Bitcoin, Ethereum, Dogecoin Santa Rallies Make A Pit Stop: A Look At The Cryptos Into The Weekend
Portfolio Pulse from Melanie Schaffer
Bitcoin, Ethereum, and Dogecoin experienced a pullback in their recent rallies, with Bitcoin down 2.2%, Ethereum down 3%, and Dogecoin down nearly 4% before a slight rebound. The crypto sector's retracement comes after a significant surge from September to December. The stock market remained flat, with the S&P 500 showing signs of consolidation. The crypto market's lower moves on declining volume suggest potential consolidation in stocks as well. Bitcoin and Ethereum are forming symmetrical triangle patterns, indicating a possible bullish trend if they break upwards on high volume. Conversely, a break below the lower trend line could signal a new downtrend. Dogecoin is trading sideways, indicating consolidation, with potential for either an uptrend if it regains support or a downtrend if it falls below key support levels.
December 15, 2023 | 9:06 pm
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POSITIVE IMPACT
Bitcoin is experiencing a slight downturn but is forming a symmetrical triangle pattern that could indicate a bullish trend if it breaks upwards on high volume.
The formation of a symmetrical triangle pattern is typically a bullish indicator, suggesting that if Bitcoin breaks upwards on high volume, it could signal the continuation of the rally. However, the recent downturn and the potential for a break below the lower trend line add uncertainty.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ethereum also saw a decline but is in a similar symmetrical triangle pattern to Bitcoin, which could lead to a bullish trend on an upward break.
Ethereum's symmetrical triangle pattern suggests a bullish trend if it breaks upwards. The decline in price and RSI levels below 70% could provide the necessary conditions for another rally, but the possibility of a new downtrend if it breaks below adds risk.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
NEUTRAL IMPACT
Dogecoin's price action is mostly sideways, indicating consolidation, with potential for an uptrend if it regains the eight-day exponential moving average as support.
Dogecoin's sideways trading and the formation of a quadruple inside bar pattern indicate consolidation. The direction is uncertain, with potential for both an uptrend if it regains support or a downtrend if it falls below 9 cents.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70