Heavy doge w/ double top, low confidence short opp
I don't short crypto against fiat as a general rule (outside of hedging), but doge is looking pretty tired. Posting this for accountability and learning. Interested to see how this plays out or if the moonbois and tiktok investors can push it to $1 (or $0.9899 realistically).
I expect the base formed around a quarter will hold for a bit, but probably eventually breaks and we head toward the lower structure 0.12-0.15 by mid-May.
Invalidation is sustained trading above ATH or prolonged consolidation between 0.20-0.33, IMO.
15% confidence idea: current formation is fractal of 04/13-16 formation, and we break hard to the upside in the next few days (not taking that either, as I had an entry before the 0.10 break and am on the sidelines for the rest of the doge move).
I expect the base formed around a quarter will hold for a bit, but probably eventually breaks and we head toward the lower structure 0.12-0.15 by mid-May.
Invalidation is sustained trading above ATH or prolonged consolidation between 0.20-0.33, IMO.
15% confidence idea: current formation is fractal of 04/13-16 formation, and we break hard to the upside in the next few days (not taking that either, as I had an entry before the 0.10 break and am on the sidelines for the rest of the doge move).
Comment:
touched 0.16 -- very nice
hope someone took this on max lev (if so, probably want to close before 0.25)