DOGE and SHIB charts form bull flag pattern
Özdil published his opinion on Twitter where he stated his belief that the two meme coins have formed a “bull flag pattern.”
Shiba Inu en Doge voor de korte termijn. Zitten beide nog in een diepe bullflag. Maar als de rente weer echt gaat stijgen moet je wegblijven van crypto, maar overstappen op blue chip stocks.
— Zihni Özdil (@ZihniOzdil) November 29, 2021
A bull flag pattern, according to ThinkMarket, is “a continuation chart pattern that facilitates an extension of the uptrend. The price action consolidates within the two parallel trend lines in the opposite direction of the uptrend, before breaking out and continuing the uptrend.”
To put it in simple terms, a bull flag pattern, usually, tends to precede an upward price movement of an asset after a period of price consolidation.
The erstwhile Dutch lawmaker went on to advise his followers to steer clear of crypto investments if there is a hike in interest rates while urging them to invest in “blue-chip stocks” instead.
Zihni Özdil says “Bitcoin is also Shitcoin”
In response to one of the numerous reactions his tweet drew, Zihni Özdil, made a surprising statement as he declared that Bitcoin, the flagship digital asset, is also a shitcoin.
To defend his position, Özdil wrote that crypto assets alongside the stock exchange depend on “what people expect something to be worth, not what something is actually worth.”
His retort would come as a surprise to many as investors tend to invest in Bitcoin because they believe that the asset has a viable use case as a hedge against inflation.
His view would also contradict the position held by leading US financial institutions like Goldman Sachs and Morgan Stanley who have released reports backing the coin as a viable inflation hedge and even going as far as gaining an indirect exposure to the crypto coin.
Interestingly, Özdil prides himself as a crypto millionaire in a recent interview where he revealed that his timely investments in Ethereum and DOGE helped him acquire a villa on an undisclosed tropical island.
This article was originally posted on FX Empire