Veteran trader Peter Brandt says that Dogecoin (DOGE) is set for more upside price action after printing a textbook breakout pattern.
Brandt tells his 741,000 followers on the social media platform X that DOGE is in the middle of breaking out from a nearly seven-month-long downward channel.
The trader also says that DOGE looks good on the long-term time frame as well. He shares a chart suggesting that DOGE found solid support at the $0.05 level during the bear market and is getting ready for another leg up after cooling off from its breakout in March.
“Channel breakout in DOGE/USDT
Longer-term chart could be constructive as well
Get along little doggie.”
At time of writing, DOGE is trading at $0.129, up nearly 4% on the day.
Looking at Bitcoin (BTC), Brandt says he still isn’t convinced the crypto king has exited a six-month-long bearish sequence of lower highs and lower lows. The trader believes that Bitcoin will only witness a bullish shift in market structure if it soars above $70,162.
“Bitcoin (BTC/USD) continues to be in a sequence of lower highs and lower lows. Only a meaningful close above the Jul highs would change this sequence and officially complete the six-month expanding triangle.”
At time of writing, BTC is trading at $65,820, still below the July highs that Brandt deems critical.
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