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

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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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