A trader who nailed the May 2021 Bitcoin (BTC) collapse is suddenly turning bullish on Dogecoin (DOGE).
Pseudonymous analyst Dave the Wave tells 146,500 followers on the social media platform X that DOGE may be forming a bullish ascending triangle on the daily timeframe.
A triangle pattern is considered bullish if the asset clears a key resistance level.
Says Dave the Wave,
“Tell me that ain’t bullish.”
Looking at his chart, the analyst appears to also suggest that DOGE is consolidating in a broader symmetrical triangle pattern and may soon break through resistance that could put the memecoin in the $0.20 range. Dave the Wave also appears to suggest that DOGE will rally close to its all-time high of $0.73 during this cycle.
DOGE is trading for $0.14 at time of writing, up 1.2% in the last 24 hours.
Next up, the analyst says Bitcoin could ignite rallies to fresh all-time highs if the flagship digital asset can break through an enduring resistance level.
“BTC: through $70,000 and we be in business…
Short-term. Resistance [becomes] support?”
He also suggests alternatively that a Bitcoin breakout may be delayed about two more months as BTC may be forming a cup-and-handle formation on the daily timeframe. A cup-and-handle is seen as a bullish continuation pattern, suggesting that Bitcoin may take more of a breather before breaching a key resistance level.
“BTC: now or New Year’s Eve?”
Bitcoin is trading for $67,351 at time of writing, down over 2% in the last 24 hours.
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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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