Bitcoin’s price momentum appears to be losing steam as on-chain and market indicators suggest softening demand, raising the possibility of a deeper pullback. According to a June 19 article by CryptoQuant&#8217;s head of research Julio Moreno, the pace of Bitcoin…

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Despite Bitcoin’s rise, major corporations like Meta, Amazon and Microsoft are 
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Dogecoin’s six-month consolidation is a coil, not a coffin, according to the 
pseudonymous technician Cantonese Cat, whose 19 June video marshals multiple 
time-frame evidence to argue that the meme-coin’s next directional break will 
be up—potentially as far as $4.13 before the current cycle tops out. Dogecoin 
Breakout Is Only A Matter Of Time The analyst begins by addressing sentiment. 
Retail comment threads have turned caustic, he notes, because price has 
slipped from last autumn’s spike and then “done nothing for months.” Yet such 
fatigue is precisely what bull-market retracements are meant to produce: “A 
lot of people are getting really bitter about Doge … that’s exactly how higher 
highs and higher low type situations are supposed to get you all frustrated. 
This is still a bull trend until proven otherwise.” Related Reading: Dogecoin 
Looks Like ‘It Wants To Play Dead’—Again At the highest zoom level, Dogecoin 
is tracing what he calls “still a cup and … still a handle until proven 
otherwise.” The first thrust of that handle halted almost exactly at the 0.786 
Fibonacci retracement of the 2022–24 bear range—“a very important fib level 
here.” Because initial attempts rarely pierce that resistance, he expected 
rejection. What matters is where the pullback found support: “In the case of 
Dogecoin, it decided to go all the way down to 0.382, which is nothing unusual 
… this is actually a pretty important zone of this nice Adam-and-Eve double 
bottom.” The market is therefore testing, not violating, an historically 
powerful neckline. Zooming to the monthly chart, Dogecoin sits beneath what 
the analyst calls “a pretty thick Ichimoku cloud.” Two breakout attempts have 
failed, producing a pair of wicks that look ominous to casual chart watchers. 
Cantonese Cat disagrees: “We had a little bit of a false breakout here on the 
monthly … I think a third time is going to be the charm.” Beneath the cloud, 
six consecutive monthly candles have nested entirely inside the tall green bar 
printed last November. He interprets the formation—six inside bars—as latency 
building for a violent move: “You’re talking about consolidation with six 
inside candles forming a lot of energy here.” That compression is mirrored on 
the weekly time frame: “If you also look at the weekly here, you can also see 
that you have six inside candles over here too … that tells me that there is 
not much bearish energy necessarily left anymore. I think we’re closer to the 
bottom than the top.” Key structural support is supplied by a rising 20-month 
simple moving average, now at $0.1737. Price currently ticks below it, but the 
slope is still positive. Historically, such combinations resolve in favour of 
the trend: “If you have a 20-month moving average that is up-sloping, most 
likely this is just going to be a wick.” He cites an earlier cycle when 
Dogecoin wicked beneath the same metric before staging a dramatic reversal. 
Price action, he argues, is meaningless without context. “If I end up looking 
at Doge here on Coinbase and I pull up the volume here, you can also see that 
there is no selling volume here at all.” Binance, the world’s deepest Dogecoin 
market, shows identical inertia. “The selling volume is essentially non- 
existent,” he says, concluding that supply overhang has vaporised and only 
demand is required to propel a reversal. Twice before—in July 2023 and 
February 2024—identical volume droughts preceded V-shaped rallies: “Low 
selling volume over here, reversal once volume comes in … low selling volume 
over here, reversal once volume comes in.” Related Reading: Dogecoin Shows 
Signs Of Life With Bottoming Signal Daily-chart oscillators are beginning to 
corroborate the structural read. Dogecoin has just registered what Cantonese 
Cat labels a “treasure bottom”—his term for a localised capitulation whose 
candle body is far smaller than its wick. More formally, the relative-strength 
index has exhibited bullish divergence: price has etched lower lows while RSI 
turns higher. “Last time when you have some bullish diversions was right here 
… that was the local bottom right there,” he says, pointing to the October 
2023 reversal. The pattern repeated in March 2024 and appears again today: “I 
think that we might be experiencing a trend change here relatively soon.” DOGE 
Price Targets Should volume arrive and price claw back through the 0.5 and 
0.618 retracements, Cantonese Cat’s Fibonacci ladders flag successive targets. 
From the Binance dataset, “$1.60, $2.26 and $4.13, all of these are 
possibility for Dogecoin.” A composite feed of multiple exchanges tweaks the 
numbers to $1.50, $2.27 and $3.94. What he does not foresee is a reprise of 
2021’s parabolic blow-off, when Dogecoin tagged the 2.272 extension and 
briefly suggested a trajectory towards $23. “I think that $23 doge is insane … 
I don’t think that doge is going to end up becoming, you know, like anything 
like $3 trillion market cap.” A quarter- to half-trillion-dollar 
capitalisation, however—roughly the price zone between three and four 
dollars—remains “something to think about” given current monetary expansion. 
Cantonese Cat interprets the community’s malaise as a contrarian gift: “The 
market makers are giving us more time to buy while the sentiment is extremely, 
extremely poor.” Inside-bar ranges serve as a simple trigger. A close above 
the six-month range high would, in his reading, unlock the primary up-trend’s 
next leg. Conversely, a close below the 20-month average might delay—but not 
necessarily invalidate—the thesis, provided the moving average itself keeps 
rising. Across every lens—the macro cup-and-handle, the Adam-and-Eve neckline 
test, Ichimoku resistance, 20-month moving average support, volume exhaustion, 
daily bullish divergence—the weight of evidence converges on a bullish 
outcome. Timing, he concedes, is unknowable: “When is that going to be? I 
don’t know.” Yet none of the data justify capitulation. He closes with the 
maxim he repeats three times in the broadcast: “The trend is your friend, and 
the trend is up.” If that view holds, Dogecoin’s dormant coil may eventually 
unwind toward the analyst’s most ambitious extension at $4.13—a level 
unthinkable to today’s demoralised sellers, and precisely for that reason, he 
argues, still within reach. At press time, DOGE traded at $0.171. Featured 
image created with DALL.E, chart from TradingView.com

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The post Norway to impose temporary restrictions on Bitcoin mining to save 
electricity appeared first on Crypto Briefing.

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