Bitcoin, Ethereum And Dogecoin Plunge, Moving Anti-Market: A Look At The Cryptos Into The Weekend

Benzinga2023-03-04

ZINGER KEY POINTSBitcoin and Ethereum are looking to print bearish Marubozu candlesticks, which could indicate lower prices for Saturday.Dogecoin was working to print a hammer candlestick, which makes...

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Deonc
2023-03-04
Deonc
Ok
Joyvb
2023-03-04
Joyvb
Share your opinion about this news…
TaiWoeiHaur
2023-03-04
TaiWoeiHaur
Good morning
MLFL
2023-03-04
MLFL
Good morning
V.lye
2023-03-04
V.lye
Ok

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A downtrend occurs when a stock consistently makes a series of lower lows and lower highs on the chart.The lower lows indicate the bears are in control while the intermittent lower highs indicate consolidation periods.Traders can use moving averages to help identify a downtrend with descending lower timeframe moving averages (such as the eight-day or 21-day exponential moving averages) indicating the stock is in a steep shorter-term downtrend.Descending longer-term moving averages (such as the 200-day simple moving average) indicate a long-term downtrend.A stock often signals when the lower low is in by printing a reversal candlestick such as a doji, bullish engulfing or hammer candlestick. Likewise, the lower high could be signaled when a doji, gravestone or dragonfly candlestick is printed. Moreover, the lower lows and lower highs often take place at resistance and support levels.In a downtrend the \"trend is your friend\" until it’s not and in a downtrend, there are ways for both bullish and bearish traders to participate in the stock:Bearish traders who are already holding a position in a stock can feel confident the downtrend will continue unless the stock makes a higher high. Traders looking to take a position in a stock trading in a downtrend can usually find the safest entry on the lower high.Bullish traders can enter the trade on the lower low and exit on the lower high. These traders can also enter when the downtrend breaks and the stock makes a higher high indicating a reversal into an uptrend may be in the cards.The Bitcoin and Ethereum Charts: Bitcoin and Ethereum entered downtrends during the last half of February, and each crypto has been making a series of lower highs and lower lows.Bitcoin’s most recent lower high was formed on Wednesday at $23,999 and the most recent confirmed lower low was printed at the $22,520 mark on Feb. 24, while Ethereum’s most recent lower high was created on Thursday at $1,678 and the most recent confirmed lower low was formed at the $1,557 mark on Feb. 25.If the two cryptos close near their low-of-day, Bitcoin and Ethereum will print bearish Marubozu candlesticks, which could indicate lower prices will come again on Saturday. The next most likely scenario is that they will form inside bar patterns to begin to consolidate Friday’s move lower, which will lean bearish for continuation.Bitcoin has resistance above at $22,729 and $24.206 and support below at $21,313 and $20,545.Ethereum has resistance above at $1,564 and $1,717 and support below at $1,421 and $1,308.The Dogecoin Chart: Dogecoin has been trading in a downtrend since Feb. 16, making a consistent series of lower highs and lower lows. The crypto's most recent lower high was created on Tuesday at $0.083 and the most recent confirmed lower low was printed at the $0.078 mark on Feb.25.During Friday’s 24-hour trading session, Dogecoin was trying to bounce up from the low-of-day to print a hammer candlestick, which could indicate higher prices will come on Saturday. The next most likely scenario, as with Bitcoin and Ethereum, is that Dogecoin will start to consolidate sideways.Dogecoin has resistance above at $0.083 and $0.091 and support below at $0.075 and at 7 cents.","kind":"news","is_publish_news":false,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":9940212976,"gmtCreate":1677943760095,"gmtModify":1677943763508,"author":{"id":"3569316529855154","authorId":"3569316529855154","name":"Deonc","avatar":"https://static.tigerbbs.com/d9aa45dd2eb58357f6477dcfb99d1415","vip":1,"crmLevel":3,"crmLevelSwitch":1,"idStr":"3569316529855154","authorIdStr":"3569316529855154"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940212976","repostId":1152284667,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940649614,"gmtCreate":1677895273738,"gmtModify":1677895276406,"author":{"id":"3576137125360966","authorId":"3576137125360966","name":"Joyvb","avatar":"https://static.tigerbbs.com/7bf71cf06d5ef05352919f59d53ed5b4","vip":1,"crmLevel":4,"crmLevelSwitch":0,"idStr":"3576137125360966","authorIdStr":"3576137125360966"},"htmlText":"Share your opinion about this news…","listText":"Share your opinion about this news…","text":"Share your opinion about this news…","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940649614","repostId":1152284667,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940625092,"gmtCreate":1677889031916,"gmtModify":1677889035362,"author":{"id":"3563667765668803","authorId":"3563667765668803","name":"TaiWoeiHaur","avatar":"https://community-static.tradeup.com/news/4573ecee7a4a891ace3e5566a59069d5","vip":1,"crmLevel":5,"crmLevelSwitch":1,"idStr":"3563667765668803","authorIdStr":"3563667765668803"},"htmlText":"Good morning&nbsp;","listText":"Good morning&nbsp;","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940625092","repostId":1152284667,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940622080,"gmtCreate":1677888750240,"gmtModify":1677888753751,"author":{"id":"4115684828159522","authorId":"4115684828159522","name":"MLFL","avatar":"https://community-static.tradeup.com/news/1d7ab965a9728265436a2d2a8db471ce","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4115684828159522","authorIdStr":"4115684828159522"},"htmlText":"Good morning&nbsp;","listText":"Good morning&nbsp;","text":"Good morning","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940622080","repostId":1152284667,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":9940626213,"gmtCreate":1677888639732,"gmtModify":1677888643958,"author":{"id":"4088902048392220","authorId":"4088902048392220","name":"V.lye","avatar":"https://static.tigerbbs.com/7233306780623a2802ebfc0893c0cc52","vip":1,"crmLevel":6,"crmLevelSwitch":1,"idStr":"4088902048392220","authorIdStr":"4088902048392220"},"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940626213","repostId":1152284667,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"}],"isCommentEnd":false,"newsSizeData":{"likeSize":221,"commentSize":5,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/1152284667"}