DOGE → To the Moon or Doom!? This Chart Makes It Clear.
Dogecoin is currently sitting on Bull Channel Support, a moment we need to pay close attention to if we want to enter a trade and maximize our profits. If the price falls through, we should be looking to get short and a bounce means we ought to long.
How do we trade this?
If you're not in a trade right now, wait. We need to see not only a bull signal bar but a bull confirmation bar as well for optimal justification to enter a long. That means a bull bar closing on or near its high above the bull channel support. Long take profit targets could be the previous high of around $0.087 and the top of the bull channel of around $0.09. Stop loss should be just below the 200EMA.
To justify a short, we need to see a bear bar closing on or near its low below the bull channel support, preferably below the 200EMA. That would be our signal bar, the confirmation would be a follow-through bar closing on or near its low below the 200EMA. Reasonable take profits would be the previous support areas around $0.068 and $0.06. Stop loss just above the 200EMA.
Key Takeaways
1. Bull Channel, Bias to Long.
2. Currently Testing Bull Channel Support.
3. Wait for Bull Signal and Confirmation to Long.
4. Bitcoin Struggling to Break Weekly Resistance, a Market Leading Indicator.
5. RSI at 42.00 and below Moving Average, wait for a sign of support to Long.
You are solely responsible for your trades, trade at your own risk!
If you found this analysis helpful, click the Boost button and let us know what you think in the comment section below!
How do we trade this?
If you're not in a trade right now, wait. We need to see not only a bull signal bar but a bull confirmation bar as well for optimal justification to enter a long. That means a bull bar closing on or near its high above the bull channel support. Long take profit targets could be the previous high of around $0.087 and the top of the bull channel of around $0.09. Stop loss should be just below the 200EMA.
To justify a short, we need to see a bear bar closing on or near its low below the bull channel support, preferably below the 200EMA. That would be our signal bar, the confirmation would be a follow-through bar closing on or near its low below the 200EMA. Reasonable take profits would be the previous support areas around $0.068 and $0.06. Stop loss just above the 200EMA.
Key Takeaways
1. Bull Channel, Bias to Long.
2. Currently Testing Bull Channel Support.
3. Wait for Bull Signal and Confirmation to Long.
4. Bitcoin Struggling to Break Weekly Resistance, a Market Leading Indicator.
5. RSI at 42.00 and below Moving Average, wait for a sign of support to Long.
You are solely responsible for your trades, trade at your own risk!
If you found this analysis helpful, click the Boost button and let us know what you think in the comment section below!
-Joe Dean
Trader Engineering Course
**Available Now at TraderEngineering.com**
Trader Engineering Course
**Available Now at TraderEngineering.com**
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