Bitcoin BTC/USD The pair settled to trade mostly flat during Friday’s 24-hour trading session after trying to break above Thursday’s day-high and failing to gain momentum.
trick was done in conjunction with S&P 500who has turned wicked since his heyday to close within range on Thursday, Ethereum ETH/USD And dog coin doge/usd Followed suit, with an inside bar pattern on lower-than-average volume.
On 13 December, the US Department of Labor will release consumer price index data, which federal Reserve to guide its decision on how high to raise interest rates the next day. Both numbers are likely to influence the direction of both the general market and the crypto sector, which could mean that until then, BitcoinEthereum and Dogecoin will trade sideways.
Here is a look at the three cryptos attending the event.
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Bitcoin and Ethereum Chart: Since December 1st, bitcoin and ethereum have been trading together, mostly sideways. Overall, trading volumes are declining on the two cryptos, which indicates that consolidation is taking place.
- Declining volumes are often followed by a large burst of volume, which is likely to break Bitcoin and Ethereum up or down from sideways patterns. This big jump in volume could come in response to CPI data or a Federal Reserve decision next week.
- Over the weekend, traders and investors will be watching to see if Bitcoin and Ethereum show any signs of predicting how the stock market will react to next week’s numbers. If the reaction is bullish, traders would like to see the two cryptos work their way up to take support at the 50-day Simple Moving Average (SMA).
- Bitcoin faced resistance above $17,580 and $19,915 and support below $16,000 and $15,000. Ethereum faced resistance above $1,412 and $1,717 and support below $1,245 and $1,081.
Dogecoin Chart: Dogecoin has recently shown slightly higher volatility than bitcoin and ethereum, trading in a downtrend between parallel trendlines. The price action has led Dogecoin to form a descending channel pattern, which is considered bearish for the short term but looks bullish down the road.
- If Dogecoin reacts sharply to the events of the next week and breaks above the upper descending trend line of the channel, a longer-term uptrend could be on the horizon. If the crypto reacts bearishly, Dogecoin could lose support at the 50-day SMA, which could indicate a bigger retracement on the horizon.
- Like bitcoin and ethereum, dogecoin’s trading volume is declining. In the case of Dogecoin, the declining volume accelerated as this, combined with the lower trending price, indicates that the bearish pressure is weakening.
- Dogecoin has resistance above the $0.10 and 12 cents and support at $0.091 and $0.083 below.
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