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.