Dogecoin Looks Set To Break Loose, But Which Route Will The Crypto Take?
Dogecoin (CRYPTO: DOGE) was holding up better than Bitcoin (CRYPTO: BTC) on Friday, trading mostly flag while Bitcoin fell over 2%.
Dogecoin’s price action was taking place within Thursday’s trading range, which has settled the crypto into an inside bar pattern on the daily chart.
An inside bar pattern indicates a period of consolidation and is usually followed by a continuation move in the direction of the current trend.
An inside bar pattern has more validity on larger time frames (four-hour chart or larger). The pattern has a minimum of two candlesticks and consists of a mother bar (the first candlestick in the pattern) followed by one or more subsequent candles. The subsequent candle(s) must be completely inside the range of the mother bar and each is called an “inside bar.”
A double, or triple inside bar can be more powerful …