Bitcoin ($BTC), Dogecoin ($DOGE), Ethereum ($ETH) – A Look At Bitcoin, Ethereum, Dogecoin As Labor Day Weekend Begins: All Eyes On Sept. 6
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Bitcoin BTC/USD fell just 1% lower Friday at rising resistance S&P 500which rejected the important psychological level at $4,000 and fell about 0.08%.
Ethereum ETH/USD was initially a leader in the crypto sector, surging over 4% higher, but began to trail mostly flat in intraday trade. Dogecoin DOGE/USD fell a little more modestly together with Bitcoin, about 1.6%.
The three cryptos, while not enjoying a bull cycle, have shown strength against the general market recently. Ethereum has been the most bullish, up over 11% since August 29th. Bitcoin and Dogecoin have been trading mostly sideways, and near important support and resistance levels.
The behavior of Bitcoin and Ethereum in particular will be closely watched this weekend by both crypto traders and players in the stock market, as when the general market is closed, top movements in crypto sometimes indicate the possible direction of the stock market.
With stock markets closed on Monday for Labor Day, the crypto sector has three 24-hour trading periods to flash signals.
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Bitcoin chart: Starting on August 28, Bitcoin made a series of lower highs and higher lows, which has placed the crypto in a symmetrical triangle pattern on the daily chart. Bitcoin is set to reach the top of the triangle on September 6, and traders and investors can watch the crypto break or decline from the triangle on higher-than-average volume to gauge future direction.
- During Friday’s 24-hour session, Bitcoin attempted to break both up and down the triangle, but was unable to break either upper resistance or lower support. Krypto seems to be working to print a doji candlestick, which in this case indicates indecision as bulls and bears dominate equally.
- Bitcoin has resistance above $21,313 and $22,729 and support below $19,915 and $17,580.
Ethereum Chart: Ethereum began trading in a bullish wedge pattern on August 29, making a series of highs and lows in an uptrend. The pattern is bullish in the short term, but often turns bearish before the stock or crypto peaks. Ethereum meets the top of the wedge on September 6, the same day that Bitcoin meets the top of its triangle.
- If Ethereum eventually breaks out of the wedge, but with less than average volume, it could mean that the rising wedge is not a recognized pattern. In that case, bullish traders will want to see if Ethereum breaks above the $1,512.83 level, indicating a continuation of the uptrend.
- Ethereum has resistance above $1,717.41 and $1,957.24 and support below $1,421.80 and $1,245.
Dogecoin chart: Unlike Bitcoin and Ethereum, Dogecoin has not developed strong visible patterns on the daily chart. Dogecoin has been consolidating sideways since August 27 on declining volume, indicating both a lack of direction and a lack of interest from traders and investors.
- However, a very slight exaggerated bullish divergence may be developing on Dogecoin’s chart, which could indicate bullish momentum is on the horizon. A bullish divergence occurs when a stock’s relative strength index makes a series of higher lows and the stock or crypto trade is flat.
- Dogecoin has resistance above $0.065 and $0.075 and support below $0.06 and $0.057.
See also: Bitcoin ($BTC), Dogecoin ($DOGE), Ethereum ($ETH) – Ethereum Raises Bitcoin, Dogecoin Merger Approaches: Analyst Warns This Data Could Trigger Crypto’s ‘Summer Lows’
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