Bitcoin, Cardano and Dogecoin – European Wrap 7 October

Bitcoin price has been in a steady consolidation for more than two weeks and shows no signs of directional bias. However, the Non-Farm Payrolls (NFP) announcement on October 7 could trigger a volatile episode for BTC that could resolve its range tightening and establish a directional bias.


Cardano price has arrived at an inflection point that has triggered not one but three reversals over the last two months. The recent retest does provide a similar opportunity for investors but with a higher risk.


ADA/USDT 1-day chart

Dogecoin (DOGE) price action is at risk of tanking 12% and, in the process erasing its weekly gains. A big catalyst that could trigger the retreat is the US Non Farm Payrolls (NFPs) report that is due to come out later this afternoon. Although there is no real correlation, the ADP numbers from Wednesday were a big beat, raising the possibility the NFP could follow in its footsteps and see the Fed ramp up its rate hikes even more, with more dollar strength and thus more headwinds for cryptocurrencies to come.


DOGE/USD Daily chart