Dogecoin Boom or Bust?

Dogecoin Boom or Bust?

hey everybody Chris here so Dogecoin
Boomer bust we’ll be exploring that in
this video please be sure to subscribe
to my channel hit that little
notification bell too you can be
notified when my new videos come out as
well as when I do live streams and we
were live on Monday night and we were
looking at prices starting to come up in
anticipation of those Bitcoin and
ethereum spot ETFs starting in Hong Kong
looks to have been a buy the rumor sell
the news event we’ll be looking at the
news on that and what’s going on and
what’s up with Dogecoin and there’s a
lot of sky falling kind of sentiment out
there with Doge so we’ll be taking a
look at that and what’s going to happen
with altcoins what is the bigger picture
all of that and more let’s take a closer
look and we start by looking at the
Dogecoin chart right now and we are
seeing red we are seeing selling selloff
going on down to
13.3 so this is where we were last night
during the live stream and we saw these
green candles and we were like okay this
is all moving up because these new ETFs
are going to be trading let’s go but I
also warned during the live stream look
we had these bounces off of this 14 Cent
line this 13.99 right we hit it back
here in uh this was April 18th and
that’s where I had set this price Target
1399 that we would be looking at there
and whether we would be able to Main
maintain that but I warned I said look
we’ve been hitting that 1 2 3 4 5 6 7 we
hit it multiple times which means if the
price did fall back down and retest 14
it may not hold because all of the
buying that all of those limit orders
that were set there would have been
filled and it could drop lower and it
did so that’s what happened earli this
morning came back down came up and
tested 14 cents now as resistance
instead of support and then fell back
lower so that’s kind of a classic
trading uh pattern there that you would
see on the charts Bitcoin falling below
61,000 now 60,800 but it that doesn’t
change the bigger picture on the daily
we’re still up here still above
594 that is my support line from back
here in early March when we had that
Wick come down at that
level so nothing has changed this is a
ShakeOut right this is again the
liquidity in The Leverage long trading
continues to be tested and we see that
here not only Bitcoin $68 million
liquidated over the last 24 hours but
look at eth $82 million in eth very very
strong leverage long
uh bets being made on eth because of
Hong
Kong and it’s going the other way it’s
going the other way so that’s the market
makers that’s the manipulation that
happens to flush out all of this
leverage because the exchanges don’t
want you to make money they want to make
the money and if people are making money
on Leverage trading that comes out of
the exchange’s profit so that’s what we
see here’s Doge here almost $10 million
liquidated over the past 24 hours and
look at this all right here look in the
past hour we’ve even had
$3.5 million of Longs liquidated in do
that’s right those that are betting on
the Doge price to go
up getting liquidated down here at this
level so that’s what we see overall Kong
Kong right Bitcoin and ethereum ETFs
launch lower than expected trading
volumes we were we were promised $100
million flowing in it was only about 10
so about one tenen of
volume but we also remember that when
the Bitcoin spot ETF started in January
it kind of got off to a slow start too
so there could be some of that behind it
Bitcoin ETFs also here have had a $51
million out outlow on Monday it
continues this 3w week outflow Trend so
apparently these ETF uh uh deposits here
people buying into the ETFs are selling
as the price is going down so there’s a
lot of trading going on with these ETFs
these are not these ETFs are not the
Avenue where people are just putting
money in and holding longterm they’re
being traded price is going down people
are selling probably to buy in at a
lower price the sort of that that
typical thing so that’s what we have but
that does not help on the daily chart
Dogecoin and what what we saw and what
we were looking at last night was seven
straight red candles on The Daily and
now we have an eighth and I looked back
over the past two years through the
whole 2022 bare Market we never had
seven straight days of red candles as we
pointed out though when we had these
eight straight green candles here the
end of February into of March these were
this was a big upswing in the price of
Dogecoin and so these candles are much
larger on the green side that we had
here little botom almost two months
ago and now we have these red candles
coming back down are we going to retest
12.4 that’s that purple line there
that’s what we could be seeing now as a
retest of that 12 .4 so that’s what
that’s what we’re looking at with the
news and the Mark is this boom or bust
though where what does this really mean
in the larger picture
so yeah we’ve got slowing Bitcoin ETF
flows no cause for concern Burnstein
analysts maintain a
$150,000
bitcoin price
Target the overall rules haven’t changed
this is a shortterm liquidation process
that’s happening there is this post
Bitcoin having low which I talked about
back in February you guys remember I was
saying this is going to be the buying
opportunity buying on the dips now the
dips keep getting Dipper but if you
still have some cash available again not
Financial advice
but this isn’t this is a buying
opportunity that we look at here on
these dips this is the time before the
big move happens to be accumulating is
the price going to go go lower it could
and we could be seeing again a retest of
12.4 cents will it drop lower into the
10 nines eights you know that is not out
of the question I don’t see that
happening personally and I’m not betting
on that I know some of you guys are I
hear I I see you in the comments I hear
you but we’re not there yet we’re not
not there yet so boom or bust right well
in
Bitcoin what’s Bitcoin going to be
looking at Ali was talking about this
61,800 level again bounce bounce bounce
and if we break it again hit it another
time will we drop lower and that’s what
we saw today that that’s what happened
this morning again just like Dogecoin
Bitcoin did the same thing came back hit
619 again and then fell lower so the
same thing was happening there Michael
vanderp also has optimism though about
bitcoin’s prospects going forward the
current week is highly important likely
to lead to the discovery of bitcoin’s
current
bottom and that’s what we’re looking at
this week with the volatility of trading
the wiping out of those leverage
positions we could see the bottom coming
but what’s the opportunity though and
here’s R Paul that we’ll be looking at
and what is r Paul talk about he talks
about the banana Zone the banana Zone
coming in the future for the major
altcoin run the pause that refreshes
Bitcoin eth and even salana that he
follows this is all leading up to what
is going to be coming in the future what
happens here again the last three Cycles
we have seen big run UPS run UPS in the
price of cryptos particularly Bitcoin
and here we are in this fourth cycle and
we haven’t even begun to see the crazy
trading and
runup that again the latter part of the
year will be full Mania he says full
Mania so we just have to get there and
we’ve got to be patient and hold on and
he talks about that four different
seasons happening through each of the
last three three Cycles we’re in this
fourth cycle now we’re still early we
haven’t got to the craziness yet which
is this Red Zone here again the Red Zone
in the first cycle Red Zone in the
second cycle Red Zone in the third cycle
which was somewhat interrupted by some
some pullbacks that we had in mid
2021 if this happens again though look
out eth bases and begins to outper form
Bitcoin Saul accelerates outperforms
Bitcoin and eth the banana zone is when
the market begins to anoint new big L1
or L2 which
explodes usually three or four make a
big run
up that’s what we see what is actually
gaining traction what’s going to be
coming things get silly
memes go
crazy and that’s where Dogecoin comes in
as well
we could see another two or so nasty
Corrections due to excess leverage
that’s what we have happening right now
but the banana Zone cometh be patient
don’t F this up it’s going to be easy to
lose your mind but don’t do it that’s
what R Paul says what does this mean for
Doge in the short term though yeah Doge
has lost about 3.7 billion of market cap
over these 10 days we’ve seen these
eight days in a row now we’ve got ready
candles never happened before the miners
the Doge miners again this is the
inflation of Doge is actually Dogecoin
being paid to the miners to validate
transactions on the blockchain Dogecoin
being a proof of work cryptocurrency the
miners have been selling though the Doge
miners have been selling and that means
most likely we’ve seen a lot of selling
with the Bitcoin miners post Bitcoin
having which was expected and predicted
to happen but we see that with Dogecoin
miners as well a lot of capitulation
with the miners they are selling could
we see a 10cent doge are we going to see
that come down well into the block
they’re in and out of the money could
find support at that 12 cent territory
in the near
term so there would be big big
pressure at 12 cents and what does Kevin
say Kevin says look it wasn’t a popular
call but spot on this is now the very
important Zone we now need to hold to
remain bullish on Dogecoin if we fail
this area on a weekly close then we need
to reassess this market and what was
that I showed this a couple times before
Kevin called back on April 28th for a
retest of 125 to 13 C he says that seems
likely and that does seem to be what is
playing out so Kevin was spot on on
that meanwhile Doge
13.4 will we see this turn around at
this level
or will we see this drift down lower and
will Bitcoin be able to come back up
reclaim 61k and move back
up nothing has changed in the long-term
view but the shortterm yeah it’s dicey
let me know in the comments below what
do you guys think is Dogecoin boom or
bust give the video a like if you
haven’t already please subscribe to my
channel I appreciate the support we’ll
see you next time
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Will Dogecoin continue to drop lower or will it turn around and rise up in price? I explore that with the news and charts in this video.

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Outro Music:
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