A Glimpse of Bitcoin, Ethereum, and Dogecoin Prior to the Fed Rate Decision Weekend
Bitcoin and Ethereum were trading mostly flat on Friday, while Dogecoin saw a significant increase in value. Investors and traders are closely watching cryptocurrency trends as the Federal Reserve’s interest rate decision could impact both traditional and digital markets. Bitcoin and Ethereum were consolidating within a sideways trading pattern, indicating a period of consolidation and confirmed by low trading volume. Ethereum and Dogecoin are currently in slight downtrends, but Friday’s doji candlestick patterns may suggest that the downtrend is coming to an end. Bulls hope to see increased bullish volume over the weekend to push the cryptocurrencies above previous highs, while bears want to see increased bearish volume to push them below the 50-day simple moving average, potentially leading to further declines. Bitcoin has resistance at $30,050 and $31,418, with support at $28,690 and $27,133. Ethereum has resistance at $1,937 and $2,020, with support at $1,825 and $1,717. Dogecoin attempted to break above the 200-day simple moving average but was rejected, suggesting the indicator may act as heavy resistance in the short term. The increase in Dogecoin’s value was accompanied by above-average volume, indicating renewed bullish interest. If sustained, this volume could push Dogecoin above the 200-day SMA, signaling a bull cycle. Bearish traders hope to see Dogecoin continue to reject the 200-day SMA and for increased bearish volume to push the crypto below the 50-day SMA, confirming a new downtrend. Dogecoin has resistance at $0.075 and $0.083, with support at $0.069 and $0.065.