Just a quickly put together idea on the DOGECOIN.
It appears to be forming a bullish flag which could break out to the upside. Keep an eye on the movement and price action around the lines marked up. If we see a breakout to the upside or downside a position can be entered with a SL to the opposing side and a TP at the nearest support / resistance level.
Reasons I will look to take this trade
- Pair is ranging between shown price points with no clear bullish/bearish direction as of yet.
- Price has reacted violently to these price areas in the past, quickly reversing.
- Pair is overbought on 30 min / 1 hour / 4 hour timeframes.
- Tight stop loss / Good R:R (Risk:Reward Ratio) (1:3)
Entry : 0.69900
Reasons I took this trade:
- Double bottom formed on the larger timeframe / Bounce of strong resistance.
- Pair is oversold on many timeframes.
- Tight stop loss / Good R:R (Risk:Reward Ratio)
- Strong BULLISH candle on 1h timeframe ( Piercing Line Pattern & Possible Bullish Hammer )
- MACD crossover
Entry : 11.44453 (roughly)
Stop Loss: 11.39150