Looking at Dogecoin from a macro perspective, the current technical formation can confirm it is a standard cup and handle pattern. This pattern typically doubles after a breakout, meaning if it breaks the historical high, it could double from the base of 0.74, reaching around 1.47 USD. Similarly, using Fibonacci targets aligns perfectly. Additionally, the daily level double bottom has been completed, the daily moving averages are gradually converging, costs are concentrating, and the trading volume around 0.25 has not shown a significant decline but rather remains unusually active, resembling accumulation behavior. Moreover, the candlestick pattern is currently forming a converging triangle, with the turning point expected around September 10th. Based on historical situations, the previous two small rallies can be understood as testing the waters. After this triangle convergence is completed, there may still be another test or false breakout, but the big move should be coming soon. Pay close attention to whether the price can effectively break through the 0.26 level, focusing on trading volume. If there is an effective breakout, you can enter with a portion, and wait for a pullback to enter more positions, keeping leverage no more than 3 times.
On to the fundamentals, many people say there is no altcoin season this time; just treat it as nonsense. It's just a dog dragging the market maker's words to make you sell your cheap chips. This bull market is indeed stronger for Bitcoin, but everyone should know, can a market still be called a market without retail investors? If retail investors don't step in, will institutions play by themselves? The money from ETF buyers is also the real cash of retail investors. Therefore, when Bitcoin's value deviates from its normal value, it should be corrected. When it gets corrected, capital will seek value gaps, rotating through each asset, such as Ethereum, mainstream coins, and altcoins. Just like water always flows to lower places, Bitcoin rises first simply because it is closest to the water. However, when the water is full, it will overflow and eventually flow to the next area. So water will come sooner or later; what we need to do is survive before the water arrives to seize the chips. However, chips also vary in quality; after all, water is limited, and it will only flow to places close to it. We can only try to find coins that are nearer to the water and have a larger volume of liquidity. Dogecoin is the leader in memes, with a market cap suitable for large capital flows, has ETF speculative hotspots, and is backed by the world's richest person. It will also integrate with real-world payments in the future. If we don't speculate on coins with such themes, what should we buy? Finally, I advise: do not short Dogecoin.
Don't let the habit of empty Dogecoin ruin your crypto career
