DOGE/USD - Market Turning Around
After some brutal weeks in the market, we are finally starting to see some bullish action for more and more alts across the entire crypto market. BTC might still be stuck in its current consolidation with no clear breakout or confirmation yet, but I'm expecting to see its price to be breaking out and giving us a clearer picture soon.
With that being said we now look at DOGE. As you can see on the chart, the red trend lines marked a previous structure that I had broken down in a previous analysis. As you can see, we broke out of the structure as expected, but there was really no kind of buying pressure that took place directly afterwards. All in all, this led to price still respecting the trend line by bouncing along the it until a new structure had formed.
This new structure that price had created (Symetrical Triangle) is marked with blue trend lines. We are now seeing that price has broken out once again to the upside which should be followed by a pullback and a further retest of its old structure before continuing in a bullish direction.
The one downside is that since BTC is still in its current formation, it becomes difficult to try and predict what price action will look like with this current pair since BTC has such an impact on overall market behavior.
I fear that if we see BTC continues within it's current formation that we might see more of the same as the first breakout discussed on DOGE/USD where we might bounce for a while while we wait for BTC to catch up.
Thoughts?
With that being said we now look at DOGE. As you can see on the chart, the red trend lines marked a previous structure that I had broken down in a previous analysis. As you can see, we broke out of the structure as expected, but there was really no kind of buying pressure that took place directly afterwards. All in all, this led to price still respecting the trend line by bouncing along the it until a new structure had formed.
This new structure that price had created (Symetrical Triangle) is marked with blue trend lines. We are now seeing that price has broken out once again to the upside which should be followed by a pullback and a further retest of its old structure before continuing in a bullish direction.
The one downside is that since BTC is still in its current formation, it becomes difficult to try and predict what price action will look like with this current pair since BTC has such an impact on overall market behavior.
I fear that if we see BTC continues within it's current formation that we might see more of the same as the first breakout discussed on DOGE/USD where we might bounce for a while while we wait for BTC to catch up.
Thoughts?
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