Warning DOGE COIN (DOGE/USDT)
Tactical trading opportunity on DOGE COIN (1 to 3 Weeks) - Correction below 0,73
DOGE COIN is trading with high bullish volatility with a strong momentum from the DOGE community leads by Ellon Musk.
Ellon Musk is expecting to speak about DOGE COIN this week-end on US Channel and the market is pricing a huge reaction (positive)
With a few data historical we can already set up significant technical levels and 0,73 on DOGE/USDT is the first signicant resistance to keep in mind corresponding to the end of the 5 wave impulsive move started the 10.03.2020
How to understand the technical picture today :
The configuration shows a strong bullish momentum however with the Expo Moving average support at 0,37 & 0,25 respectively with the RSI indicators showing divergence close to 0,73 key elliot wave targets (fibo), the conclusion is leaning towards an overbought market. A strong and fast correction to reach 0,37 even 0,25 can't be ignored. Only a clear daily close above 0,73 would lower the risk opening 1,25 and 3,50 potential.
*On a Hourly chart Basis :
Following the coherence of the upper horizon (daily chart basis) we are focus on 0,73 as protection level (daily close - 0,76 Touch) to cover the Spot bullish position on DOGE/USDT by selling DOGE/USDT Perp ideally by selling from now and accumulating the bearish position with last push up (still possible) between 0,67/0,72 in order to play 0,37 with high probability and 0,25 in extansion (max). Then it will offer an opportunity to switch in to the long-term bullish trend.
DOGE COIN is trading with high bullish volatility with a strong momentum from the DOGE community leads by Ellon Musk.
Ellon Musk is expecting to speak about DOGE COIN this week-end on US Channel and the market is pricing a huge reaction (positive)
With a few data historical we can already set up significant technical levels and 0,73 on DOGE/USDT is the first signicant resistance to keep in mind corresponding to the end of the 5 wave impulsive move started the 10.03.2020
How to understand the technical picture today :
The configuration shows a strong bullish momentum however with the Expo Moving average support at 0,37 & 0,25 respectively with the RSI indicators showing divergence close to 0,73 key elliot wave targets (fibo), the conclusion is leaning towards an overbought market. A strong and fast correction to reach 0,37 even 0,25 can't be ignored. Only a clear daily close above 0,73 would lower the risk opening 1,25 and 3,50 potential.
*On a Hourly chart Basis :
Following the coherence of the upper horizon (daily chart basis) we are focus on 0,73 as protection level (daily close - 0,76 Touch) to cover the Spot bullish position on DOGE/USDT by selling DOGE/USDT Perp ideally by selling from now and accumulating the bearish position with last push up (still possible) between 0,67/0,72 in order to play 0,37 with high probability and 0,25 in extansion (max). Then it will offer an opportunity to switch in to the long-term bullish trend.
Note
Today 0,66/0,70 are the selling points
CIO & Head of market research (Automata - Vancelian)
vancelian.com/en
vancelian.com/en
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
CIO & Head of market research (Automata - Vancelian)
vancelian.com/en
vancelian.com/en
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.