This is my first idea publication. I'm new to TA. Let me know what you think.
I'm bullish on this one for the short term for several reasons.
Looking at the hour chart:
1. The price is following the pitchfork trend from all the way back in early January and recently broke through upper band.
2. MACD and RSI are on an uptrend.
3. The price just went through a nice consolidation period where the price failed to go below 5 cents.
4. Bull flag formed after consolidation between .0542 and .0475.
5. The end of the bull flag touches the pitchfork trendline that has acted as recent support. (Is that a legitimate reason to be bullish?)
6. The price popped up (to make the bull flag ) above a well established resistance and support level .
7. Positive sentiment on Reddit - rumors of Dogecoin being featured on CNBC.
8. Huge community surrounding Dogecoin that continues to grow.
9. Lots of new buyers still getting involved.
10. Dogecoin really is the people's crypto.
If you are looking to buy right now it is advised you wait for the price to break the trendline and confirm with a retest.
Looking at the 15 minute chart we have a bull flag that is coming to a point just above a major support level . Meanwhile, as the bull flag formation completes, the price will touch the band of the January pitchfork formation.
Edit - My stop loss area is probably too low.
I'm bullish on this one for the short term for several reasons.
Looking at the hour chart:
1. The price is following the pitchfork trend from all the way back in early January and recently broke through upper band.
2. MACD and RSI are on an uptrend.
3. The price just went through a nice consolidation period where the price failed to go below 5 cents.
4. Bull flag formed after consolidation between .0542 and .0475.
5. The end of the bull flag touches the pitchfork trendline that has acted as recent support. (Is that a legitimate reason to be bullish?)
6. The price popped up (to make the bull flag ) above a well established resistance and support level .
7. Positive sentiment on Reddit - rumors of Dogecoin being featured on CNBC.
8. Huge community surrounding Dogecoin that continues to grow.
9. Lots of new buyers still getting involved.
10. Dogecoin really is the people's crypto.
If you are looking to buy right now it is advised you wait for the price to break the trendline and confirm with a retest.
Looking at the 15 minute chart we have a bull flag that is coming to a point just above a major support level . Meanwhile, as the bull flag formation completes, the price will touch the band of the January pitchfork formation.
Edit - My stop loss area is probably too low.