A widely followed crypto analyst shares an update on the progress of the Bitcoin (BTC) bull market while taking a closer look at Dogecoin (DOGE).
Pseudonymous crypto trader Rekt Capital tells According to its 360,700 Twitter followers, BTC’s “bull market process” is about a quarter of the way through.
“Progress on the BTC Bull Market: 25.7%”
BTC is worth $29,524 at the time of writing, up 10% in the last seven days.
In the latest edition of his Altcoin newsletter, the trader writes say DOGE’s recent moves have invalidated a bullish divergence.
“Dogecoin is still at the bottom of the Channel, but the latest price trend is that the potential bullish divergence is now most likely no longer valid.
This is because the lower low had dropped as support last week and turned into new resistance in the same week, with price also confirming this was new resistance this week.”
The trader says he is monitoring the bottom of Dogecoin’s current trading channel to see if it will act as a “springboard” for the memecoin.
“However, not much has changed macro-wise – the price is still at the Channel bottom and as a result continues to consolidate within the market structure.
The whole exercise here was to try to see if hidden power is slowly manifesting itself around the Channel Bottom area and for now – there isn’t.
Still worth watching as the Channel Bottom has acted as an important springboard for the previous 5-7 rallies.”
DOGE is worth $0.0599 at the time of writing, up 2.3% in the past week.
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