Technical Analyst Says Now Is No Time To Go Long On Bitcoin, Would Buy Dogecoin If It Fell To This Level


Popular cryptocurrency analyst and trader Justin Bennett advised investors not to go long on apex cryptocurrency Bitcoin (CRYPTO: BTC), while he believes meme cryptocurrency Dogecoin (CRYPTO: DOGE) is starting to look “interesting again.”

What Happened: Bennett said in a newsletter that Bitcoin is showing a “few weeks of potential weakness” and its failure to extend rallies needs to be watched. He added that Bitcoin faces resistance near $49,000, with support coming in at the ascending trend line near $47,000.

See also: How To Buy Bitcoin (BTC)

Earlier in the week, Bennett said to his 64,100 followers on Twitter that he might look to buy Dogecoin if its price fell to $0.26, provided there is a price action confirmation. The meme cryptocurrency is forming a symmetrical triangle in the short-term timeframe.

Why It Matters: Apex cryptocurrency Bitcoin has been steadily rising since mid-July and reclaimed the crucial $50,000 level for the first time since May on Sunday night amid a recovery in the cryptocurrency markets. However, Bitcoin is still down almost 24.9% from its all-time high of $64,8463.10 reached in April.

Meanwhile, Dogecoin’s year-to-date gains are an impressive 5,000.5%. It’s currently down 60.9% from its all-time high of $0.7376 reached in May.

Some other well-known cryptocurrency analysts, including a Twitter-popular analyst who goes by the username Kaleo on the microblogging platform, have also taken a bullish stance on Dogecoin in recent weeks.

Price Action: Bitcoin is up 0.24% during the past 24 hours, trading at $48,251.64 at press time, while Dogecoin is down 2.6% over the 24-hour period to $0.2846.

Read Next: EXCLUSIVE: Dogecoin Creator Talks Foundation Revival, ‘Trademark Trolling,’ Value Added By Vitalik Buterin And Elon Musk Aide

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