A trader who weathered the Bitcoin (BTC) collapse in May 2021 suddenly turns bullish on Dogecoin (DOGE).
Pseudonymous analyst Dave the Wave tells With 146,500 followers on the social media platform X, DOGE can form a bullish ascending triangle on a daily basis.
A triangle pattern is considered bullish when the asset reaches a major resistance level.
Says Dave de Golf,
“Tell me this isn’t bullish.”
Looking at his chart, the analyst also seems to suggest that DOGE is consolidating into a broader symmetrical triangle pattern and could soon break the resistance that could take the memecoin into the $0.20 range. Dave the Wave also seems to suggest that DOGE will rise close to its all-time high of $0.73 during this cycle.
DOGE is trading at $0.14 at the time of writing, up 1.2% in the last 24 hours.
Then the analyst say Bitcoin could ignite rallies to new all-time highs if the flagship digital asset can break out Through a sustainable resistance level.
“BTC: over $70,000 and we are active…
Short term. Resistance [becomes] support?”
He too suggests Alternatively, a Bitcoin breakout could be delayed for another two months or so as BTC potentially forms a cup-and-handle formation on the daily time frame. A cup-and-handle is seen as a bullish continuation pattern, indicating that Bitcoin could take more breather before breaking through a key resistance level.
“BTC: now or New Year’s Eve?”
Bitcoin is trading at $67,351 at the time of writing, down more than 2% in the past 24 hours.
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Generated image: Midjourney