Crypto Trader Sets Percentage of Bitcoin (BTC) Bull Market Progress, Says Dogecoin (DOGE) “Meanders”
A widely followed crypto analyst shares an update on the development of the Bitcoin (BTC) bull market while also taking a close look at Dogecoin (DOGE).
Pseudonymous crypto trader Rekt Capital tells his 360,700 Twitter followers that BTC’s “bull market process” is about a quarter of the way there.
“BTC bull market progress: 25.7%”
Source: Rekt Capital/X
At the time of writing, BTC is worth $29,524, up 10% in the last seven days.
In the latest edition of his altcoin newsletter, the trader says DOGE’s recent moves have invalidated a bullish divergence.
“Dogecoin is still meandering at the bottom of the channel, however recent price action shows that the potential bullish divergence is now most likely no longer valid.
This is because the lower low stopped acting as support last week and turned into new resistance that same week, with price confirming this as new resistance this week too.”
The trader says he is watching the underside of Dogecoin’s current trading channel to see if it will serve as a “springboard” for the memecoin.
“However, from a macro perspective, not much has changed – the price is still at the channel bottom and therefore continues to consolidate within the market structure.
The whole exercise here has been to see if hidden strength is slowly manifesting in the channel floor area, and for now there is none.
Still worth watching as the channel bottom acted as an important stepping stone for the previous 5-7 rallies.”
Source: Rekt Capital/Altcoin Newsletter
DOGE is worth $0.0599 at the time of writing, up 2.3% over the last week.
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