looking at $20.4K for longs. pic.twitter.com/ZCxIqG9P2Q
— Michaël van de Poppe (@CryptoMichNL) 3 November 2022
Justin Bennett pointed to Dogecoin’s hourly chart and said it looked “interesting”. He warned in a tweet: “The top comes into play before Friday NFPs, but then be careful.
Here is the one thing I want to say about $ DOGE…
I would feel a lot better about this as a bullish continuation pattern if we didn’t have the swing high on October 29th.
Not saying it’s bearish. It’s just not an A+ bullish formation.
Assumptions can be dangerous. pic.twitter.com/OBQylOA6xM
— Justin Bennett (@JustinBennettFX) 3 November 2022
In the Twitter thread, the trader said he would feel “much better” about the bullish continuation pattern if “we didn’t have that swing high on October 29th.”
Bennett clarified that he wasn’t saying anything bearish, but this “just isn’t an A+ bullish formation.”
Glass node said that Bitcoin seller exhaustion has recorded its lowest value since November 2018. The cryptocurrency analysis company pointed out that the metric reaches such levels when volatility is low but realized on-chain losses are high.
“6-of-7 recent similar levels preceded volatility to the upside,” Glassnode said.
The #Bitcoin the seller fatigue constant has recorded its lowest value since November 2018.
This calculation reaches such levels when volatility is low, but the losses realized on the chain are high.
6-of-7 recent similar levels preceded volatility to the upside pic.twitter.com/YFta3DTrkV
— glassnode (@glassnode) 3 November 2022
Meanwhile, Polygon (MATIC) saw the highest amount of $100,000 whale transactions since February.
“An increase in mid-October [Polygon] inventory with 10m+ [MATIC] whales may have predicted this,” market intelligence platform Santiment said on Twitter.
do you believe in $MATIC? Today marked the highest amount of $100k+ whale transactions since February for the 11th ranked market cap #crypto resource. A tip in mid-October #Polygon inventory with 10m+ $MATIC whales may have predicted this. pic.twitter.com/akJhLTXahq
— Santiment (@santimentfeed) 3 November 2022
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