Bitcoin BTC/USD spiked up about 2% higher at one point during Friday’s 24-hour trading session before running into a group of sellers who knocked the crypto down near to flat.
The crypto has been consolidating mostly sideways near the $30,000 mark since Tuesday, trying to make a run above the level but lacking volume. Benzinga called for Bitcoin to break from its triangle pattern on April 6 and for Ethereum to break from the same pattern on April 12.
Ethereum ETH/USD was popping up about 3% higher and holding its gains, showing strength compared to the apex crypto. Dogecoin DOGE/USD was trading in tandem with Bitcoin, briefly spiking almost 5% higher but retracing near Thursday’s closing price.
The crypto market was still stronger than the general market, which saw the S&P 500 down about 0.6%. Spot gold was also retracing low, declining about 1.7% on the day.
If Bitcoin can make a big break above the psychologically important $30,000 level over the weekend, traders and investors can watch for Ethereum and Dogecoin to follow. All three cryptos are trading in uptrends, which makes an eventual break up the most likely scenario.
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The Bitcoin Chart: On Monday, Bitcoin broke up from a triangle pattern, which caused the crypto to run toward the $30,000 mark. The bullish break also caused Bitcoin to print a higher high, which settled it into an uptrend.
- Bitcoin’s most recent higher low within the trend was printed at the $27,814 mark on April 9 and the most recent confirmed higher high was formed at the $30,584 mark on Tuesday. On Friday, Bitcoin was looking to print a shooting star candlestick, which could indicate the next higher high has occurred and the crypto will retrace on Saturday.
- If that happens, bullish traders can watch for Bitcoin to print a possible doji or hammer candlestick above $28,000, which could indicate the next higher low has occurred and a rebound is on the horizon.
- Bitcoin has resistance above at $31.418 and $35,593 and support below at $28.690 and $25,772.
The Ethereum Chart: Ethereum has been trading in an uptrend since March 27, with the most recent higher low formed on Wednesday at $1,855 and the most recent confirmed higher high printed at the $1,943 mark on April 5. On Friday, Ethereum looked to be creating a long upper wick on its candlestick, which, like Bitcoin, could indicate a retracement is in the cards.
- The second most likely scenario is that Ethereum prints an inside bar pattern over the weekend, which would lean bullish for a continuation higher. Bears want to see the crypto fall back under the eight-day exponential moving average, which has been guiding the crypto higher since March 29.
- Ethereum has resistance above at $2,150 and $2,317 and support below at $1,957 and $1,846.
The Dogecoin Chart: Dogecoin confirmed a new uptrend on Thursday by printing a higher high. The crypto’s most recent higher low, which negated its downtrend, was formed on Wednesday at 8 cents.
- On Friday, Dogecoin looked to be printing a doji candlestick, which could indicate the next higher high has occurred and the crypto will trade lower on Saturday. If that happens, bullish traders want to see Dogecoin print a bullish reversal candlestick above the 200-day simple moving average.
- If Dogecoin falls under the 200-day SMA, the uptrend will be negated, and a longer-term downtrend could be on the horizon.
- Dogecoin has resistance above at $0.091 and $0.099 and support below at $0.083 and $0.075.