Bitcoin (Cryptography: BTC), Ethereum (Cryptography: ETH) and Dogecoin (CRYPTO: DOGE) are all trading higher with a strong uptrend. An uptrend occurs when a stock price consistently creates high and low values on the chart.
Higher highs indicate that the bull is in control, and intermittent higher lows indicate a period of integration. Traders can use moving averages to identify uptrends. A rise in the low time frame moving averages (such as the 8-day or 21-day exponential moving averages) indicates that stocks are on a sharp short-term uptrend and the long-term moving averages are rising. It shows a long-term upward trend (such as a 200-day simple moving average).
Stocks are often notified when highs are reached by doingji, bearish swallowing, or printing inverted candlesticks such as hanging man candlesticks. Similarly, higher lows may be notified when Doji, Morning Stars, or Hammer candlesticks are printed. In addition, higher highs and higher lows often occur at levels of resistance and support.
In the uptrend, otherwise “the trend is your friend”, and in the uptrend, there is a way for both bullish and bearish traders to join the stock.
- Bullish traders who already hold stock positions can be confident that the uptrend will continue unless stocks fall. Traders looking to take a position in an uptrend stock trading can usually find the safest entry at the highest price.
- Bearish traders can join the trade at a higher high price and close with a pullback. These traders can also enter when the uptrend breaks down and stock prices fall. This indicates that the card may have a reversal to the downtrend.
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Bitcoin chart: Bitcoin has been trading on an uptrend since January 24th, creating a consistent series of highs and lows. The latest highs were printed at the $ 36,259 level on February 3rd, and if the crypto remains above the level, the uptrend will continue.
- Bitcoin is also a pole created between February 3rd and February 9th and a pole formed over the next few days, which could settle into the bull flag pattern on the daily chart. If Bitcoin collapses bullishly from a flag pattern with a higher than average volume, the measured movement is about 26%, indicating that Bitcoin could trade up towards $ 52,700.
- If Bitcoin falls below the 8-day exponential moving average (EMA) of the daily chart, the bull flag will be disabled.
- On Sunday, Bitcoin was trading in a very narrow trading range. This indicates the period of integration. After the integration period, there is usually a volatile movement in one direction, as either the bull or the bear is in a hurry to take control.
- Bitcoin resistance is $ 45,814 and $ 48,475, and support is $ 42,233 and $ 36,600.
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Ethereum Chart: Like Bitcoin, Ethereum was trading in a tight small range on Sunday. This shows the integration while maintaining the uptrend.
- Ethereum’s latest high was printed on February 3rd at $ 2,572.66.
- Cryptocurrencies lost support in the eight-day EMA, and bullish traders hope Ethereum will regain its level in support for the next few days.
- Ethereum resistance is $ 3,057.82 and $ 3,240.01, and support is $ 2,890 and $ 2,609.02.
Doge Coin Chart: Dogecoin was up more than 7% on Sunday after printing the Doji candlestick on Saturday’s daily chart. The same thing showed that the card had an upside-down reversal.
- The latest highs for Dogecoin were printed on February 7th at around $ 0.173. Bullish traders will want to make sure that cryptocurrencies are above the level in the next few days to make sure the uptrend is still intact.
- Dogecoin may also have completed the handle of the bullish cup-and-handle pattern formed from January 15th to today. If the cipher breaks through the descending handle of the pattern with a higher than average volume, the measured movement is about 25%, which indicates that Dogecoin may trade up towards $ 0.176.
- Dogecoin resistance is $ 0.16 and $ 176, and support is $ 0.141 and $ 0.135.