Bitcoin BTC/USD was volatile during Friday’s 24-hour trading session, popping up over 2% higher, then dropping over 3% lower before settling flat by the afternoon despite Americans showing high interest in the crypto.
Ethereum ETH/USD and Dogecoin DOGE/USD were showing comparative strength, rising about 4% over Thursday’s closing price.
While the general market has moved higher since June 26, the crypto space has been consolidating mostly sideways after Bitcoin and Ethereum surged over 21% and over 16%, respectively, between June 15 and June 21.
Since the beginning of 2023, Bitcoin has skyrocketed about 83% and Ethereum has surged 61%. Dogecoin, on the other hand, is trading down about 6% from its Jan. 1 opening price of 7 cents.
As the second half of the year begins on Saturday, traders and investors will be watching to see how the apex cryptocurrencies trade over the weekend, which could help to indicate how the stock market will trade after the fourth of July, when most of Wall Street returns to the desk.
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The Bitcoin Chart: Bitcoin has been trading in a slight downtrend since June 23, but on Friday, the crypto negated the trend by forming a higher high. If Bitcoin closes the trading day near flat, the crypto will form a doji candlestick, which indicates indecision.
- Bullish traders want to see Bitcoin trade higher on Saturday to surpass Friday’s high-of-day, which would confirm a new uptrend. Bearish traders want to see the bearish double top pattern that Bitcoin formed on June 23 and Friday recognized, which could indicate lower prices are in the cards.
- Bitcoin has resistance above at $31,418 and $35.593 and support below at $30,050 and $28,690.
The Ethereum Chart: Like Bitcoin, Ethereum has also been trading sideways but on Friday, the crypto was attempting to break up from the pattern. If Ethereum closes the 24-hour trading session near its high-of-day, the crypto will form a bullish Marubozu candlestick, which could indicate higher prices will come on Saturday.
- Bullish traders want to see continued momentum on Saturday push the crypto up above $1,950, which would break Ethereum up from the sideways pattern. Bearish traders want to see the stock consolidate sideways and then for big bearish volume to come in and push Ethereum under $1,796, which would be bearish.
- Ethereum has resistance above at $1,957 and $2,150 and support below at $1,846 and $1,717.
The Dogecoin Chart: Dogecoin negated its downtrend on Friday by rising above the most recent lower high, which was formed on Wednesday at $0.065. The crypto was also attempting to print a hammer candlestick, which could indicate higher prices are on the horizon this weekend.
- Bullish traders want to see Dogecoin break up above a descending trend line, which has been holding the crypto down since June 23. If that happens it could signal a longer-term reversal to the upside. Bearish traders want to see big bearish volume drop Dogecoin down under the $0.056 mark, which could indicate a longer-term downtrend on large timeframes.
- Dogecoin has resistance above at $0.069 and $0.075 and support below at $0.065 and $0.057.
Photo: Shutterstock
Image and article originally from www.benzinga.com. Read the original article here.