DOGE → A Rip to $0.10! Will We Continue to $0.15 and Beyond?
Dogecoin ripped through the $0.88 Resistance, found support on it, then blasted through the next resistance of $0.10! My previous analysis projected this outcome and successfully closed the proposed trade. Where does the Doge price go from here?
How do we trade this? 🤔
We're now zooming out to the Weekly candles to see where the next Resistance Zone is and it appears to be in the $0.15 to $0.16 range. That's a 50% increase in price from where we are now! To take advantage of that range, we need to take a breath after those last few Daily bull candles and wait for a pullback.
This Weekly candle needs to close bull followed by a bar or two of sideways price action. It's reasonable to zoom into the Daily chart for more detail and I'll provide updates on that chart here as the days pass. Once a pullback is completed and we have the proper signs of continuation, it's reasonable to long again for another 1:3 Risk/Reward trade!
Look for strong bull channel support or the 30EMA once it catches up to the price. RSI is also at 74.00 which supports at least a pullback. Be very careful here as it wouldn't surprise me if we get a rapid sell-off in response to the rapid buy. Markets are about balance and right now, we're a bit out of balance.
💡 Trade Idea 💡
Long Entry: $0.0990
🟥 Stop Loss: $0.08435
✅ Take Profit: $0.14300
⚖️ Risk/Reward Ratio: 1:3
🔑 Key Takeaways 🔑
1. Breakout of Bear Channel, Bias to Long!
2. Wait for Weekly Candle to Close Before Entering.
3. Test Bear Channel Support Means Higher Probability of Profit.
4. RSI at 74.00, Bias to Short.
5. Best to wait for pull back before entering.
⚠️ 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're now zooming out to the Weekly candles to see where the next Resistance Zone is and it appears to be in the $0.15 to $0.16 range. That's a 50% increase in price from where we are now! To take advantage of that range, we need to take a breath after those last few Daily bull candles and wait for a pullback.
This Weekly candle needs to close bull followed by a bar or two of sideways price action. It's reasonable to zoom into the Daily chart for more detail and I'll provide updates on that chart here as the days pass. Once a pullback is completed and we have the proper signs of continuation, it's reasonable to long again for another 1:3 Risk/Reward trade!
Look for strong bull channel support or the 30EMA once it catches up to the price. RSI is also at 74.00 which supports at least a pullback. Be very careful here as it wouldn't surprise me if we get a rapid sell-off in response to the rapid buy. Markets are about balance and right now, we're a bit out of balance.
💡 Trade Idea 💡
Long Entry: $0.0990
🟥 Stop Loss: $0.08435
✅ Take Profit: $0.14300
⚖️ Risk/Reward Ratio: 1:3
🔑 Key Takeaways 🔑
1. Breakout of Bear Channel, Bias to Long!
2. Wait for Weekly Candle to Close Before Entering.
3. Test Bear Channel Support Means Higher Probability of Profit.
4. RSI at 74.00, Bias to Short.
5. Best to wait for pull back before entering.
⚠️ 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!
-Joe Dean
Trader Engineering Course
**Available Now at TraderEngineering.com**
Trader Engineering Course
**Available Now at TraderEngineering.com**
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