DOGECOIN DOGE/USD: IDEA
Currently @ 0.32
Since the beginning of April Dogecoin has gained 734% from the price it started the month with.
This bull run was mostly fueled by retail traders & tweets/endorsements from Elon Musk & a few other billionaires. Since Dogecoin has little to no support from developers/mining community, Hedge funds, banks & Money Managers they way bitcoin has it makes it a high risk investment but there is some potential for growth for this crypto, so lets look at possible outcomes of this cryptocurrency in the next few days/weeks.
Currently everything looks bearish
Looking at the chart we expect the pair to fall to at least 0.20 before a reversal and continuation of it bull run.
0.20 lines up with the Golden Fibonacci Retracement ratio of 0.618
for it to complete a bullish harmonic pattern which is currently being formed on the 4H chart.
Do note that it can still fall beyond this level but in no way will it go back to 0.05.
It will be wise to set Buy limit entries @ 0.20 & Buy Stop entries @ 0.5
If we look at other cryptocurrency's historic charts like Bitcoin, Ethereum, litecoin, ripple, etc. you will notice that after the first breakout or surge for the crypto it tends to fall back to a third of its peak or back to the price it started with just before the breakout. It will be best to set buy entries at lower entries to maximize your return on your investment.
Since the beginning of April Dogecoin has gained 734% from the price it started the month with.
This bull run was mostly fueled by retail traders & tweets/endorsements from Elon Musk & a few other billionaires. Since Dogecoin has little to no support from developers/mining community, Hedge funds, banks & Money Managers they way bitcoin has it makes it a high risk investment but there is some potential for growth for this crypto, so lets look at possible outcomes of this cryptocurrency in the next few days/weeks.
Currently everything looks bearish
Looking at the chart we expect the pair to fall to at least 0.20 before a reversal and continuation of it bull run.
0.20 lines up with the Golden Fibonacci Retracement ratio of 0.618
for it to complete a bullish harmonic pattern which is currently being formed on the 4H chart.
Do note that it can still fall beyond this level but in no way will it go back to 0.05.
It will be wise to set Buy limit entries @ 0.20 & Buy Stop entries @ 0.5
If we look at other cryptocurrency's historic charts like Bitcoin, Ethereum, litecoin, ripple, etc. you will notice that after the first breakout or surge for the crypto it tends to fall back to a third of its peak or back to the price it started with just before the breakout. It will be best to set buy entries at lower entries to maximize your return on your investment.
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