Bitcoin BTC/USD bounced up off the $18,659 low-of-day during Friday’s 24-hour trading period to regain the $19,000 level, pulled up by a bullish day in the general markets, which saw the S&P 500 spiking over 2%.
Ethereum ETH/USD and Dogecoin DOGE/USD also ascended from their daily lows to bounce to near flat.
The rebound wasn’t nearly enough to break the three cryptos up from sideways trading patterns in which Bitcoin, Ethereum and Dogecoin have been stuck for multiple weeks. The volatility the crypto sector historically exhibits has waned, indicating interest, at least for short-term traders, is likely low.
Bitcoin, Ethereum and Dogecoin could be lagging an upcoming bullish cycle in the general markets. The price action of the cryptos over the weekend could give clues as to whether the S&P 500 will gain bullish momentum into the week ahead.
Here’s a look at the three cryptos:
Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.
The Bitcoin Chart: Bitcoin started trading in a sideways pattern on Sept. 18, entering into short uptrends and downtrends between $18,131 and $20,479. During Friday’s 24-hour trading session, Bitcoin printed a higher low above the Oct. 13 low-of-day but hasn’t printed a higher high to confirm an uptrend.
When Bitcoin bounced on Friday, the crypto was unable to regain the eight-day and 21-day exponential moving averages (EMAs), which have been acting as resistance since Oct. 7. If the crypto is able to pop up above the level over the weekend, it would give bulls more confidence going forward.
Bitcoin has resistance above at $19,915 and $21,313 and support below at $17,580 and $16,000.
Also like Bitcoin, Ethereum is struggling to regain the eight-day and 21-day EMAs as support. If the stock is able to break up to print a higher high above $1,343, Ethereum will also regain the moving averages, which would be positive for the bulls.
Ethereum has resistance above at $1,421 and $1,717 and support below at $1,245 and $1,081.
Dogecoin has seen overall decreasing volume recently, which indicates a current lack of interest in the crypto. Decreasing volume is often followed by a surge in volume, however, and if bullish volume enters into Dogecoin over the weekend, the crypto could break up above the moving averages to print a higher high.
Dogecoin has resistance above at $0.065 and $0.075 and support below at $0.057 and at 5 cents.
Photo via Shutterstock.
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.