Why Dogecoin Looks Ready For a Breakout - Crypto Breakdown November 10, 2021

Episode Summary

Today On Crypto Daily:

Bitcoin consolidationEthereum Following in Bitcoin stepsDogecoin Technical Analysis

#BTC, #ETH, #DOGE

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Hosts:

Joe Dewitt Follow at: https://twitter.com/metabitz

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Unedited Transcript:

Hey everybody happy Wednesday, before we go ahead and start the show. I just want to announce that we did change our name to crypto break down instead of crypto daily.

So if you are trying to find us on Spotify or apple music, just make sure to search crypto breakdown. And that being said, my name is Joe Dewitt and welcome to the crypto breakdown. Taking a look over at Bitcoin price action. It looks like prices starting to lose a little bit of a moment. We are reaching the top of that RSI, which if you remember from a few episodes ago, it means relative strength index.

The last few days for Bitcoin have been looking great. So it is not uncommon to see a little bit of consolidation here. As we continue to move in an upwards direction, the best bullish confirmation we could see here would be touching down on this resistance, flipped support of previous all-time high of about 65.

And bouncing off of there into the upwards direction, taking a look over at a theory of Ethereum actually flips Bitcoin's trading volume for the second quarter straight taking a look over at price. It is following the steps of Bitcoin. It is starting to consolidate and lose a little bit of momentum here.

As people start to rally up the. Considering Ethereum has gone on a decent run here and is moving farther away from that 50 day. Moving average, it should be expected to see a slight correction and come back towards that 50 day. Moving average before returning to visit all time highs and taking a look over at dos coin.

Doge coin looks good. It is wedged between that 50 day and 200 day moving average price has broken above it a few times and quickly got retested and fell below that 200 day. Toge coin currently has a price target of about 32. If price can close above that 200 day moving average, that should solidify that uppers trend.

And we should visit that 32 cent mark and no time. And today, guys, I want to talk about, is this a breakout point for dose coin? Given the technical analysis of the one day chart? I would say this is absolutely a breakout point for dose coin, a few things to consider momentum coming in the RSI. The stable zone.

We have established higher lows since September. And the way price is beginning to consolidate here means that there is momentum in the upwards direction. People are not ready to sell their dose corn to prove this breakout false. We need a fall down to about 24 cents fall below that 50 day moving average.

And that would put us at a bearish trend heading down to that 15 cents. But if the current trend continues, we will hop above that 200 day moving average sitting in about 30 cents. To the 35 sentence zone. That's all the time we have today. Guys. Thank you so much for tuning in, make sure to follow and subscribe to our podcasts.

And you can follow me on Twitter, which will all be in the description below. Have a good day

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