• Descending Triangular Pattern Maintains Bearish Bias
  • Dogecoin Fails To Follow Bitcoin Steps
  • US Economic Data Continue to Surprise Positively, Further Fed Rate Hikes Very Likely

Crypto investors were thrilled to see Bitcoin soar above $30,000 recently. Bitcoin is leading the cryptocurrency market, and there are expectations that other cryptocurrencies will follow suit.

But that was not the case with Dogecoin. In fact, technical conditions look bearish and fundamental conditions continue to point to strong US data. So, if anything, a strong dollar will continue to put pressure on fiat rivals, and the cryptocurrency market will take a cue from it.

Earlier today, US GDP was revised upwards. This is the final GDP and there are generally no data corrections.

This time around, final GDP was much better than expected, at 2% versus the forecast of 1.4%. That will push the dollar higher across the board and, as Jerome Powell suggested in his speech this week, the Fed will likely raise fund rates two more times this year.

Dogecoin Chart by TradingView

Descending Triangle Maintains Bearish Bias

Dogecoin’s bearish trend continues as a series of falling lows and highs remain intact. The bears still have the upper hand as none of the previous surges have been able to outperform the previous low highs.

Only a move above $0.1 should change the bias from bearish to bullish.

Until then, a descending triangular pattern can be seen, and it seems that it is only a matter of time before the horizontal support gives up.

In summary, the bearish bias is still present and the bulls can take the lead if the price closes above $0.1. Until then, expect traders to sell on a bounce.

By Jules

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