Bullish Patterns Emerge in Ether, Bitcoin Cash, and Memecoins DOGE & SHIB
Traders seeking tokens likely to see strong gains as Bitcoin (BTC) rises may want to pay attention to ether (ETH) and the Bitcoin Cash (BCH)-Bitcoin (BTC) ratio, as both have broken out of long-term downtrends. Meanwhile, leading meme tokens DOGE and SHIB are signaling potential reversals with bullish bottom patterns.
Ether’s Breakout
Ether’s price has surged more than 8% today, breaking through a key downtrend line that had held since December when ETH was trading above $4,100. This move suggests that demand has overpowered selling pressure at the trendline, signaling a bullish shift for the Ethereum market.
A line break chart also reflects the same bullish trend. This chart type, which focuses on price movement rather than time, filters out short-term volatility, providing clearer, more reliable signals. With this breakout, the next area of resistance is between $2,300 and $2,400, a region that served as support in October and November.
Bitcoin Cash-Bitcoin Ratio
The BCH/BTC ratio has risen 11% this week, breaking a long-standing downtrend that characterized a year-long bear market. This suggests that Bitcoin Cash could outperform Bitcoin in the coming days, offering traders a potential opportunity for gains in BCH relative to BTC.
DOGE & SHIB Bottoming Out
At the time of writing, DOGE and SHIB market caps were up 7% and 5%, respectively, with their charts forming a “rounding bottom” pattern. This pattern typically emerges after a prolonged downtrend and indicates a shift toward a more bullish market.
A rounding bottom shows a gradual transition from lower highs to higher lows, signaling growing buying interest. The emergence of this pattern in DOGE and SHIB points to the possibility of a price reversal and an upward trend in the near future.
