A widely followed crypto analyst is sharing an update on Bitcoin (BTC)’s bull market progression while taking a hard 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 through.
[adinserter block="1"]“BTC Bull Market Progress: 25.7%”
BTC is worth $29,524 at time of writing, up 10% in the last seven days.
In the latest edition of his Altcoin Newsletter, the trader says DOGE’s recent movements have rendered a bullish divergence invalid.
“Dogecoin is still meandering at the bottom of the Channel, however the latest development in price is that the potential bullish divergence is now most likely no longer valid.
This is because the lower low had lapsed as support last week and in that same week turned into new resistance, with price also this week confirming that as new resistance.”
The trader says he is watching the bottom of Dogecoin’s current trading channel to see if it will act as a “springboard” for the memecoin.
“Macro-wise however, not much has changed – price still resides at the Channel Bottom and as a result continues to consolidate inside the market structure.
The whole exercise here was to try and see if hidden strength is slowly manifesting around the Channel Bottom area and for the time being – there is none.
Still worth watching as the Channel Bottom has acted as a key springboard for the previous 5-7 rallies.”
DOGE is worth $0.0599 at time of writing, up 2.3% in the last week.
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