A Look At Bitcoin, Ethereum And Dogecoin Into The Weekend, Ahead Of Fed Rate Decision

21 July 2023

in DOGE

Reading Time: 4 mins read

This weekend, all eyes are on Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) as the Federal Reserve gears up to make its interest rate decision on July 25 and 26.

The movements in the cryptocurrency space garner increasing attention on weekends as they often offer clues about how the stock market may react when Wall Street resumes trading on Monday.

During Friday’s 24-hour trading session, Bitcoin and Ethereum were trading mostly flat, while Dogecoin (CRYPTO: DOGE) was leading the pack, popping up almost 9% higher at one point during the session.

ENTER TO WIN $500 IN STOCK OR CRYPTO

Enter your email and you’ll also get Benzinga’s ultimate morning update AND a free $30 gift card and more!

Investors and traders are keeping a close watch on crypto trends because the Fed’s decision could cause some big reactions in both traditional and digital markets.

Want direct analysis? Find me in the BZ Pro lounge! Click here for a free trial.

“The Best Report Benzinga Has Ever Produced”

Massive returns are possible within this market! For a limited time, get access to the Benzinga Insider Report, usually $47/month, for just $0.99! Discover extremely undervalued stock picks before they skyrocket! Time is running out! Act fast and secure your future wealth at this unbelievable discount! Claim Your $0.99 Offer NOW!

Advertorial

The Bitcoin and Ethereum Charts: Bitcoin and Ethereum were working to print inside bar patterns on Friday, trading within Thursday’s 24-hour trading range. The sideways trading pattern indicates that consolidation is taking place, which is confirmed by the crypto’s low trading volume.

Both Ethereum and Dogecoin are trading in slight downtrends, making lower highs and lower lows but on Friday, the cryptos were working to print doji candlesticks, which may indicate the downtrend is coming to an end.

Bulls want to see big bullish volume come in over the weekend and push the cryptos up over Thursday’s high-of-day, which will negate the downtrends. Bears want to see big bearish volume knock the cryptos down under the 50-day simple moving average, which could accelerate a move lower.

Bitcoin has resistance above at $30,050 and at $31,418 and support below at $28,690 and $27,133.

Ethereum has resistance above at $1,937 and at $2,020 and below at $1,825 and $1,717.

The Dogecoin Chart: When Dogecoin spiked higher on Friday, the crypto attempted to regain the 200-day simple moving average (SMA) but wicked down from the area, suggesting the indicator may continue to act as heavy resistance for at least the short-term.

The crypto’s pump higher was taking place on above-average volume, which suggests the bulls have regained both interest and control. If Dogecoin’s volume is sustained over the weekend, the crypto could break up through the 200-day SMA, which would throw Dogecoin into a bull cycle.

Bearish traders want to see Dogecoin continue to reject the 200-day and then for big bearish volume to come in and drop the stock under the 50-day SMA. If that happens, the crypto will confirm a new downtrend.