Bitcoin BTC/USD briefly popped up above the $20,000 mark on Friday when the S&P 500 spiked higher, before running into a group of sellers who pushed the crypto back under the level.
Dogecoin DOGE/USD followed suit, temporarily rising up above Thursday’s 24-hour trading session high, while Ethereum Classic ETC/USD, the weaker of the three cryptos, was unable to move notably higher.
Over the weekend, traders and investors will be watching to see how cryptocurrencies, particularly Bitcoin, behave for clues on how the general market may move when the stock market opens on Monday.
It should be noted Ethereum Classic looks similar to Bitcoin on the 24-hour trading chart, which means the same technical patterns apply.
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The Bitcoin Chart: Bitcoin reversed into an uptrend on Sept. 21, with the most recent higher low formed on Wednesday at $18,407 and the most recent confirmed higher high printed at the $20,383.15 mark the day prior. During Friday’s session, Bitcoin attempted to make a run for another higher high but failed.
If the crypto is unable to make a higher high later on Friday or on Saturday, Bitcoin may consolidate into a tightening triangle pattern on the daily chart. If that happens, traders can watch for Bitcoin to break up or down from the triangle on higher-than-average volume to gauge future direction.
Bitcoin has resistance above at $19,915 and $21,313.45 and support below at $17,580 and $16,000.
The Ethereum Classic Chart: Ethereum was trading flat on Thursday and Friday, with all of the price action taking place within Wednesday’s trading range, which has settled the crypto into a double inside bar pattern on the daily chart. The pattern leans bearish because Ethereum Classic was trading lower before forming the pattern.
Traders and investors can watch for Ethereum Classic to break up or down from Wednesday’s mother bar over the weekend. If the crypto breaks down from the pattern, the downtrend Ethereum Classic has been trading in since Sept. 15 is likely to continue.
Ethereum Classic has resistance above at $32.18 and $35.38 and support below at $27.68 and $24.58.
The Dogecoin Chart: Dogecoin broke up from an inside bar pattern during Friday’s session but ran into a group of sellers who knocked the crypto back down into Thursday’s trading range. Unlike Bitcoin and Ethereum Classic, Dogecoin has not developed any key patterns on the daily chart.
Dogecoin’s trading volume has been decreasing since Sept. 23, which indicates the crypto may be running out of both buyers and sellers. Declining volume is often followed by a sharp increase in volume and which direction Dogecoin moves when volume begins to fill back into the crypto will determine the direction.
Dogecoin has resistance above at $0.065 and $0.075 and support below at $0.057 and at 5 cents.