🔥 DOGE Bearish Triangle: Update
Around 4 days ago I made an analysis on DOGE. Here I indicated that things were looking bearish, but that the red support area was still likely to hold and cause a reversal.
During the B-word conference yesterday, Elon Musk admitted that he personally still held some DOGE. So when the market rebounded, DOGE was one of the biggest winners, increasing +25% on the daily at some point.
After a big move yesterday, it's to be expected that DOGE (and the rest of crypto) will see some consolidation for the day.
DOGE is now officially trading outside the bearish triangle. Since it broke out on top, one would classically expect a bullish move ahead, but I'm cautious.
BTC is still technically trading inside a downtrend, so I'm not confident that we're going to see a $0.30 any time soon. For DOGE, the current key area to beat would be yesterday's top, around $0.215. If DOGE manages to beat this high, we might think about a near term bullish reversal from DOGE.
Happy trading!
During the B-word conference yesterday, Elon Musk admitted that he personally still held some DOGE. So when the market rebounded, DOGE was one of the biggest winners, increasing +25% on the daily at some point.
After a big move yesterday, it's to be expected that DOGE (and the rest of crypto) will see some consolidation for the day.
DOGE is now officially trading outside the bearish triangle. Since it broke out on top, one would classically expect a bullish move ahead, but I'm cautious.
BTC is still technically trading inside a downtrend, so I'm not confident that we're going to see a $0.30 any time soon. For DOGE, the current key area to beat would be yesterday's top, around $0.215. If DOGE manages to beat this high, we might think about a near term bullish reversal from DOGE.
Happy trading!
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