DOGE - Oh, a breakdown. Unless...
Bullish pennant has possibly failed. I've seen this pattern commonly in the FX market during my newbie days, sometimes instead of continuing upwards the pennant breaks down and perform a "stop hunt".
Then if the bulls are strong enough price will shoot back up and rally. Right now DOGE is trying to trade back up the 200 DMA.
I currently have a futures long position of 1200 DOGE @ 0.032, very low risk but I will still monitor my position as I would like to see how price would react around 0.043 since that is likely where price will meet with the 50 DMA.
If price rejects 0.043 and the 50 DMA then it is possible we can dip further down as low as 0.011.
RSI on lower timeframes have corrected, Daily timeframe RSI remain elevated. Something to take note off.
Once again traders, be careful. Do not be a sheep and blindly follow what others are doing, use your own eyes and knowledge and read the price action of the chart to find the best areas for an entry.
Good luck!
Then if the bulls are strong enough price will shoot back up and rally. Right now DOGE is trying to trade back up the 200 DMA.
I currently have a futures long position of 1200 DOGE @ 0.032, very low risk but I will still monitor my position as I would like to see how price would react around 0.043 since that is likely where price will meet with the 50 DMA.
If price rejects 0.043 and the 50 DMA then it is possible we can dip further down as low as 0.011.
RSI on lower timeframes have corrected, Daily timeframe RSI remain elevated. Something to take note off.
Once again traders, be careful. Do not be a sheep and blindly follow what others are doing, use your own eyes and knowledge and read the price action of the chart to find the best areas for an entry.
Good luck!
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