Bitcoin, Ethereum And Dogecoin Lay Low Into The Weekend: What To Watch
Portfolio Pulse from Melanie Schaffer
Cryptocurrencies Bitcoin, Ethereum, and Dogecoin are experiencing low volatility and consolidation, with lower-than-average trading volume. Traders and investors are watching the crypto sector for clues on the S&P 500's behavior next week.
May 19, 2023 | 8:33 pm
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NEUTRAL IMPACT
Bitcoin is trading in a triangle pattern with low volatility, and its price action is neutral. Traders are watching for a breakout to confirm the pattern.
Bitcoin's low volatility and consolidation phase make it difficult to predict short-term price movements. The triangle pattern suggests a potential breakout, but the timing and direction are uncertain.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
Dogecoin is trading in a triangle pattern with low volatility and neutral price action. It is trending under the 200-day simple moving average, which is bearish.
Dogecoin's low volatility and consolidation phase make it difficult to predict short-term price movements. The triangle pattern suggests a potential breakout, but the timing and direction are uncertain.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100
NEUTRAL IMPACT
Ethereum is also trading in a triangle pattern with low volatility, and its price action is slightly more bullish than Bitcoin's. Traders are watching for a breakout to confirm the pattern.
Ethereum's low volatility and consolidation phase make it difficult to predict short-term price movements. The triangle pattern suggests a potential breakout, but the timing and direction are uncertain.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100