Dogecoin Price Weekly Analysis – Downside Break

Key Highlights

  • We highlighted this past week a contracting triangle pattern on the hourly chart, which acted as a pivot and caused a break.
  • There was a downside break as anticipated which took the price towards another important support area of 56.5 Satoshis.
  • The price is below the 100 hourly simple moving average (SMA), which is a worrying sign for buyers.

Dogecoin price breached an important breakout pattern this past week, and showing more bearish signs on the hourly chart.

Triangle Break

In one of the recent analysis, we highlighted a contracting triangle pattern on the hourly chart. We were looking for a break lower, as there were many bearish signs on the hourly chart, suggesting a break lower. The price cleared the triangle pattern and moved lower. The price after the break traded towards the 88.6% Fib retracement level of the last wave from 53.5 Satoshis to 65.9 Satoshis. There is now a chance of a move towards the last swing low of 53.5 Satoshis where buyers could appear.

Dogecoin Price Weekly Analysis Dogecoin Price Weekly Analysis

One of the most important points is that the price continued

Read more ... source: NewsBTC USA