Potential Dogecoin bullish butterfly harmonic approaching
I'm expanding on my previous Dogecoin post because i've become more aware of a few things which I think may interest you. Before I was calling for a drop to 9 cents. Now i think it only drops to 10.75 cents.
I don't see a lot of harmonics on tradingview which is a disappointment. They are absolutely amazing things. I have a potential bullish butterfly approaching for dogecoin which has incredible upside potential.
Let's go over the reasons why i'm bearish right now so you moonboys can calm down.
Classic bearish divergence on daily MacD.
Hidden bearish divergencce on daily RSI.
Classic bearish divergence on 4 hour RSI.
Classic bearish divergence on daily stochastic.
Top of this downsloping channel.
.382 retrace of the move we are in right now.
On the underside of the daily 200 EMA.
Rejected at the top of the ichimoku cloud daily support cloud you can see near the arrow #4 (the right arrow #4)
Okay so I hope that after 8 reasons I am bearish you can can stop calling me insane for a 1.272 fib extension to happen.
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Let's look at the 1.272 fib. I took a fib bracket and put the top at location #1. I made the bottom of the bracket the 1.272 fib exention.
Looking at the fib locations there is some strong indication that this might actually be the bottom.
At location #2 there was a daily candle close rejection exactly at the .5
At location #3 it was a rejection at the wick top exactly at the .382
At location #4 it double rejected at the .236 (before getting above it the last couple days)
So it appears that it is very possible that a 1.272 fib extension happens as the market structure looks to match this very well.
Now look at the two blue triangles in the middle. Those are the bullish butterfly harmonic.
Location X is where the harmonic started.
Location A is the 382 rejection
Location B was a .786 retrace (butterfly harmonics do a .786 retrace at location B)
Location C was a 382 retrace of the harmonic and also a rejection under the daily 200 EMA.
This projects a location D anywhere from 1.272 to 1.414 to 1.618, as the butterfly has a wide range for the D target.
I am going to go with a 1.272 retrace as it matches up so incredibly well with locations # 2,3,4 on the chart.
I think the bottom will be 10.75 cents now. I posted a chart a few days ago thinking 9 cents but I am now more inclined to say 10.75 cents.
After it makes this D, the target is a .5 retrace up. Which is 42 cents. It might even go up to 45 cents as that's the swing high before alltime highs.
So... 10.75 cents... up to 42/45 cents. Within a couple weeks i expect the crash down to 10 cents. I think the rise to 42/45 cents will also happen in a couple weeks.
I don't see a lot of harmonics on tradingview which is a disappointment. They are absolutely amazing things. I have a potential bullish butterfly approaching for dogecoin which has incredible upside potential.
Let's go over the reasons why i'm bearish right now so you moonboys can calm down.
Classic bearish divergence on daily MacD.
Hidden bearish divergencce on daily RSI.
Classic bearish divergence on 4 hour RSI.
Classic bearish divergence on daily stochastic.
Top of this downsloping channel.
.382 retrace of the move we are in right now.
On the underside of the daily 200 EMA.
Rejected at the top of the ichimoku cloud daily support cloud you can see near the arrow #4 (the right arrow #4)
Okay so I hope that after 8 reasons I am bearish you can can stop calling me insane for a 1.272 fib extension to happen.
__
__
Let's look at the 1.272 fib. I took a fib bracket and put the top at location #1. I made the bottom of the bracket the 1.272 fib exention.
Looking at the fib locations there is some strong indication that this might actually be the bottom.
At location #2 there was a daily candle close rejection exactly at the .5
At location #3 it was a rejection at the wick top exactly at the .382
At location #4 it double rejected at the .236 (before getting above it the last couple days)
So it appears that it is very possible that a 1.272 fib extension happens as the market structure looks to match this very well.
Now look at the two blue triangles in the middle. Those are the bullish butterfly harmonic.
Location X is where the harmonic started.
Location A is the 382 rejection
Location B was a .786 retrace (butterfly harmonics do a .786 retrace at location B)
Location C was a 382 retrace of the harmonic and also a rejection under the daily 200 EMA.
This projects a location D anywhere from 1.272 to 1.414 to 1.618, as the butterfly has a wide range for the D target.
I am going to go with a 1.272 retrace as it matches up so incredibly well with locations # 2,3,4 on the chart.
I think the bottom will be 10.75 cents now. I posted a chart a few days ago thinking 9 cents but I am now more inclined to say 10.75 cents.
After it makes this D, the target is a .5 retrace up. Which is 42 cents. It might even go up to 45 cents as that's the swing high before alltime highs.
So... 10.75 cents... up to 42/45 cents. Within a couple weeks i expect the crash down to 10 cents. I think the rise to 42/45 cents will also happen in a couple weeks.