Dogecoin (CRYPTO: DOGE) was trading over 3% lower on Monday, in continued consolidation after a 5.5% decline on Saturday, which Benzinga called out the day prior.
Since then, Dogecoin has been trading in a sleepy sideways pattern, trading within a 1-cent range in consolidation.
Sunday and Monday’s price action, which has taken place completely within Saturday’s range, has settled Dogecoin into an inside bar pattern. 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 than a single inside bar. …
Full story available on Benzinga.com