To Peter Brandt, Dogecoin is exhibiting a blow-off top but with a visible correction through the falling wedge pattern. The coin also exhibits a double bottom with a complex correction following the completion of this pattern.
The veteran trader said DOGE is in the part of the life cycle where BTC was in May 2016. Notably, Brandt confirmed that a similar chart in the spring of 2016 is what first made him a major Bitcoin investor. While there are many DOGE whales, it remains unclear whether Peter Brandt holds or plans to buy Dogecoin at this point.
Brandt noted that the coin’s growth has a somewhat strong correlation with that of Bitcoin. After a massive rally over the past week, BTC has also been cooling off, and in the midterm, it may return to its uptrend and drag DOGE along with it.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
