- A descending triangle sample retains the bearish bias alive
- Dogecoin doesn’t observe the steps of Bitcoin
- US knowledge continues to shock positively, making additional Fed charge hikes extremely possible
Cryptocurrency traders had been excited to see Bitcoin rally above $30,000 not too long ago. It’s Bitcoin that dominates the cryptocurrency market, and hopes have emerged that different cryptocurrencies will observe.
However this was not the case for Dogecoin. In actual fact, the technical image seems bearish, and the elemental image continues to trace at robust US knowledge. Subsequently, the robust greenback will proceed to push towards its fiat rivals, and the cryptocurrency market will take cues from it.
Earlier at present, US GDP was revised increased. This was the ultimate GDP, and usually there aren’t any knowledge revisions.
Solely this time, the ultimate GDP got here out a lot stronger than anticipated, at 2% towards 1.4% anticipated. As such, the greenback has risen throughout the board and the Fed will possible increase the funds charge two extra instances this yr, as Jerome Powell instructed throughout speeches this week.
Dogecoin Chart by TradingView
A Descending Triangle Retains the Bearish Bias Alive
Dogecoin’s downtrend continues because the collection of decrease lows and decrease highs stay intact. All earlier highs failed to interrupt above the newest decrease excessive, so the bears are nonetheless in management.
Solely a transfer above $0.1 ought to shift the bias from bearish to bullish.
Till then, a descending triangle sample may be seen and it looks as if solely a matter of time earlier than horizontal assist provides up.
In abstract, the bearish bias stays and solely a detailed above $0.1 will enable the bulls to regain management. Till then, count on merchants to promote any bounce.
