Many cryptos are showing renewed vigor as Bitcoin continues to recover. This positive sentiment has rippled through the crypto ecosystem
As Bitcoin continues to rally, several altcoins are displaying promising bullish patterns, according to the latest Rekt Capital Newsletter. Among these are Dogecoin and Ethereum.
Dogecoin is currently forming a Monthly Bull Flag pattern, trailing behind Bitcoin’s own flag pattern formation. Bitcoin has broken out of its flag pattern, needing to close above its upper boundary by the end of the month for confirmation.
If Bitcoin maintains its momentum, Dogecoin is expected to gain strength within its flagging pattern, leading to a breakout that mirrors Bitcoin’s trajectory, suggesting a potential upcoming rally for the popular meme cryptocurrency.
Meanwhile, Ethereum’s technical picture shows the formation of an inverse Head & Shoulders pattern. Recent price action has seen ETH testing the crucial $3,000 psychological level, forming the base of the pattern’s right shoulder.
This price movement is significant as it precisely retests the Left Shoulder’s base as support. Both shoulders share the $3,000 level as their base, creating a symmetrical formation.
As the right shoulder continues to develop, the balanced structure of these formations suggests a well-defined technical setup that could precede a significant move higher. A final breakout from this level could trigger a major move for ETH price.
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