DOGE/USDT - Bearish Outlook at Key Resistance Zone
Updated
Key Resistance Area:
DOGE/USDT has encountered a significant resistance area, coinciding with the formation of an XABCD harmonic pattern. This area is crucial as it aligns with the 4-hour trendline, indicating a strong barrier to further upward movement.
Bearish Expectations:
Given the confluence of resistance factors, we anticipate a bearish move from this point onward. The combination of the key resistance level, harmonic pattern formation, and alignment with the trendline suggests increased selling pressure in the near term.
Trade Recommendation:
- Entry: Consider entering short positions near 0.2024, aiming to capitalize on the anticipated bearish momentum.
- Stop Loss: Place a stop loss order near 0.2310 to limit potential losses in case of unexpected bullish movements.
- Take Profit Targets:
- TP-1: 0.1752
- TP-2: 0.1470
- TP-3: 0.1164
Conclusion:
Based on the technical analysis, a bearish outlook is favored for DOGE/USDT. Traders are advised to exercise caution and adhere to risk management strategies when executing trades within this volatile market environment.
DOGE/USDT has encountered a significant resistance area, coinciding with the formation of an XABCD harmonic pattern. This area is crucial as it aligns with the 4-hour trendline, indicating a strong barrier to further upward movement.
Bearish Expectations:
Given the confluence of resistance factors, we anticipate a bearish move from this point onward. The combination of the key resistance level, harmonic pattern formation, and alignment with the trendline suggests increased selling pressure in the near term.
Trade Recommendation:
- Entry: Consider entering short positions near 0.2024, aiming to capitalize on the anticipated bearish momentum.
- Stop Loss: Place a stop loss order near 0.2310 to limit potential losses in case of unexpected bullish movements.
- Take Profit Targets:
- TP-1: 0.1752
- TP-2: 0.1470
- TP-3: 0.1164
Conclusion:
Based on the technical analysis, a bearish outlook is favored for DOGE/USDT. Traders are advised to exercise caution and adhere to risk management strategies when executing trades within this volatile market environment.
Trade closed: target reached
TP-1 & TP-2 Reached. We are about to hit TP-3
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