Bitcoin Bitcoin/USD enjoyed a big bullish 24-hour trading session on Tuesday alongside the general market. S&P 500 Up 1.63% from the opening price.
Bitcoin ended its session up 4.4%, ethereum Ethereum/USD increased by 8.7%, dogecoin Doge/US Dollar Closed over 6% higher.
Pre-market action on Wednesday SPDR S&P 500 spy The general market showed opening lower, but the crypto sector appears to be unaffected.
Bullish momentum seems to have grabbed Bitcoin and pushed the cryptocurrency up another 2.3%. Ethereum surged more than 4% on Wednesday while Dogecoin surged more than 6%.
The three cryptos have been stuck in a sideways trading pattern for the past few weeks. Benzinga pointed out October 21st. That long period of consolidation may be coming to an end as all three cryptocurrencies were about to break out of the pattern on Wednesday.
Bitcoin chart: on wednesday, Bitcoin Trying to sustain above $20,479, the sideways pattern will be countered if the cryptocurrency can close a 24-hour session above that area.
At the time of writing, Bitcoin was hovering around $20,890.
Higher highs formed during the Tuesday and Wednesday sessions confirmed Bitcoin’s chart uptrend, with the latest high formed Friday at $18,659. It could break new lows and offer a solid entry for traders who don’t have a position yet.
The recent bullish action has pushed the 8-day Exponential Moving Average (EMA) above the bullish 21-day EMA. Once Bitcoin finally turns down, a trader can watch for the possibility of a bullish reversal candlestick printing above his 8-day her EMA.
Bitcoin has resistances at $21,313 and $22,729 and supports at $19,915 and $17,580.
Ethereum chart: ethereum There was a clear break from a sideways pattern during Tuesday’s session, and on Wednesday the cryptocurrency surged with above-average volumes in a shorter timeframe. is shown.
Like Bitcoin, Ethereum confirmed its uptrend on Tuesday by posting higher highs. Ethereum’s most recent low was made on October 21st at 1,254 tonnes. Eventually, Ethereum retrace and hit another high.
Ethereum is trading above the 8-day and 21-day EMAs and has also regained support at the 50-day simple moving average. This indicates that long-term sentiment has turned bullish.
Ethereum has resistances at $1,717 and $1,957 and supports at $1,421 and $1,245.
Dogecoin Chart: dogecoin The pair briefly broke out of the horizontal pattern on Wednesday but broke below the level to consolidate on a shorter timeframe.A close above $0.066 would be a bullish break from the pattern.
Like Bitcoin and Ethereum, Dogecoin is confirming its uptrend with new highs. Dogecoin’s most recent low was $0.057 on October 21st.
Dogecoin has resistance above $0.075 and $0.083 and support below $0.065 and $0.057.
Note that a low low or low high formation will cancel the current uptrend and act as a warning signal for bullish traders.