Weekend Bull and Bear Debate Follows Rise of Bitcoin, Ethereum, and Dogecoin after Positive PCE Data
Bitcoin, Ethereum, and Dogecoin have all been consolidating mostly sideways for a long period of time under strong resistance levels. During Friday’s 24-hour trading session, Bitcoin attempted to break above its resistance level at $28,700, but ran into a group of sellers who dropped the cryptocurrency down from the area. Bitcoin has been holding support above the eight-day exponential moving average (EMA) since March 13 and is expected to move higher through the $28,700 mark over the weekend. If it is able to break up through $29,190, Friday’s low-of-day will serve as the higher low to confirm a new uptrend. Ethereum confirmed a new uptrend by printing a higher high, which was above the most recent high of $1,827. The cryptocurrency was unable to break above its resistance level at $1,846, but bullish traders want to see the crypto break up through that level over the weekend. Dogecoin has settled into a triangle pattern on the daily chart and is set to meet the apex of the triangle on April 4. Traders and investors can watch for the cryptocurrency to break up or down from the pattern on higher-than-average volume to gauge future direction. Dogecoin has been making a series of lower highs and higher lows, indicating consolidation.