Bitcoin BTC/USD popped up briefly during Friday’s 24-hour trading session before retracing to trade mostly flat.
The move was in line with the S&P 500, which was attempting to make some gains over Thursday’s closing price but remained trading in an inside bar pattern in consolidation on lower-than-average volume.
The lack of volume across major indices and the crypto sector was also causing Ethereum ETH/USD and Dogecoin DOGE/USD to trade near to flat, with both the bulls and bears appearing dormant in the lead up to the holiday weekend.
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Volume may remain low over the next few days but when traders return to their desks, possibly next week, here’s what to watch on the Bitcoin, Ethereum and Dogecoin charts.
The Bitcoin and Ethereum Chart: Bitcoin and Ethereum negated their most recent downtrends during Thursday’s 24-hour trading session by printing a higher low. In order for the cryptos to confirm a new uptrend, both Bitcoin and Ethereum will have to print higher highs over the next few days.
Bitcoin and Ethereum are trading under the eight-day and 21-day exponential moving averages (EMAs) and the 50-day simple moving average (SMA), which is bearish. If the cryptos rise up to print a higher high, Bitcoin and Ethereum will regain the moving averages, which would give bullish traders more confidence going forward.
Until volume returns into Bitcoin and Ethereum, the cryptos are likely to continue trading mostly sideways.
Bitcoin has resistance above at $17,580 and $19,915 and support below at $16,797 and $16,000.
Ethereum has resistance above at $1,231.28 and $1,421.80 and support below at $1,081 and $997.The Dogecoin Chart: Dogecoin has spent all of the last week retesting the 200-day SMA as support and during Friday’s session, the crypto was attempting to break up from Thursday’s mother bar. Dogecoin was attempting to regain the eight-day EMA as support but failing due to the lower-than-average volume.
Unlike Bitcoin and Ethereum, Dogecoin hasn’t negated its current downtrend yet. In order for that to happen, Dogecoin will either need to soar up above the 8-cent mark or retrace to print a higher low above 7 cents.
Dogecoin has resistance above at $0.083 and $0.091 and support below at $0.075 and at 7 cents.