A popular crypto analyst, known as Rekt Capital, has provided an update on the progress of Bitcoin’s bull market while also examining the current state of Dogecoin. According to Rekt Capital, BTC’s bull market process is around 25.7% complete.
At the time of writing, Bitcoin is trading at $29,524, showing a 10% increase over the past seven days. Rekt Capital shared his analysis through a tweet, where he posted a graph showing the progress of Bitcoin’s bull market. The graph illustrates that Bitcoin’s bull market is still in the early stages.
Moving on to Dogecoin, Rekt Capital’s recent analysis reveals that DOGE’s recent movements have invalidated a potential bullish divergence. The trader explains that Dogecoin is still trading at the bottom of a channel, but the lower low that previously acted as support has now turned into resistance. This shift in price behavior indicates that the potential bullish divergence is no longer valid.
Rekt Capital emphasizes that he is closely monitoring the bottom of Dogecoin’s current trading channel to observe if it can act as a “springboard” for the meme-inspired cryptocurrency. He notes that while there haven’t been any significant changes in the macro perspective, Dogecoin continues to consolidate within its current market structure. Rekt Capital believes that hidden strength needs to manifest around the channel’s bottom for a potential rally to occur. Currently, there is no evidence of such strength, but he still considers it worth watching as previous rallies have been initiated from the channel bottom.
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Dogecoin is currently trading at $0.0599, with a 2.3% increase over the past week. While Rekt Capital’s analysis suggests a lack of immediate bullish momentum, the trader’s observations provide valuable insights for investors and traders interested in Dogecoin.
To stay updated on the latest trends and news in the cryptocurrency market, readers are encouraged to subscribe to newsletters like Rekt Capital’s Altcoin Newsletter. By subscribing, individuals can gain access to regular updates and analysis on various altcoins, including Dogecoin.
In addition to newsletters, it is crucial for investors to check price action regularly. This enables them to monitor market movements and make informed decisions.
For real-time updates and discussions related to cryptocurrencies, it is advisable to follow reliable sources on social media platforms like Twitter and Facebook. Reputable accounts with a significant number of followers, such as Rekt Capital, provide valuable insights and analysis.
To ensure that you never miss any important news or updates, it is also recommended to subscribe to email alerts from trusted sources like The Daily Hodl. By doing so, you can receive the latest news and analysis delivered directly to your inbox.
Remember, investing in cryptocurrencies and digital assets carries risks, and it is essential to conduct thorough research and due diligence before making any investment decisions. The Daily Hodl and Rekt Capital do not provide investment advice, but rather present analysis and opinions for informational purposes. It is always advisable to consult with a professional financial advisor before making any high-risk investments.
In conclusion, Bitcoin’s bull market is still in progress, with approximately 25.7% of the process complete. Dogecoin’s recent price movements have invalidated a potential bullish divergence, but its consolidation within the current market structure suggests the need for caution. Investors and traders should closely monitor Dogecoin’s movements, particularly at the bottom of its trading channel, for potential future rallies. Stay informed by subscribing to reliable newsletters, checking price action regularly, and following trusted sources on social media.
