Daily Crypto News

Did The Bitcoin, Ethereum And Dogecoin Plunge Scare You? A Look At The Charts Ahead Of

Bitcoin BTC/USD plunged about 5% between 9 p.m. and midnight on Monday, and on Tuesday morning, the apex crypto was attempting to bounce up from the $19,235 low-of-day.

Ethereum ETH/USD and Dogecoin DOGE/USD slid in tandem, losing over 9% and 14%, respectively, before beginning to rebound.

On Sunday, Binance CEO and founder Changpeng Zhao said he planned to liquidate all the exchange’s remaining FTT tokens, sending shockwaves through the cryptocurrency sector. FTT is the native crypto token of Sam Bankman-Fried’s FTX trading platform, and as of Sunday Binance held 23 million tokens.

A bullish day in the general markets, with the S&P 500 climbing 1%, helped to pull Bitcoin, Ethereum and Dogecoin up from the lows. As of midday Tuesday, all three crypto’s were working to print hammer candlesticks, indicating a bounce may be imminent.

Marathon Digital Holdings, Inc MARA is set to print third-quarter earnings after the market close. The stock hasn’t enjoyed the recent bullish cycle in the crypto sector, falling over 27% between Oct. 25 and Tuesday. 

The cryptocurrency miner hasn’t posted an earnings beat since May 2021. For the third quarter, analysts, on average, estimate Marathon will report EPS of 35 cents on revenues of 23.53 million. 

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The Bitcoin Chart: Bitcoin reversed into an uptrend on Oct. 13 but negated the trend on Tuesday by printing a lower low under the Nov. 3 higher low of $20,032. Although the uptrend is negated, a downtrend hasn’t been confirmed with the formation of a lower high, which could indicate Tuesday’s steep decline was a bear trap.

  • When Bitcoin rebounded, the crypto regained support at the 50-day simple moving average (SMA), which indicates longer-term sentiment remains bullish. Traders will want to see Bitcoin regain the eight-day exponential moving average (EMA) later Tuesday or during Wednesday’s 24-hour trading session for more confidence going forward.
  • Bitcoin has resistance above at $20.545 and $21,313 and support below at $19,915 and $17,580.

The Ethereum Chart: Like Bitcoin, Ethereum negated its uptrend Tuesday but hasn’t confirmed a downtrend. When Ethereum plunged to the low-of-day at the $1,424 mark, the crypto found support at the 50-day SMA and bounced sharply up from the area.

  • Since Nov. 4, Ethereum has been attempting to regain support at the 200-day SMA. The level is an important bellwether indicator, used to determine whether a security is in a bull or bear market.
  • If the crypto can regain the 200-day and trade above the area for a period of time, the 50-day SMA will cross above the 200-day, which would cause a golden cross to form.
  • Ethereum has resistance above at $1,717 and $1,957 and support below at $1,421 and $1,245.

The Dogecoin Chart: Dogecoin has been trending lower since Nov. 1, declining 32% off the high of $0.158. The decline was likely to occur after a 150% rally beginning on Oct. 25, which was prompted by Elon Musk’s acquisition of Twitter.

  • Dogecoin’s decline has taken place on declining volume, which indicates consolidation is occurring. The retracement has helped to bring Dogecoin’s relative strength index down below the 60% level, which is a positive sign for the bulls.
  • Dogecoin has been trading above the 200-day SMA since Oct. 28, which has caused the 50-day SMA to turn sharply north. A golden cross is likely to occur on Dogecoin’s chart over the coming days, which will give bullish traders more confidence going forward.
  • Dogecoin has resistance above at 12 cents and $0.135 and support below at the 10-cent mark and at $0.083.

See Also: Someone Just Sent 5,000 Bitcoin Onto Gemini

Read More: Did The Bitcoin, Ethereum And Dogecoin Plunge Scare You? A Look At The Charts Ahead Of

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