Bitcoin Bitcoin/USD Since July 29, the cryptocurrency has been trading mostly with flags during Friday’s 24-hour trading session after bullishly attempting to break out of its stuck daily chart descending channel pattern.
Bitcoin’s 24-hour trading range has recently narrowed significantly, leaving little volatility for day traders attracted to Bitcoin and other cryptocurrencies due to past wild price action.
dogecoin Doge/US Dollar When ethereum Ethereum/USD Dogecoin and Ethereum were marginally stronger on Friday, trading over 2% and 3% respectively, but followed Bitcoin, which has been on a slight downtrend since the end of June. Because it is showing strength in terms of Dogecoin and Ethereum could gain momentum if the apex crypto can break out of a descending channel pattern over the weekend.
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Bitcoin chart: Bitcoin is trading in a confirmed downtrend within a descending channel, with the latest recorded low high at $23,650 on Wednesday and the latest confirmed high low forming at the $22,392 mark on Thursday. If Bitcoin continues to fall during Saturday’s 24-hour session, Friday’s high will mark the next low in the pattern.
- If Bitcoin breaks out of the descending channel bullishly over the weekend, the measured move is around 7.6%, which suggests that Bitcoin could surge towards the $24,400 levels. Patterns in stocks and cryptocurrencies repeat themselves frequently. This could lead to a exit from the channel as the cryptocurrency surged 15% off the pattern the last time Bitcoin traded in a channel down pattern between July 20th and July 26th. There is a nature.
- When Bitcoin ends a 24-hour trading session near its open price, the cryptocurrency prints a tombstone blunder candlestick. If the cryptocurrency picks up bullish momentum later on Friday and closes near the day’s highs, Bitcoin will print a bullish bald candlestick. This could indicate that weekend prices are rising.
- Bitcoin has resistances at $25,772 and $29,321 and supports at $22,729 and $19,915.
SEE ALSO: “Cryptocurrency Is Dead” Is Too Much, Analysts Say Bitcoin (BTC) And Ethereum (ETH) Are Wrapping It Up
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