DOGE - Extremely bearish pattern, buy/long here!
Doge looks very bearish, but this coin is definitely stronger than others. In this analysis, I will tell you where to buy DOGE for a short-term trade!
Doge is not going anywhere; this coin will survive even the most hard-core crash, together with Litecoin and Monero. These first-generation altcoins are solid.
Unfortunately, the chart is printing a descending triangle, which is not bullish. There is a lot of liquidity below the triangle, so the market wants all orders.
I am buying doge exactly at 0.06112 for a short-term profit. I will trade it on the futures market, of course, but you can do it on the spot market as well. Don't forget to set your orders!
From the Elliott Wave perspective, the previous uptrend looks like a 3-wave ABC corrective structure. Not the best sign.
I remember before everyone was buying DOGE like crazy, and now everyone is at a loss. The crypto winter is real; nothing is bullish pretty much. The only way to make money is to trade futures.
I post trade setups privately. This analysis is not a trade setup; there is no stop-loss, profit target, expected duration of the trade, risk-to-reward ratio, or timing.
Why buy doge at 0.06112? because it's the last high-volume node on the volume profile and also because we have an ascending trendline, which should work well together. What's more it's the start of the massive gap.
The 200-day moving average has been tested three times, and it's just too much. It looks like buyers are running out of steam.
There are 2 most likely scenarios. The first is that we will spend more time in this triangle. The second is that we will breakdown very soon.
Thank you!
