A trader who continues to build a following with macro crypto calls thinks top memecoin Dogecoin (DOGE) is about to unleash steep rallies.
Pseudonymous analyst TechDev tells his 467,500 followers on the social media platform
The trader shares a chart suggesting that DOGE appears to be converting a key resistance level into support ahead of a big breakout to the upside.
The trader’s chart also shows that he thinks the altcoin market is about to spike, arguing that “just like DOGE, so does the alt market.”
At the time of writing, DOGE is trading at $0.106, down slightly on the day.
As for Bitcoin, the trader shares a chart that suggests BTC is gearing up for the final part of its cycle.
Based on the trader’s chart, he seems to suggest that Bitcoin follows cycles of global liquidity, based on a measure that compares China’s 10-year bonds (CN10Y) to the seasonally adjusted US money supply (M2NS). According to TechDev, Bitcoin tends to print cycle highs when the global liquidity metric is breaking out, and not when it is falling.
To support his bullish stance on BTC, the trader shares another chart indicating that Bitcoin appears to be mimicking the 2016 cycle. The trader’s chart shows that, as in 2016, Bitcoin has completed an ABC correction within a two-month time frame, while a momentum indicator, the relative strength index (RSI), appears poised for a recovery after cooling from 68 to 62.
During the 2016 cycle, Bitcoin unleashed a massive rally that saw BTC rise from around $300 to a high of around $20,000.
At the time of writing, BTC is worth $60,241.
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