Bitcoin BTC/USD and Ethereum ETH/USD saw slight gains while Dogecoin DOGE/USD experienced a decline of about 0.5% during Friday’s 24-hour trading session. The S&P 500 also rose over 1%, which helped boost Bitcoin’s value. fear that the U.S. is headed for a recession has seemed to ease, as spot gold and the crypto market remained relatively stable approaching the long weekend’s end.
Traders and investors will be keeping an eye on the crypto market this weekend, as this could provide an indication of how the stock market will respond next week.
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The Bitcoin Chart:
Bitcoin’s value has been relatively stable since May 12, and it has been trading mostly sideways. On May 27, Bitcoin fell to $25,864 but quickly rebounded to $27,133, creating a bullish double bottom pattern. If it breaks a longer-term trendline that has been holding it down since May 6, it may signal an upward reversal.
Bitcoin currently has support at $25,772 and $25,288 and resistance above at $27,133 and $28,690
The Ethereum Chart:
Like Bitcoin, Ethereum has been trading below a descending trend line since May 6, which has constrained its value. Ethereum also rejected the trendline during Friday’s session, but breaking it could signal a trend reversal. However, if it remains below the trendline, it could continue downward, in which bullish traders hope to see Ethereum stay above $1,737 to avoid a longer-term downtrend.
Ethereum has resistance above at $1,846 and $1,957 and support below at $1,717 and $1,564.
The Dogecoin Chart:
Similar to Bitcoin and Ethereum, Dogecoin has been trading below a descending trendline since April 3, which has constrained its value. However, it created a double bottom pattern on May 11 and May 25 around 7 cents, and if it breaks above the trendline, it may lead to a significant trend reversal. Bearish traders hope to see it fall below 7 cents, which could signal a downtrend.
Dogecoin currently has resistance above at $0.075 and $0.083 and support below at $0.069 and $0.065.
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