Bitcoin Holds Steady, Ethereum Rises, Dogecoin Falls: A Look At Crypto Volatility Into Holiday Weekend
Portfolio Pulse from Melanie Schaffer
Bitcoin (BTC) remained stable, Ethereum (ETH) rose over 3%, and Dogecoin (DOGE) fell about 1.2% in the last 24-hour trading session. Bitcoin's movement echoed the general market, which was flat after the PCE index inflation report. Both Bitcoin and Ethereum recently broke out from symmetrical triangle patterns, indicating a potential shift in momentum. Bitcoin is facing resistance at $45,000 and $45,814, with support at $42,233 and $39,600. Ethereum has resistance at $2,317 and $2,461, with support at $2,140 and $2,020. Dogecoin is consolidating between $0.09 and $0.099, with resistance at $0.099 and 12 cents, and support at 9 cents and $0.083.
December 22, 2023 | 9:31 pm
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NEGATIVE IMPACT
Dogecoin fell about 1.2%, trading in a consolidation pattern with a slight downtrend, indicating uncertainty in its short-term direction.
Dogecoin's slight decline and consolidation pattern suggest a negative short-term impact. The formation of a lower high and a potential hanging man candlestick could indicate further downside.
CONFIDENCE 70
IMPORTANCE 60
RELEVANCE 70
NEUTRAL IMPACT
Bitcoin remained stable, echoing the general market's flat performance. It recently broke out from a symmetrical triangle pattern, suggesting a potential change in trend.
Bitcoin's stability in the face of a flat general market and its technical breakout from a triangle pattern suggest a neutral to slightly positive outlook. However, the formation of a bearish reversal candlestick could indicate a potential retracement.
CONFIDENCE 75
IMPORTANCE 70
RELEVANCE 80
POSITIVE IMPACT
Ethereum spiked over 3%, confirming a bullish break from a symmetrical triangle pattern, indicating a potential uptrend.
Ethereum's significant rise and confirmation of a bullish break from a technical pattern suggest a positive short-term outlook. However, traders should be cautious of overextension on the relative strength index.
CONFIDENCE 75
IMPORTANCE 75
RELEVANCE 80