An Examination of Technicals During the Weekend: Bitcoin Climbs while Ethereum and Dogecoin Lag Behind.
Bitcoin saw a surge of over 7% during Friday’s trading session, outpacing Ethereum and Dogecoin, which were up around 3%. This surge came in line with spot gold, which rallied almost 3% to reach a price not seen since April 18, 2022. This followed the S&P 500 rejecting the 200-day SMA at the high-of-day and subsequently dropping by around 1.6%. The strength in the crypto and gold sectors comes ahead of the Federal Reserve’s decision next week on whether it will continue to raise interest rates following the recent failure of several banks, and if so, whether it will raise them by 0.25% or 0.5%. Bitcoin’s move signalled a strong level of interest in the crypto from the bulls. Traders and investors will be closely monitoring the crypto sector over the weekend for indicators of how the stock market may trade next week. Ethereum and Dogecoin were also trading in an uptrend, but the latter’s most recent move could be forming a lower high to negate that trend.
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