DOG-COIN Short It To The Ground
Updated
Well this nonsense crypto is getting quite a lot of attention and pump on Saturday Night Live and various places. This is a big pump-dump in line with Bitcoin's collapse arriving shortly. Price has reached Bitcoin's fib ratio for bull market tops - the 2.272. And a very aggressive trader could short here. However I suspect there is quite a trap; DOGE is getting all the attention currently and if it capitulates that will look bad for TV celebrity pumpers (even though price apparently dumped after Elon plug).
My guess is that DOGE is going to take a wild ride up to the next fib at 2.618 $1.77. Its a very long way up, but this will validate the celebs and everyone who watches TV and knows nothing about trading will come rushing in to provide a lot of liquidity and carry the bags for when a devastating top does arrive. If it impulses to $1.77 it will create a lot a hype and hysteria and buyers that have never bought crypto before will be rushing in.
If (and its a big if) price can make it all the way up to the 2.618 then I am confident it is done. This is a landmark fib. It may carry on up momentarily but only to wick higher.
Now to look at the chart - price is currently testing resistance of the previous top. If on the daily / weekly candle there is only a wick into resistant area then this current downward move will likely be a fakeout and if price can get back above resistance sometime soon and drift back up, that area will be support and there is a good chance this run on the 2.618 will be on. If it trickles down then perhaps 2.272 will be the top. There is a very good chance price will get stuck here and collapse, but that's ok. This short is only worth it with a lot of patience. I don't want to risk getting smashed by a torrent of exited TV watching DOGE buyers.
I would not buy DOGE even if it breaks out, but if price breaks above 2.272 with impulse the buy is on. I'll just patiently wait to see if price comes to me at 2.618 where I'll have a short sell order waiting just shy of the mark.
Not advice.
My guess is that DOGE is going to take a wild ride up to the next fib at 2.618 $1.77. Its a very long way up, but this will validate the celebs and everyone who watches TV and knows nothing about trading will come rushing in to provide a lot of liquidity and carry the bags for when a devastating top does arrive. If it impulses to $1.77 it will create a lot a hype and hysteria and buyers that have never bought crypto before will be rushing in.
If (and its a big if) price can make it all the way up to the 2.618 then I am confident it is done. This is a landmark fib. It may carry on up momentarily but only to wick higher.
Now to look at the chart - price is currently testing resistance of the previous top. If on the daily / weekly candle there is only a wick into resistant area then this current downward move will likely be a fakeout and if price can get back above resistance sometime soon and drift back up, that area will be support and there is a good chance this run on the 2.618 will be on. If it trickles down then perhaps 2.272 will be the top. There is a very good chance price will get stuck here and collapse, but that's ok. This short is only worth it with a lot of patience. I don't want to risk getting smashed by a torrent of exited TV watching DOGE buyers.
I would not buy DOGE even if it breaks out, but if price breaks above 2.272 with impulse the buy is on. I'll just patiently wait to see if price comes to me at 2.618 where I'll have a short sell order waiting just shy of the mark.
Not advice.
Note
Daily wick as predicted Note
Price is holding above support with only wicks below so far. One possibility is that Bitcoin makes yet another extended price tightening triangle which would allow time for DOGE to make this run on the 2.618, before Bitcoin price rolls of the table.
Note
Its starting to look like Elon called with top. I wouldn't short it here. We'll see.Note
Now hugging support in a tight price band. Maybe its on. Its probably going to pop
We're into the post FED interest rate cut blow off phase for risk on markets🥳.
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