Coin World News Report:
The sudden collapse of Bitcoin (BTC) in May 2021 has made Dogecoin (SHIB) bullish. Anonymous analyst Dave the Wave, with 146,500 followers on the social media platform Tenor, said that DOGE may form a bullish ascending triangle within the daily timeframe. The triangle pattern is considered bullish if the asset breaks above a key resistance level. Dave the Wave said, “Tell me this isn’t optimistic.”
Source: Dave the Wave/X
From his charts, the analyst also suggests that DOGE is consolidating in a broader symmetrical triangle pattern and may soon break out of resistance, potentially placing the memecoin in the $0.20 range. Dave the Wave also implies that DOGE could rebound to its previous all-time high of $0.73 within this cycle.
At the time of writing, DOGE is trading at $0.14, up 1.2% in the past 24 hours.
Next, the analyst states that if the flagship digital asset can break through, Bitcoin may trigger a rebound and reach a new all-time high by overcoming persistent resistance levels.
“BTC: We can do business at $70,000… Short term. Resistance turned support?”
Source: Dave the Wave/X
He also suggests that the Bitcoin breakout may be delayed by about two months as BTC may form a cup and handle pattern within the daily timeframe. Cup and handle patterns are seen as bullish continuation patterns, indicating that Bitcoin may need more consolidation time before breaking through key resistance levels.
“BTC: Still New Year’s Eve?”
Source: Dave the Wave/X
At the time of writing, Bitcoin is trading at $67,351, down over 2% in the past 24 hours.
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Generated image: Midjourney