“Cryptocurrencies Tumble: Analyzing Bitcoin, Ethereum, and Dogecoin’s Antagonistic Market Behavior Before the Weekend.”
Bitcoin, Ethereum, and Dogecoin all experienced a downturn during Friday’s 24-hour trading session. This confirmed that the three cryptocurrencies are all still trading in a downtrend pattern, with the bears in control. Traders can use moving averages to help identify the trend, while reversal candlesticks such as doji or hammer candlesticks can signal a possible change in the trend. In a downtrend, bearish traders already in a position can continue to hold with confidence, while traders looking to enter can find a safe entry on the lower high. Bullish traders can enter on the lower low and exit on the lower high or wait for a reversal into an uptrend. Bitcoin entered a downtrend in February and has formed lower highs and lower lows, with resistance above at $22,729 and $24.206 and support below at $21,313 and $20,545. Ethereum also entered a downtrend in February and has formed lower highs and lower lows, with resistance above at $1,564 and $1,717 and support below at $1,421 and $1,308. Dogecoin has been trading in a downtrend since February 16th and has also formed lower highs and lower lows, with resistance above at $0.083 and $0.091 and support below at $0.075 and 7 cents. During Friday’s trading session, it tried to bounce up from the low-of-day to print a hammer candlestick, which could indicate higher prices on Saturday, but the most likely scenario is that it will consolidate sideways.
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