Bitcoin Bull Market Progress
A well-known crypto analyst recently provided an update on the progress of Bitcoin’s bull market and shared insights on Dogecoin’s current situation. According to the analyst, Bitcoin’s bull market process is approximately 25.7% complete. The price of Bitcoin is currently $29,524, showing a 10% increase in the past week.
Dogecoin’s Bearish Divergence
In his Altcoin Newsletter, the analyst discussed Dogecoin’s recent movements and highlighted that a previously identified bullish divergence is no longer valid. This is due to Dogecoin’s lower low transitioning from a support level to a resistance level. The analyst is closely monitoring Dogecoin’s trading channel bottom to determine if it will act as a potential catalyst for the memecoin.
Consolidation at Channel Bottom
The trader emphasized that Dogecoin is still consolidating within its market structure and resides at the bottom of its trading channel. However, there are currently no signs of hidden strength manifesting around this area. Nonetheless, the trader believes it is worth observing as the channel bottom has historically served as a key springboard for previous rallies.
Price Movements
At present, Dogecoin is valued at $0.0599, experiencing a 2.3% increase in the last week.
Hot Take: Crypto Analyst Assesses Bitcoin and Dogecoin
A prominent crypto analyst recently provided insights into Bitcoin’s bull market progress and Dogecoin’s current situation. The analyst stated that Bitcoin’s bull market process is approximately 25.7% complete while highlighting Dogecoin’s invalidated bullish divergence due to a transition from support to resistance. Despite Dogecoin’s consolidation at the channel bottom, the analyst noted a lack of hidden strength. However, given its historical performance, the trader believes it is still worth monitoring for potential rallies. As of now, Bitcoin is valued at $29,524, and Dogecoin stands at $0.0599.
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