DOGE → Ready to Rip! Ascending Triangle Says Long? Let's Answer.
Updated
Dogecoin has had some fantastic bullish action as of late! If you followed my previous 4HR analysis from December 5th and longed, you made out with a 1:3 trade. What we're looking at now is another nice long setup, but should we take it?
How do we trade this? 🤔
We have an ascending triangle which is a bullish pattern following a strong bull macro trend, the 30EMA is also giving us great support. The answer is yes, I would long now!
Long here and place a protective stop just below the 30EMA and ascending triangle support line. Sell half of your position at 1:1 Risk/Reward at 0.10700, move your stop up to your entry, then swing the remainder to at least 1:3 but preferably, until you see a reversal signal. The next strong resistance is at $0.15.
💡 Trade Idea 💡
Long Entry: 0.101500
🟥 Stop Loss: $0.09600
✅ Take Profit #1: $0.10700
✅ Take Profit #2: $0.11800
⚖️ Risk/Reward Ratio: 1:3
🔑 Key Takeaways 🔑
1. Macro Trend is Bullish, Bias to Long!
2. Established Support at $0.0875.
3. In Bullish Ascending Triangle Pattern.
4. RSI at 59.00 and Below Moving Average, Does not Support Long.
5. Long here and place protective stop under 30EMA. 1:3 R/R.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
How do we trade this? 🤔
We have an ascending triangle which is a bullish pattern following a strong bull macro trend, the 30EMA is also giving us great support. The answer is yes, I would long now!
Long here and place a protective stop just below the 30EMA and ascending triangle support line. Sell half of your position at 1:1 Risk/Reward at 0.10700, move your stop up to your entry, then swing the remainder to at least 1:3 but preferably, until you see a reversal signal. The next strong resistance is at $0.15.
💡 Trade Idea 💡
Long Entry: 0.101500
🟥 Stop Loss: $0.09600
✅ Take Profit #1: $0.10700
✅ Take Profit #2: $0.11800
⚖️ Risk/Reward Ratio: 1:3
🔑 Key Takeaways 🔑
1. Macro Trend is Bullish, Bias to Long!
2. Established Support at $0.0875.
3. In Bullish Ascending Triangle Pattern.
4. RSI at 59.00 and Below Moving Average, Does not Support Long.
5. Long here and place protective stop under 30EMA. 1:3 R/R.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and comment if you found this analysis useful!
Note
A massive bear bar hit the stop loss target, but not before making some money!
If you followed the suggested trade idea, your Take Profit #1 target of $0.10700 was hit and with your stop loss moved to your entry price, you made a profit! If you didn't move your stop loss to your entry, you broke even!
The massive bear bar certainly woke the bulls up. This could be a triple top reversal pattern and with the RSI below the Moving average heading toward the downside, I wouldn't enter a long right now. Stay on the sidelines and let some more price action print on the screen before entering in either direction.
A fresh Doge analysis will be coming soon!
-Joe Dean
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