DOGEBTC on Poloniex: Jun 19: Wedge?
Updated
As TradingView does not follow Cryptopia, or even Coinexchange.io in creating DOGE/BTC trading pair charts, I've decided to use the pair offered by Poloniex through this exchange. Please note that this may vary how accurate my TA is with your Dogecoin trading.
This is the Dogecoin/Bitcoin, 1 Day, Poloniex chart available here on Tradingview. The most local high on this chart of the year occurred on Jan 7, around the cyclic dump of Bitcoin after Christmas of the previous year. Dogecoin attained a value of 114 sats on this day before descending from there towards a line of minor support at 52 sats on Feb 2 from which it rebounded before falling through to a major support line at 37 sats on Mar 1.
From there the doge steadily rose to a new maximum of 72 sats on Apr 19, failing to reach the maximum of 79 satoshis on Feb 15 prior. It currently sits on a price of 0.00000044 BTC, straddling a line of minor support on 43 sats. According to my belief this downward trend will continue until the value of one Doge once again returns to the major line of support at 37 sats within say the next 10-15 days.
If one looks at the chart from Feb 15 to Apr 19 one can see that the chart displays a downward wedge, using the major support at 37 satoshis as the support line of the wedge. As with this bullish wedge one can expect the price of a single Doge boi to reach a target range equivalent to the base range of the wedge, or 79 sats sometime within the next 60 days. This is further supported by
My advice is to leave a buy order at 0.00000038 BTC to be on the safe side and then wait for the next two to three weeks to pass. Once your order is filled, place a stop loss order at 35 satoshis while you wait for the price to reach 79 satoshis in the coming days. This will yield you a 3 satoshi risk for a 40-42 satoshi gain in the following 60 days; in other words, a rare 1:16 risk reward ratio or a 112.20% increase in 60 days. Not to shabby at all.
If the price falls through 37 satoshis, and fails to return to it within 5-6 days you'll be stopped out, and with your remaining BTC you can wait for Doge to reach a value of 15 satoshis at the interyear major line of support that Doge has yet to ever sink past, and wait for a bullish breakout there and recoup losses there.
As always I will try to update this chart as seen. Once again, please remember this applies to trading the DOGE/BTC pair on Poloniex and may differ on other exchanges. Thank you for reading.
-LC2020
This is the Dogecoin/Bitcoin, 1 Day, Poloniex chart available here on Tradingview. The most local high on this chart of the year occurred on Jan 7, around the cyclic dump of Bitcoin after Christmas of the previous year. Dogecoin attained a value of 114 sats on this day before descending from there towards a line of minor support at 52 sats on Feb 2 from which it rebounded before falling through to a major support line at 37 sats on Mar 1.
From there the doge steadily rose to a new maximum of 72 sats on Apr 19, failing to reach the maximum of 79 satoshis on Feb 15 prior. It currently sits on a price of 0.00000044 BTC, straddling a line of minor support on 43 sats. According to my belief this downward trend will continue until the value of one Doge once again returns to the major line of support at 37 sats within say the next 10-15 days.
If one looks at the chart from Feb 15 to Apr 19 one can see that the chart displays a downward wedge, using the major support at 37 satoshis as the support line of the wedge. As with this bullish wedge one can expect the price of a single Doge boi to reach a target range equivalent to the base range of the wedge, or 79 sats sometime within the next 60 days. This is further supported by
My advice is to leave a buy order at 0.00000038 BTC to be on the safe side and then wait for the next two to three weeks to pass. Once your order is filled, place a stop loss order at 35 satoshis while you wait for the price to reach 79 satoshis in the coming days. This will yield you a 3 satoshi risk for a 40-42 satoshi gain in the following 60 days; in other words, a rare 1:16 risk reward ratio or a 112.20% increase in 60 days. Not to shabby at all.
If the price falls through 37 satoshis, and fails to return to it within 5-6 days you'll be stopped out, and with your remaining BTC you can wait for Doge to reach a value of 15 satoshis at the interyear major line of support that Doge has yet to ever sink past, and wait for a bullish breakout there and recoup losses there.
As always I will try to update this chart as seen. Once again, please remember this applies to trading the DOGE/BTC pair on Poloniex and may differ on other exchanges. Thank you for reading.
-LC2020
Comment
Please note that by sats, I do mean satoshis. 1 satoshi is 0.00000001 BTC.Disclaimer
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