Over The Weekend As Bitcoin, Ethereum, And Dogecoin Experience A Low Phase
The cryptocurrency sector, including Ethereum and Dogecoin, has entered a phase of consolidation with low trading volumes amid the “sell in May, go away” sentiment. Bitcoin and Ethereum are both trading in triangle patterns, with a break up or down expected to lead to higher volatility. However, on Friday they were in trading inside bar patterns, which are neutral. Ethereum’s inside bar leaned slightly more bullish than Bitcoin’s. Both cryptocurrencies are currently below the eight-day exponential moving average on the daily chart. Bitcoin has resistance at $27,133 and $28,690, while Ethereum has resistance at $1,846 and $1,957. Dogecoin is trading below the 200-day simple moving average, which is bearish. It is trading in a triangle pattern with an expected break on 22 May. If it breaks up from formation, it could find resistance at the moving average.