DOGE- On the Brink of a Breakout?
It's very possible Doge's correction has ended. All indicators are pointing to OVERSOLD and it seems it has matched up well with BTC. It appears to be bullish, however, it has broken the lower trendline of the triangle on the 1W chart (very common prior to a massive upside break- a sign of exhaustion) and has not broken the upper trendline. Its retest of the lower line looks good, appearing to have created a shorter term inverse H&S. Based on EW, it appears on the 1H that it completed the 3rd wave with a triple bottom of the .382 (near perfection 4th wave correction). If that is in-fact the case, wave 1 and wave 3 are identical in size, making a retrace to the 61.8 the next possible (statistically most common) 1st target, followed by the 100. Doge is notorious for 5th wave extensions, and if it reaches the 261.8, we will have broken the upper trendline, looking for a retest during the 5th wave correction. That target is .31-.32.
Just a nobody tryin' to make a buck.
Do your research.
Good luck and happy trading!
Just a nobody tryin' to make a buck.
Do your research.
Good luck and happy trading!
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