Dogecoin Descending Pitchfork With WMA and SMA
This is an attempt to use the Modified Pitchfork tool, and is purely for educational purposes and is not financial advice. This is my first time attempting to use the Pitchfork tool as well, so please any feedback is genuinely appreciated.
Using the peak and the first reactionary low with the reactionary first peak it appears to me at least that Dogecoin is maintaining a stable and healthy correction. The price is clearly on the downtrend and I believe with a potential current break in the Weighted moving average below the Smooth moving average though it's positioned to go up potentially. The upper band is suggesting 31 cents to be a point of resistance potentially and if it's unable to break out of that it's potentially going to continue the slide down. With a break in the moving averages to the downside, Dogecoin could be positioned to fall below the medium line and would be potentially a time to buy if it goes low enough to bounce off the medium or the lower moving medium band. Right now it's in limbo trying to break moving averages but unable to and is currently descending.
I'm interested in hearing your thoughts on where you think dogecoin is going to go, do you think it's going to keep going down, or do you think it's going to break out of this cycle and go up sometime in the near future? In my mind I believe that this correction will maintain until the weekend is over potentially, let the price go back down and people will quit being scared of it being overvalued and its hemorrhage of value for those who bought at the top. I'm also interested in any insights on how to improve my technical analysis, if I've done something wrong such as having too wide of a time frame please share! I'm always open to learning from those with more experience than myself.
Using the peak and the first reactionary low with the reactionary first peak it appears to me at least that Dogecoin is maintaining a stable and healthy correction. The price is clearly on the downtrend and I believe with a potential current break in the Weighted moving average below the Smooth moving average though it's positioned to go up potentially. The upper band is suggesting 31 cents to be a point of resistance potentially and if it's unable to break out of that it's potentially going to continue the slide down. With a break in the moving averages to the downside, Dogecoin could be positioned to fall below the medium line and would be potentially a time to buy if it goes low enough to bounce off the medium or the lower moving medium band. Right now it's in limbo trying to break moving averages but unable to and is currently descending.
I'm interested in hearing your thoughts on where you think dogecoin is going to go, do you think it's going to keep going down, or do you think it's going to break out of this cycle and go up sometime in the near future? In my mind I believe that this correction will maintain until the weekend is over potentially, let the price go back down and people will quit being scared of it being overvalued and its hemorrhage of value for those who bought at the top. I'm also interested in any insights on how to improve my technical analysis, if I've done something wrong such as having too wide of a time frame please share! I'm always open to learning from those with more experience than myself.
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