Crypto markets continue to rally.
Guess a good gauge of the “risk-on” sentiment is DOGE rippin’. It nearly touched $0.70 (new ATH) and is up 41% in 24 hrs and 147% last week.
After breaking out from a brief consolidation in a Symmetrical Triangle pattern, it blew through our target of $0.55. It does appear, once again, extremely overbought (RSI > 80) and approaching resistance ($0.70), which could cause a pullback, some profit taking, albeit brief. However, MACD is still bullish and rising (MACD Histogram bars), giving no indication of a pause here.
If you’re dizzy from DOGE heights, perhaps you can stay level headed and take a closer look at some fresh or pending breakout (Approaching Resistance) situations featured in our Curated Charts (see table below).
Wanna be early? If you wanna catch breakouts early, check our curated charts and create simple price alerts for indicated resistance levels or MACD crossovers.
You can find curated charts here (select Curated Charts tab).
Typically, resistance breakouts result in further gains to the next resistance zone. Not always, of course, but often enough (~70% of time) to make it one of the most attractive trading strategies.
Another interesting situation to keep an eye on is BitTorrent (BTT).
Price has been consolidating in a Falling Wedge pattern and appears ready to break out.
Falling Wedge typically results in a bullish breakout. When price breaks the upper trend line the price is expected to trend higher. Emerging patterns (before a breakout occurs) can be traded by swing traders between the convergence lines; however, most traders should wait for a completed pattern with a breakout and then place a BUY order.
Check our unique automated chart pattern recognition and curated charts for fresh trading ideas. Also, during market corrections, it’s always good to revisit coins in an Uptrend but with a pullback. Our Signals Summary has this and other pre-defined filters ready for action.
Disclaimer: This content is for informational purposes only, you should not construe any such information or other material as investment, financial, or other advice. There are risks associated with investing in cryptocurrencies. Loss of principal is possible.
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