Doge Has Completed The Bullish Setup To Breakout The ResistanceSince Oct 2019 the price action of Doge with Bitcoin pair is moving within falling wedge in the meanwhile it has hit the support of this wedge in the month of Oct , Nov 2019 and Jan and Feb 2020, and this the 3rd time it is hitting the resistance of this wedge 1st it was hit in Oct 2019 second touch was in Nov 2019 and 3rd touch is on 5th Feb 2020.
Sofar it was failed to break out the resistance neither break down the support as well but this time more chances are in favor of breakout the resistance rather than break down the support of this pattern.
This time the price line has hit the resistance at 0.00000029 sats and pulled back to 0.00000026 sats during price correction period in the meanwhile it has crossed up the center moving average of Bollinger bands after hitting the support and this is in actual the 20 moving average if the price action closes above this moving average then there will be strong chances of breakout very soon.
Moving Averages:
The price action is likely to close above the exponential moving averages with time periods of 10 and 20 after Nov 2019, today it will be confirmed whether the candle sticks will be closed above this level or move down again however if the price action will be successful to close above these exponential moving averages this EMAs will provide a very powerful up lift to Doge’s pricline and it will be great help to achieve the breakout from this wedge pattern.
The Bigger View:
On week chart the relative strength index (RSI) has already visited oversold zone for two times 1st in Jun 2019 and second in Sep 2019 and now turned bullish.
The stochastic has also given bull cross from oversold zone after Sep 2019.
The Harmonic Move:
The most strong signal that is received on week chart is the formation of bullish Gartley pattern which the price action of Doge has formed.
The formation was started in Sep 2019 and now the price action is moving within the potential reversal zone of this Gartley and there are strong chances that the price action can take bullish divergence at any time which will also lead the price action to breakout the resistance of falling wedge pattern which we have discussed earlier on one day chart.
Here we can set our stop loss the support of potential reversal zone and that is 0.00000025 sats.
Regards,
Atif Akbar (moon333)
