Popular cryptocurrency analyst and trader Justin Bennett advised investors not to go long on apex cryptocurrency Bitcoin BTC/USD, while he believes meme cryptocurrency Dogecoin DOGE/USD is starting to look "interesting again."
What Happened: Bennett said in a newsletter that Bitcoin is showing a “few weeks of potential weakness” and its failure to extend rallies needs to be watched. He added that Bitcoin faces resistance near $49,000, with support coming in at the ascending trend line near $47,000.
See also: How To Buy Bitcoin (BTC)
Earlier in the week, Bennett said to his 64,100 followers on Twitter that he might look to buy Dogecoin if its price fell to $0.26, provided there is a price action confirmation. The meme cryptocurrency is forming a symmetrical triangle in the short-term timeframe.
$DOGE is starting to look interesting again.
— Justin Bennett (@JustinBennettFX) August 23, 2021
If this breaks down, I might look to buy at 0.26 again, provided there's some PA confirmation. pic.twitter.com/YbafcX7ksV
Why It Matters: Apex cryptocurrency Bitcoin has been steadily rising since mid-July and reclaimed the crucial $50,000 level for the first time since May on Sunday night amid a recovery in the cryptocurrency markets. However, Bitcoin is still down almost 24.9% from its all-time high of $64,8463.10 reached in April.
Meanwhile, Dogecoin’s year-to-date gains are an impressive 5,000.5%. It's currently down 60.9% from its all-time high of $0.7376 reached in May.
Some other well-known cryptocurrency analysts, including a Twitter-popular analyst who goes by the username Kaleo on the microblogging platform, have also taken a bullish stance on Dogecoin in recent weeks.
Price Action: Bitcoin is up 0.24% during the past 24 hours, trading at $48,251.64 at press time, while Dogecoin is down 2.6% over the 24-hour period to $0.2846.
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