A trader who nailed the May 2021 Bitcoin (BTC) collapse is suddenly turning bullish on Dogecoin (DOGE).
Pseudonymous analyst Dave the Wave tells 146,500 followers on the social media platform X that DOGE may be forming a bullish ascending triangle on the daily timeframe.
A triangle pattern is considered bullish if the asset clears a key resistance level.
Says Dave the Wave,
“Tell me that ain’t bullish.”
Looking at his chart, the analyst appears to also suggest that DOGE is consolidating in a broader symmetrical triangle pattern and may soon break through resistance that could put the memecoin in the $0.20 range. Dave the Wave also appears to suggest that DOGE will rally close to its all-time high of $0.73 during this cycle.
DOGE is trading for $0.14 at time of writing, up 1.2% in the last 24 hours.
Next up, the analyst says Bitcoin could ignite rallies to fresh all-time highs if the flagship digital asset can break through an enduring resistance level.
“BTC: through $70,000 and we be in business…
Short-term. Resistance [becomes] support?”
He also suggests alternatively that a Bitcoin breakout may be delayed about two more months as BTC may be forming a cup-and-handle formation on the daily timeframe. A cup-and-handle is seen as a bullish continuation pattern, suggesting that Bitcoin may take more of a breather before breaching a key resistance level.
“BTC: now or New Year’s Eve?”
Bitcoin is trading for $67,351 at time of writing, down over 2% in the last 24 hours.
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Generated Image: Midjourney