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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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
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
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