Tech analyst says now is not the time to go Bitcoin for long, would buy Dogecoin if it drops to that level

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Popular cryptocurrency analyst and trader Justin Bennett has advised investors not to lie down on the Bitcoin apex cryptocurrency (CRYPTO: BTC), while he believes the cryptocurrency meme Dogecoin (CRYPTO: DOGE) is starting to get “interesting again”.

What happened: Bennett said in a newsletter that Bitcoin was showing “a few weeks of potential weakness” and that its inability to extend rallies needed to be watched. He added that Bitcoin is facing resistance near $ 49,000, with support entering the ascending trendline near $ 47,000.

See also: How to buy Bitcoin (BTC)

Earlier in the week, Bennett told his 64,100 Twitter followers that he could look to buy Dogecoin if its price drops to $ 0.26, provided there is price action confirmation. . The cryptocurrency meme forms a symmetrical triangle in the short term.

$ DOGE becomes interesting again.

If that goes down, I might look to buy again at 0.26, provided there is a confirmation of PA. pic.twitter.com/YbafcX7ksV

– Justin Bennett (@JustinBennettFX) August 23, 2021

Why it matters: Apex Bitcoin cryptocurrency has risen steadily since mid-July and recovered the crucial $ 50,000 level for the first time since May on Sunday night amid a rally in the cryptocurrency markets . However, Bitcoin is still down almost 24.9% from its all-time high of $ 648,463.10 reached in April.

Meanwhile, Dogecoin’s year-to-date gains are a staggering 5,000.5%. It is currently down 60.9% from its all-time high of $ 0.7376 reached in May.

Some other well-known cryptocurrency analysts, including a popular analyst on Twitter who uses the Kaleo username on the microblogging platform, have also taken a bullish stance on Dogecoin in recent weeks.

Price Action: Bitcoin is up 0.24% in the past 24 hours, trading at $ 48,251.64 at press time, while Dogecoin is down 2.6% over the period. 24 hours at $ 0.2846.

Read more: EXCLUSIVE: Dogecoin Creator Talks Foundation Revival, “Trademark Trolling”, added value by Vitalik Buterin and Elon Musk Help

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