Bitcoin BTC/USD and Ethereum ETH/USD were trading flat in Friday’s 24-hour trading session in tight ranges.
Unlike the S&P 500, which fell when the Department of Labor published new labor market figures higher than expected, Bitcoin and Ethereum did not react. This may have been an early indicator that the negative stock market reaction would not gain traction, and on Friday afternoon the S&P 500 was climbing to trade within Thursday’s range.
Although Dogecoin slid around 3%, the slowdown was unlikely to be related to general markets. Dogecoin has been trading in an uptrend since Nov. 21 and has not printed a higher low since Nov. 25, indicating that a retracement was likely.
With the S&P 500 trading near the 200-day simple moving average and up around 15% from its lows, traders and investors are watching closely to see if the index will signal that the bear market is over. . Over the weekend, traders will be watching Bitcoin and Ethereum, in particular, for clues as to how the S&P 500 might fare next week.
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The Bitcoin chart: Bitcoin reversed into an uptrend pattern on November 22nd after printing a double bottom near the $15,500 mark. The crypto’s most recent high was formed on Thursday at $17,317 and the most recent confirmed low low was printed at the $15,992 level on November 28.
Bitcoin was struggling to print a doji candlestick on Friday, which could indicate that the next low is in the works and the crypto will trade higher in Saturday’s session. If this happens, bullish traders will want to see Bitcoin appear above $17,320 to confirm that the uptrend is intact.
It is also possible that Bitcoin creates a small bull flag pattern on the daily chart. If the pattern is recognized and Bitcoin separates from the flag, the measured move is around 7%, suggesting that the crypto could climb above $18,000 over the next few days.
Bitcoin has resistance above $17,580 and $19,915 and support below $16,000 and $15,000.
The Ethereum chart: Ethereum is trading in tandem with Bitcoin, in an uptrend and possible small bullish flag pattern. Ethereum’s most recent high was formed on Wednesday at $1,311 and the most recent confirmed low was created at the $1,150 level on November 28.
The measured movement of Ethereum The bull flag pattern is around 13%, which suggests that the crypto could rise to $1,430. If Ethereum falls below the eight-day exponential moving average (EMA), the bull flag will be cancelled.
Ethereum has resistance above $1,412 and $1,717 and support below at $1,245 and $1,081.
The Dogecoin chart: Dogecoin reversed in its most recent uptrend on November 22, printing a low of 8 cents and a high of Wednesday at 11 cents. During Friday’s trading session, the crypto retraced to the eight-day EMA and bounced back from the level.
If Dogecoin trades higher over the weekend, Friday’s low will serve as the next low in the uptrend. The lower wick that Dogecoin was developing on the chart during the session supports the theory that the next low may have occurred.
Dogecoin has resistance above 12 cents at $0.135 and support below at $0.083 and $0.075. There is also support and resistance at 10 cents, which Dogecoin is struggling to regain.