Bitcoin BTC/USD was leading the crypto sector higher during Friday’s 24-hour trading session, skyrocketing about 10% higher.
The bullish price action overnight on Thursday predicted a big move north for the general markets on Friday, which saw the S&P 500 rally about 1.7%.
By late afternoon, Bitcoin was holding strong near to its high-of-day. Ethereum ETH/USD and Dogecoin DOGE/USD initially soared higher but started to consolidate intraday, declining about 1.7% and 2.5%, respectively, off the high-of-day.
Bitcoin will eventually need to consolidate and may begin to do so over the weekend. If that happens, Ethereum and Dogecoin are likely to follow suit.
Below is a look at the three crypto charts:
The Bitcoin Chart: Bitcoin negated its short downtrend during Friday’s session by printing a higher high above the most recent lower high. An uptrend hasn’t yet been confirmed, as the crypto hasn’t printed a higher low above $18,527.
The Dogecoin Chart: Like Ethereum, Dogecoin broke up bullishly from an inside bar pattern during Friday’s session, which caused the crypto to regain the eight-day exponential moving average (EMA) as support. Dogecoin was unable to climb above the 21-day EMA, which may indicate further consolidation is needed.
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