Ethereum, Dogecoin Show Strength Compared To Bitcoin While All Regain Key Indicator: Weekend Trends
Portfolio Pulse from Melanie Schaffer
Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) are showing signs of strength as they regain key indicators. BTC was consolidating after the Personal Consumption Expenditure (PCE) Price Index report showed core PCE for August cooled to its lowest point since September 2021. ETH and DOGE were trading slightly stronger than BTC, rising above Thursday’s high-of-day. BTC regained the 50-day simple moving average (SMA) on Thursday, which has been acting as heavy resistance since July 26. ETH and DOGE also started Friday’s 24-hour session with inside bars but broke up from Thursday’s mother bar intraday.
September 29, 2023 | 8:25 pm
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NEUTRAL IMPACT
Bitcoin is consolidating after the PCE report and has regained the 50-day SMA. It has resistance at $27,133 and $28,690 and support at $25,772 and $24,206.
The news indicates a period of consolidation for Bitcoin, which could lead to a continuation move in the direction of the current trend. The regaining of the 50-day SMA is a positive sign, but the resistance levels mentioned could limit upward movement.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Dogecoin started Friday’s session with an inside bar but broke up from Thursday’s mother bar intraday. It has resistance at $0.061 and $0.065 and support at 6 cents and the $0.057 mark.
Dogecoin's break from Thursday's mother bar is a positive sign, indicating potential for upward movement. However, the resistance levels mentioned could limit this upward trend.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100
POSITIVE IMPACT
Ethereum started Friday’s session with an inside bar but broke up from Thursday’s mother bar intraday. It has resistance at $1,717 and $1,825 and support at $1,615 and $1,564.
Ethereum's break from Thursday's mother bar is a positive sign, indicating potential for upward movement. However, the resistance levels mentioned could limit this upward trend.
CONFIDENCE 85
IMPORTANCE 75
RELEVANCE 100