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A descending triangle pattern keeps the bearish bias alive
Dogecoin fails to follow Bitcoin’s steps
US data keeps surprising positively, making further rate hikes from the Fed very likely
Cryptocurrency investors were thrilled to see Bitcoin jumping back above $30k recently. It is Bitcoin that leads the cryptocurrency market, and hope has emerged that other cryptocurrencies will follow.
But it wasn’t the case for Dogecoin. In fact, the technical picture looks bearish, and the fundamental one keeps hinting at strong US data. Hence, if anything, the strong dollar will keep pushing against its fiat rivals, and the cryptocurrency market will take its clues from there.
Earlier today, the US GDP was revised higher. This was the Final GDP, and usually, there are no revisions to the data.
Only this time, the Final GDP came out much stronger than expected, at 2% vs. 1.4% expected. As such, the dollar rose across the board, and the Fed will likely hike the funds rate two more times this year, as suggested by Jerome Powell during this week’s speeches.
Dogecoin chart by TradingView
A descending triangle keeps the bearish bias alive
Dogecoin’s bearish trend continues as the series of lower lows and lower highs remains intact. All the previous spikes failed to break above the last lower high, so bears are still in control.
Only a move above $0.1 should shift the bias from bearish to bullish.
Until then, one can see a descending triangle pattern and it looks like it is only a matter of time until the horizontal support gives up.
Summing up, the bearish bias persists, and only a close above $0.1 will put bulls back in control. Until then, expect traders to sell any bounce.
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