- A descending triangle pattern keeps the bearish bias alive
- Dogecoin fails to follow Bitcoin’s steps
- US knowledge keeps shocking positively, making additional fee hikes from the Fed very possible
Cryptocurrency buyers have been thrilled to see Bitcoin leaping again above $30k just lately. It is Bitcoin that leads the cryptocurrency market, and hope has emerged that different cryptocurrencies will follow.
But it wasn’t the case for Dogecoin. In truth, the technical image appears to be like bearish, and the elementary one keeps hinting at robust US knowledge. Hence, if something, the robust greenback will maintain pushing in opposition to its fiat rivals, and the cryptocurrency market will take its clues from there.
Earlier right this moment, the US GDP was revised greater. This was the Final GDP, and normally, there are not any revisions to the knowledge.
Only this time, the Final GDP got here out a lot stronger than anticipated, at 2% vs. 1.4% anticipated. As such, the greenback rose throughout the board, and the Fed will possible hike the funds fee two extra instances this yr, as recommended by Jerome Powell throughout this week’s speeches.
A descending triangle keeps the bearish bias alive
Dogecoin’s bearish development continues as the sequence of decrease lows and decrease highs stays intact. All the earlier spikes failed to break above the final decrease excessive, so bears are nonetheless in management.
Only a transfer above $0.1 ought to shift the bias from bearish to bullish.
Until then, one can see a descending triangle pattern and it appears to be like like it is just a matter of time till the horizontal assist offers up.
Summing up, the bearish bias persists, and solely a detailed above $0.1 will put bulls again in management. Until then, anticipate merchants to promote any bounce.
