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Dodgecoin becomes parabolic as Bitcoin (BTC / USD) recedes

Dodgecoin, Bitcoin Issues:

  • Cryptocurrency epidemics continue completely this week as Coinbase IPOs have gained market-wide headlines.
  • Both Bitcoin And Ethereum It was a record high, but it was Dodgecoin who stole the show with a parabolic move with over 549% this week alone.
  • The analysis contained in the article depends on Price action And Chart formation.. For more information on price actions or chart patterns Daily FX Education section.

It was a big week for the crypto space as the Coinbase IPO swept the market.But this wasn’t the only noise from the crypto Both Bitcoin and Ethereum hit record highs.. Surprisingly, neither was the most interesting thing happening in the space this week, as Dogecoin recorded a staggering run of over 549% from Monday’s lows to Friday’s highs.

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Recall that Dodgecoin is one of the markets recently quoted by Elon Musk.Unlike Bitcoin, Dodgecoin has an unlimited supply and was created essentially as a meme. But so far in 2021, coins have received a lot of attention, trading above 0.44 cents this morning from a low of less than 1 cent in late January. This requires 5,955% execution in just a few months.

These amazing moves are interesting, but given the tendency towards parabolas, it is very difficult to put off the actual analysis. The big question for traders at that time is whether they think it will continue, and given the fast pace of movement, evidence in either direction that can generate compelling analytical arguments. Is missing.

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Dodgecoin Daily Price Chart

Dodgecoin becomes parabolic as Bitcoin (BTC / USD) recedes

Dodgecoin price chart created using TradingView

Bitcoin will be generated and will be pulled back to support with previous resistance

As BTC /, at least initially it was another big week for Bitcoin.U.S. dollar Prior to the listing of Coinbase IPO this week, we set a new record high.The big item from that breakout Cryptocurrency It exceeded the psychological 60k threshold, which was the price at which resistance was maintained for about a month from mid-March to mid-April.Announced the possibility of a bullish breakout In last week’s analysisEmphasizes that the brewed symmetric triangle pattern constructed as a price behavior was below the psychological level of 60k.

For more information Psychological level Or Symmetric triangle, check out Daily FX Education

Earlier this week, a breakout settled ahead of the Coinbase IPO, with Bitcoin hitting a record high of 64,895 levels, very close to its next psychological level of 65k. However, the Bulls were unable to test its price and a pullback appeared through Thursday’s trading and was put on hold.

At this point, Bitcoin prices are testing support with previous resistors, at about the same 60k level that helped maintain the previous highs. From the 4-hour chart below, you can see where this morning’s lows are showing around the previous large batch of resistance. This allows the bulls looking to continue the topside trend to remain open, but the timing may have wrinkles to deal with what we see in later charts. There is.

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Bitcoin (BTC /U.S. dollar) 4-hour price chart

Dodgecoin becomes parabolic as Bitcoin (BTC / USD) recedes

Created chart Tammy Da Costa, IG

One of the biggest challenges in aggressively trading a bull market is short-term timing. This week, with the help of Coinbase’s public list, there was incredible interest around crypto themes. However, Bitcoin has been below 60k for almost a month. This week’s breakout has receded considerably in just a few days.

If this 60k level cannot be held as a support, the seller may be able to drive a little deeper on the chart.

The hourly chart below shows the progress of lows and lows that have not yet shown signs of an outage. A large level of resistance is approaching from a record high of around 61,781. This price served as short-term support on Wednesday. However, the buyer was unable to stop the selling flow as the price shrank to that 60k threshold. Therefore, for Bitcoin bulls, violations above this level can be considered a bullish signal, but if this resistance level helps keep the bear in control, the bear will continue to be low and high. You may be trying to focus on your progress.

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Bitcoin (BTC / USD) hourly wage chart

Dodgecoin becomes parabolic as Bitcoin (BTC / USD) recedes

Created chart Tammy Da Costa, IG

— Written by Tammy Da Costa, market writer on DailyFX.com.

Contact Tammy on Twitter to follow us. @ Tams707



Dodgecoin becomes parabolic as Bitcoin (BTC / USD) recedes

Source link Dodgecoin becomes parabolic as Bitcoin (BTC / USD) recedes

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