Quick analysis on Dogecoin using both wave theory, Fibonacci analysis, pattern analysis & volume/price analysis :
Wave theory Analysis:
1) Dogecoin had a nice IMPULSE run-up from Apr 12th to Apr 16th going from $0.07 to $0.44 as shown in my 5 point wave in the diagram above
2) After a good impulse phase comes the CORRECTION phase, markets usually stay two-thirds of the time in a correction phase
3) Looks like the correction is a FLAT correction look at my wave A-B-C touching the support & resistance lines at $0.42 and $0.25 respectively
4) I believe the corrective wave C is going to come down to $0.25 before the support is tested again to see if it moves up in the next impulse leg up or go down - so watch out for this support line at $0.25
Fibonacci analysis :
1) The impulse leg went up from Apr 12th to Apr 16th going from $0.07 to $0.44
2) The FIB 50% retracement is exactly at $0.25
3) Once the FIB 50% retracement is tested we can determine if the market moves up or down upon confirmation
Pattern Analysis:
1) This fits into a nice classic Double tops, Adam & Eve pattern
2) The Eve side of the wave is going to go down to the support line $0.25 and if the support doesn't hold it might go down
Volume-Price Analysis:
1) This is a classic Volume Price Analysis, the market had a nice accumulation phase from Jan 28th - Apr 10th
2) During the accumulation phase the price went from $0.006 to $0.07 and remained at that level for about 3 months
3) Then came the public participation phase where the market moved up from Apr 12th to Apr 16th raising the price from $0.07 to $0.44
4) After the public participation phase comes the distribution phase where the sellers clear some of the volumes and take profits
5) In the distribution phase the prices for support & resistance are at $0.25 to $0.44
6) The support price $0.25 is tested at the end of the distribution phase to see if that support holds to go for the next run-up or if the market is marked down
Summary :
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1) Looks like the bears are still in control
2) The support line $0.25 needs to be tested one more time and see which way the market is going to trend
Happy trading, feedback is always appreciated
Wave theory Analysis:
1) Dogecoin had a nice IMPULSE run-up from Apr 12th to Apr 16th going from $0.07 to $0.44 as shown in my 5 point wave in the diagram above
2) After a good impulse phase comes the CORRECTION phase, markets usually stay two-thirds of the time in a correction phase
3) Looks like the correction is a FLAT correction look at my wave A-B-C touching the support & resistance lines at $0.42 and $0.25 respectively
4) I believe the corrective wave C is going to come down to $0.25 before the support is tested again to see if it moves up in the next impulse leg up or go down - so watch out for this support line at $0.25
Fibonacci analysis :
1) The impulse leg went up from Apr 12th to Apr 16th going from $0.07 to $0.44
2) The FIB 50% retracement is exactly at $0.25
3) Once the FIB 50% retracement is tested we can determine if the market moves up or down upon confirmation
Pattern Analysis:
1) This fits into a nice classic Double tops, Adam & Eve pattern
2) The Eve side of the wave is going to go down to the support line $0.25 and if the support doesn't hold it might go down
Volume-Price Analysis:
1) This is a classic Volume Price Analysis, the market had a nice accumulation phase from Jan 28th - Apr 10th
2) During the accumulation phase the price went from $0.006 to $0.07 and remained at that level for about 3 months
3) Then came the public participation phase where the market moved up from Apr 12th to Apr 16th raising the price from $0.07 to $0.44
4) After the public participation phase comes the distribution phase where the sellers clear some of the volumes and take profits
5) In the distribution phase the prices for support & resistance are at $0.25 to $0.44
6) The support price $0.25 is tested at the end of the distribution phase to see if that support holds to go for the next run-up or if the market is marked down
Summary :
-------------
1) Looks like the bears are still in control
2) The support line $0.25 needs to be tested one more time and see which way the market is going to trend
Happy trading, feedback is always appreciated
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.