Incoming 50% for Dogecoin ??

**short term analysis - Days and weeks ahead**

On the above 3 day chart price action has enjoyed a massive 320% rally over the last 2 months thanks to you know who.

A number of reasons now exist to be “short”, despite the myriad of long ideas currently on the platform.

1) Price action prints bearish divergence.

2) Price action was recently outside the Bollinger Band. We know 95% off all price action trades around the mean, which is currently 50% below.

3) Remaining on the Bollinger Band notice the slight inward curve (red arrows)? This is informing you the current extension in price action is now exhausted.

4) Lastly, support and resistance. 20 cents was resistance for multiple months. Healthy market structure would see past resistance confirm as support before the continuation of the uptrend.

Is it possible price action continues upwards and onwards? Sure.
Is it probable? No.

Ww

Trade active

Is this time different?
3 day sell signal now prints. Look left.

Note

Upgrading the 50% correction to the full 90% correction until 5 cents.

Have you seen this 2 week chart before?
Remarkably, it is almost identical to the breakdown of the Litecoin legacy support channel.

2 week

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up another 2 cents since posting.
Topping up the "short" position!!

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Shorts making money!

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Are you ready?Seat belts fastened?

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Let the hammering begin!

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Hammered!

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Ready for hammer number 2? This blow will be somewhat heavier than the last, buckle up!

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Bulls must reclaim 40 cents before the weekly close. Otherwise it is off to 30 cents.

Bears, keep your shorts open, much more win to come.

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Broken market structure confirmed.
Parachutes are optional.

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Printed this chart out on A3 of the office wall to remind myself why I'm a contrarian.

The comments will amuse for years to come I'm sure.

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A run to 38 cents is very probable in the near term, which will provide fresh exit liquidity.

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As mentioned on the last update, expect a near term run to 38 cents.
That has now occurred.
Are you now ready to provide Elon with exit liquidity?

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Did you sell the 38 cents?

Or did you run in like an idiot with your exit liquidity for us whales?

If the latter, you can change this approach, just ask... don't fall for all that social media gubbins.
Get a plan. Manage risk. Act when required.

Note

This will be the 5th opportunity market participants have been afforded to exit at these levels.
The market always gives you time to exit, emotions stop most.

Note

You feel it?

You see the 2.day candle body closing under the 2 day 50 SMA?

You were warned, but did you listen?

Note

That 2 day candle closing under the 50 SMA was a beautiful signal for the incoming capitulation.

7.5 cents to target.

Trade closed: target reached

Full 50% correction as advertised. Close short positions.

A bounce to 30 cents should be expected as a buy signal now prints. This is not a new bull market but rather a lower high print as the downtrend continues.

without_worries

BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy

Weblink: patreon.com/withoutworries

Allow 3-6 months on ideas. Not investment advice. DYOR

Also on:

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.

without_worries

BTC
bc1q2eckdzh0q8vsd7swcc8et6ze7s99khhxyl7zwy

Weblink: patreon.com/withoutworries

Allow 3-6 months on ideas. Not investment advice. DYOR

Also on: