DOGE → Are We Heading to $0.30!? Or $0.10? Let's Answer.
Doge had an 80% Weekly bull candle at the end of February followed by continued bull pressure into March. Where will Doge find resistance?
How do we trade this? 🤔
The current market has a strong bullish sentiment. The 80% bull candle was followed by a tight trading range with more strong bull candles. We have yet to see a signal for pullbacks or reversals. We are on the second push up in the trend, leaving us the potential for one more.
The RSI is currently at 78.00, which ought to give us some pause about the continuation of the bull action before a pullback. That is why I advocate waiting to enter a long until the price comes back down toward the Weekly 30EMA.
It is reasonable to long scalp on a lower timeframe like the 4HR or even the Daily, but with a small position size and tight stop loss. Waiting for the pullback to the 30EMA is ideal for a long.
💡 Trade Idea 💡
Long Entry: $0.14
🟥 Stop Loss: $0.09
✅ Take Profit: $0.29
⚖️ Risk/Reward Ratio: 1:3
🔑 Key Takeaways 🔑
1. Two pushes up in a bull trend with a gap to close at $0.29.
2. 80% bull candle at the end of February signals strong bull strength.
3. Tight trading range after the February bull candle, likely a measured move up.
4. Long scalp on lower timeframe or wait for pullback to Weekly 30EMA to long.
5. RSI at 78.00 and above the Moving Average supports pullback before the next move up.
💰 Trading Tip 💰
The longer a trend continues after 3 legs, the probability of that trend continuing lessens. Because of this decreased probability, we ought to reduce our risk when entering trades.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and Follow to learn more about:
1. Reading Price Action
2. Chart Analysis
3. Trade Management
4. Trading Psychology
How do we trade this? 🤔
The current market has a strong bullish sentiment. The 80% bull candle was followed by a tight trading range with more strong bull candles. We have yet to see a signal for pullbacks or reversals. We are on the second push up in the trend, leaving us the potential for one more.
The RSI is currently at 78.00, which ought to give us some pause about the continuation of the bull action before a pullback. That is why I advocate waiting to enter a long until the price comes back down toward the Weekly 30EMA.
It is reasonable to long scalp on a lower timeframe like the 4HR or even the Daily, but with a small position size and tight stop loss. Waiting for the pullback to the 30EMA is ideal for a long.
💡 Trade Idea 💡
Long Entry: $0.14
🟥 Stop Loss: $0.09
✅ Take Profit: $0.29
⚖️ Risk/Reward Ratio: 1:3
🔑 Key Takeaways 🔑
1. Two pushes up in a bull trend with a gap to close at $0.29.
2. 80% bull candle at the end of February signals strong bull strength.
3. Tight trading range after the February bull candle, likely a measured move up.
4. Long scalp on lower timeframe or wait for pullback to Weekly 30EMA to long.
5. RSI at 78.00 and above the Moving Average supports pullback before the next move up.
💰 Trading Tip 💰
The longer a trend continues after 3 legs, the probability of that trend continuing lessens. Because of this decreased probability, we ought to reduce our risk when entering trades.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
Like 👍 and Follow to learn more about:
1. Reading Price Action
2. Chart Analysis
3. Trade Management
4. Trading Psychology
-Joe Dean
Trader Engineering Course (Coming Soon!)
TraderEngineering.com
Trader Engineering Course (Coming Soon!)
TraderEngineering.com
Doge gave us our strong pullback to the downside after three pushes up on the Daily chart, my initial analysis saw 2 pushes up on the Weekly. The price fell to the Daily 30EMA area of $0.13 as expected where we're likely to see a pause and likely a pullback to the upside of around $0.15 to $0.16.
I believe the Doge price will ultimately fall down to $0.10 or even a bit lower before a push for the previous all-time high occurs. Bitcoin is in its halving phase and after three pushes up to the 2021 high around $70,000, the RSI overbought reaching 89.00 on the Weekly with large gaps to the Weekly 30EMA at $49,000, we're likely to see those prices in the coming weeks and months.
A new Doge analysis will be coming soon!