What to Watch in the Battle Against Resistance as Bitcoin Leads the Way, Boosting Ethereum, Dogecoin, and Shiba Inu

Bitcoin rose over 5% during Wednesday’s 24-hour trading period, which led to other cryptocurrencies such as Ethereum, Dogecoin and Shiba Inu also rising. The rise coincided with spot gold, which edged higher despite the S&P 500 falling from its high-of-day. Bitcoin briefly broke through the $30,000 mark but ultimately failed to maintain it. Similarly, Ethereum, Dogecoin and Shiba Inu failed to reach key levels. Technical traders have predicted a reversal to the upside for Bitcoin as it formed a rounded-bottom pattern on the 24-hour chart, while higher-than-average volume confirmed a high level of interest from the bulls. If Bitcoin can break through $30,000, alt-coins are likely to break through overhead resistance, indicating the potential for bullish sentiment in the sector. When Bitcoin retraces to the downside, bullish traders will want to see a reversal candlestick above $26,965 to confirm a new uptrend. Bitcoin has resistance at $31,418 and $35,593 and support at $28,690 and $25,772.

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About The Author

Niels I have been passionate about dogecoin since 2019, and have since become an avid follower and advocate of the cryptocurrency. I keep a close eye on the Dogecoin market and trends, and I'm always up-to-date with the latest news and developments. As a true believer in the potential of dogecoin, I am excited to be a part of the growing community and I'm eager to share my knowledge and experience with others. When not busy with dogecoin, I enjoy golf, and I can often be found on the golf course.

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