Hi everyone,
DOGE seems to have some difficulties in breaching the 20 & 50 EMA and the previous resistance zone.
This is likely to create a bear flag or a Dead Cat Bounce -» retracement will most likely go higher before tumbling down. (I advise you to research this structure).
However if Price does Break all these resistance zones in a confident manner we might see newer highs.
You might say: so it goes up or down?
It's not that and not that simple: analysis and trading is about creating and anticipating on different scenarios. Price changes and thus also the potential scenarios.
Most important is that we are prepared and have a plan in mind when to enter a market and also when to exit one.
Don't get burned and stay safe!
Kind regards,
Noel
DOGE seems to have some difficulties in breaching the 20 & 50 EMA and the previous resistance zone.
This is likely to create a bear flag or a Dead Cat Bounce -» retracement will most likely go higher before tumbling down. (I advise you to research this structure).
However if Price does Break all these resistance zones in a confident manner we might see newer highs.
You might say: so it goes up or down?
It's not that and not that simple: analysis and trading is about creating and anticipating on different scenarios. Price changes and thus also the potential scenarios.
Most important is that we are prepared and have a plan in mind when to enter a market and also when to exit one.
Don't get burned and stay safe!
Kind regards,
Noel
Comment:
and we hit support zone (20% drop) 2 times in a row.
It doesn't get stronger if price hits the same zone over and over.
It doesn't get stronger if price hits the same zone over and over.
Current price actions is closing that gap.