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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Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
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