Bitcoin Bitcoin/USD During Friday’s 24-hour trading session, S&P 500which had skyrocketed by over 2%.
ethereum Ethereum/USD was also up more than 2%, dogecoin Doge/US Dollar It rose about 12% after Elon Musk’s deal to buy Twitter closed.
dogecoin The 200-day Simple Moving Average (SMA) recovered on Friday. Benzinga called out on thursday.Bitcoin and ethereum While at 17% and 8% respectively under the 200-day SMA, they have settled into a bullish flag pattern and could help the two apex cryptos gain momentum over the weekend.
bull flag pattern is created A sharp rise forming a pole is followed by a consolidation pattern that lowers the stock between channels of parallel lines or a triangular pattern of tightening.
- For bearish traders, ‘trend is your friend’ (until it is no longer) and stocks may continue to fall within the next channel for a short period of time. and may close the trade at the bottom of the trendline.
- Bullish traders will want to watch for breaks from the top of the downtrend line in mass flag formation for entry. If the stock moves away from the bull flag pattern, the higher measured movement should be equal to the length of the pole and added to the lowest price inside the flag.
The bullish flag is deactivated if the stock ends the trading day below the lower trendline of the flag pattern or if the flag falls more than 50% of the length of the pole.
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Bitcoin chart: bitcoin The 9% surge on Tuesday and Wednesday, combined with the consolidation on Thursday and Friday, may have helped the cryptocurrency settle into a bullish flag pattern on the 24-hour chart. If a pattern becomes recognizable, the measured move could push the cryptocurrency towards the $22,000 mark.
Traders and investors can see Bitcoin break out of the flag’s downtrend line with higher-than-average volume to show that a pattern has been recognized. The pattern is negated if it falls below the line.
Bitcoin has been trading in an uptrend since Oct. 21, hitting its latest high formed at $21,022 on Wednesday and its latest confirmed low at $19,240 on Tuesday. If Bitcoin breaks out of the flag formation, bullish traders will see the cryptocurrency form bullish reversal candlesticks, such as the dollar and hammer candles above $19,300, to be confident the uptrend will continue. you’ll want to see the
Bitcoin has resistances at $21,313 and $22,720 and supports at $19,915 and $17,580.
Ethereum chart: Similar to Bitcoin, Ethereum looks set to settle into a bullish flag from Tuesday to Friday, with poles forming over the first two days of the period and flags forming over the next few days. If Ethereum’s bullish flag is recognized, the measured move is 19.5%, indicating that the cryptocurrency could rise towards $1,770.
- Ethereum is also trading in a confirmed uptrend pattern, with the latest high made at $1,324 on Monday and the latest high at $1,595 on Wednesday. Friday’s low could mark the next high in the uptrend if Ethereum breaks out of the bullish flag pattern.
- Ethereum has resistances at $1,717.41 and $1,957.24 and supports at $1,421.80 and $1,245.
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Dogecoin Chart: After consolidating under the 200-day SMA on a shorter timeframe during Thursday’s 24-hour session, Dogecoin regained levels on Friday morning. From a technical standpoint, Dogecoin is currently enjoying a bullish cycle, but it is not clear how long the sentiment will last.
- Dogecoin started its uptrend on Oct. 13 but has not formed a higher low since Oct. 21, when the cryptocurrency bounced from the $0.057 mark. Eventually, Dogecoin will drop to hit the next high, and when that happens, bullish traders will want to see an upward reversal above or above the 200-day SMA.
- Dogecoin has recorded well above average volumes in the last three 24-hour trading periods, indicating strong interest in the cryptocurrency. As of Friday afternoon, Dogecoin volume had reached about 1.15 billion on Coinbase, compared to a 10-day average of 275.95 million.
- Dogecoin has resistance above $0.083 and $0.099 and support below $0.075 and $0.067.
Related item: Dogecoin price rose over 9% in 24 hours