Awaiting doge breakout of channel
Doge is in a declining parallel channel. Awaiting breakout of the channel, and clearing the moving averages will setup a long to 0.96, then 0.108 and 0.146 resistance levels.
The rsi is also supportive of such a move with it currently trending upwards and not in an overbought position.
The MACD is also beginning to trend upwards with the MACD line crossing over and signalling a upward trend.
The rate of change ROC is also trending upwards but a note of caution: a pullback in the roc and then the breakout would result in a stronger indicator signal.
Volume is also starting to trend upwards over the past week compared to the preceding period of 27 Feb to 08 Mar, this signalling a move is impending which will have market support (and is more likely to form a trend as opposed to just a temporary spoke or bull trap).
İf taking a long position, depending on risk appetite, putting in a filter of 3 days from the breakout to avoid a bull trap might be advisable.
Alternatively, rejection of the upper boundary of the channel and/or moving averages will setup a downward mice to 0.69 then 0.67 and then to the bottom of the channel.
Best approach is to await a decisive action and enter then with SLs based on chart structure.
The rsi is also supportive of such a move with it currently trending upwards and not in an overbought position.
The MACD is also beginning to trend upwards with the MACD line crossing over and signalling a upward trend.
The rate of change ROC is also trending upwards but a note of caution: a pullback in the roc and then the breakout would result in a stronger indicator signal.
Volume is also starting to trend upwards over the past week compared to the preceding period of 27 Feb to 08 Mar, this signalling a move is impending which will have market support (and is more likely to form a trend as opposed to just a temporary spoke or bull trap).
İf taking a long position, depending on risk appetite, putting in a filter of 3 days from the breakout to avoid a bull trap might be advisable.
Alternatively, rejection of the upper boundary of the channel and/or moving averages will setup a downward mice to 0.69 then 0.67 and then to the bottom of the channel.
Best approach is to await a decisive action and enter then with SLs based on chart structure.
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