The rocket is ready for launch.
Hello all! My name is Joshua. I am a 20 year old business owner, long time trader, and college dropout. This is my analysis of Dogecoin.
Bullish:
Dogecoin has been high on my watchlist for the past two weeks. Admittedly, I closed my previous position of 918,000 Dogecoin on March 28th after we broke our previous uptrend. A new low was made, adjusting the bull pennant slightly. A tweet from Elon Musk on April 01 , resulted in explosive volume to break the new bull pennant to the upside. I've been again accumulating my position (Currently at 520,000 DOGE) after a pull back to retest the apex of the pennant and a bounce off of the 25 and 50 day moving averages. I'm not overly confident in this position, hence the very tight stop loss. I will be watching the price action closely this week. Support will need to be held by the nearby 25 and 50 day moving averages, as well as the supporting trend line of the pennant for the trade to be valid. Additionally, continued upwards momentum will be confirmed by a break and hold of the $0.063 price level (0.618 Fib).
Current Position - 520,000 DOGE at an average of $0.056
Stop Loss - $0.05506
Take 25% Profit - $0.088
Take 100% Profit - $0.1285
Potential Upside - 128.80%
Potential Downside - 1.69%
Risk to Reward Ratio - 11.74
As always, I am not a financial adviser. The views expressed are mine alone and should be taken with a grain of salt. Do your own research and make your own decisions. I am not responsible for any financial loss. Only invest what you can afford to lose.
Bullish:
Dogecoin has been high on my watchlist for the past two weeks. Admittedly, I closed my previous position of 918,000 Dogecoin on March 28th after we broke our previous uptrend. A new low was made, adjusting the bull pennant slightly. A tweet from Elon Musk on April 01 , resulted in explosive volume to break the new bull pennant to the upside. I've been again accumulating my position (Currently at 520,000 DOGE) after a pull back to retest the apex of the pennant and a bounce off of the 25 and 50 day moving averages. I'm not overly confident in this position, hence the very tight stop loss. I will be watching the price action closely this week. Support will need to be held by the nearby 25 and 50 day moving averages, as well as the supporting trend line of the pennant for the trade to be valid. Additionally, continued upwards momentum will be confirmed by a break and hold of the $0.063 price level (0.618 Fib).
Current Position - 520,000 DOGE at an average of $0.056
Stop Loss - $0.05506
Take 25% Profit - $0.088
Take 100% Profit - $0.1285
Potential Upside - 128.80%
Potential Downside - 1.69%
Risk to Reward Ratio - 11.74
As always, I am not a financial adviser. The views expressed are mine alone and should be taken with a grain of salt. Do your own research and make your own decisions. I am not responsible for any financial loss. Only invest what you can afford to lose.
Trade closed: target reached:
Target reached, trade closed. $43,840 profit. By far my largest monetary win since I began trading. I feel like Michael Burry in The Big Short when he writes his percentage win at the end. It's stripper and drug season!