DOGEUSDT - 4H ... Do you smell opportunity?
Updated
NOT A FINANCIAL ADVISOR!!!
Not an Elon Musk fan nor do I hold DOGE!
Even after this analysis and loving the chart I will not buy it! => this is just for fun!
Very easy to manage risk at this position, just consider a drop below the trendline (1) as a stoploss. (4h candle close)
Reasons to be bullish:
1) Holding upsloping trendline (1)
2) 19-23 May => RSI Bullish Divergence (2)
3) Lower wicks below trendline (3)
Targets: 0.60$-1$
Not an Elon Musk fan nor do I hold DOGE!
Even after this analysis and loving the chart I will not buy it! => this is just for fun!
Very easy to manage risk at this position, just consider a drop below the trendline (1) as a stoploss. (4h candle close)
Reasons to be bullish:
1) Holding upsloping trendline (1)
2) 19-23 May => RSI Bullish Divergence (2)
3) Lower wicks below trendline (3)
Targets: 0.60$-1$
Note
I forgot to mention another reason to be bullish...Price and RSI breakout!Note
Just a quick update:On the log scale price action has not yet broken out but is at support.
Still RSI 4H did breakout!
Trade closed: stop reached
As some of my ideas/opinions that would have lead to a reversal did not materialize, I would have a stop loss here.In case some bullish pattern develops, you can reenter later. The pattern can be a double bottom or something else. I would still wait for the market to show it's hand here.
Note
I might have called for a stop-loss too soon! :)Note
No new low was created...therefore...double bottom might be possible.
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