DOGE needs to BO wedge above the 0.10 to 0.12 zone to be bullish
DOGE seems to be holding a strong support zone (green) with a hammer followed by an engulfing weekly candle. It has since bottomed at 0.0491. This zone is a 0.5 FIB EXT of the ABC correction from ATH.
LOOKING BULLISH: In the next few weeks, it should be able to dash thru my red open space (minimum resistance there) & try to breakout of the black falling wedge & to hold above my 0.10 to 0.12 yellow zone. BO of this wedge/zone may signal a completion of the ABC correction & a new 5-wave EW cycle will start.
VERY BAD SCENARIO: If DOGE fails to hold the current low of 0.0491 (already a 94% crash from ATH), then the measured move from the falling wedge may see DOGE as low as 0.007.
Not trading advice
LOOKING BULLISH: In the next few weeks, it should be able to dash thru my red open space (minimum resistance there) & try to breakout of the black falling wedge & to hold above my 0.10 to 0.12 yellow zone. BO of this wedge/zone may signal a completion of the ABC correction & a new 5-wave EW cycle will start.
VERY BAD SCENARIO: If DOGE fails to hold the current low of 0.0491 (already a 94% crash from ATH), then the measured move from the falling wedge may see DOGE as low as 0.007.
Not trading advice