$DOGE finally looks hawt
- From a time cycle perspective, Dogecoin is currently sitting at the very end of its normal range to retest prior all-time highs.
- If you consider crypto cycles related to
BTC's halving, 6 months post halving is generally when we starts to see some big moves in the whole space. - From an Elliot Wave perspective, #dogecoin has likely bottomed for this swing and could begin a drive higher at anytime - the most likely time could be between weeks of August 12 and August 26.
Price
- A conservative target for 2024 is at the 100% Fibonacci extension at $0.296.
- An aggressive target for 2024 is the 161.8% Fib Ext at $0.565. Consequently, $0.565 is pretty damn close to Dogecoin's highest historical close ($0.571).
- 2024 highs likely to be found between mid-November and mid-December 2024.
What I'm Watching Closely
- The Detrended Price Oscillator (DTO) has been languishing below zero line for three months - a close above the zero line on the weekly chart will be a big big pay the eff attention signal.
- The weekly Composite Index (CI) remains in a historical support zone and has just crossed its fast-moving average, now waiting for an appropriate cross over and close above the slow-moving average.
Point & Figure Analysis
This is my favorite chart style, and the one I use to execute any trades on: Point and Figure.
Here's the first thing I like about a bullish outlook on Dogecoin: it broke below a head-and-shoulder pattern and then it returned above it:
At the same time, an inverse head-and-shoulder pattern is developing, along with a possible Triple Top Breakout (a P&F pattern).
If everything on the candlestick charts looks positioned nicely, and there's a valid entry condition on the P&F chart (currently $0.13), then I'm pulling the trigger.
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