DOGECOIN: Review + Close Of The Day
DOGE Daily Chart
A potential Bear setup with both a head + shoulders setup and a lower high double top.
There is support from the Bull channel below (solid green line)
5 to 6 days is the YTD average amount for the Bears to complete a break out, test of support and reversal setup.
The 2x measured move down from the Bear signal which is yes... a Bull bar. Nonetheless, it was that Bull bar to signal the reversal.
The follow through bar was an inside inverted Bear hammer closing near its low above the 20ema.
Day 3 teetered upon the inevitable as a bull trading range bar bouncing off the 20ema.
Day 4 Today decent Bear short for a probable leg down to support.
Day 5 opens with an immediate low and pausing at the low of Day 4.
8/3 is Day 5
Initial support (dotted green line)
2nd support: Bottom of the Bull channel (solid green line)
3rd support: July 26th Bull hammer break out point
4th support has various Bull break out points, 2x measured move down from the low of the Bear signal, or our forever treasured top of the Bear channel that Doge has been escaping from over the last few weeks.
But alas, Doge will remain in a series or permutations of Bear channels until the market replaces the 0.74 ATH with something higher.
Anyways, the next few days may be a series of scalps for Bulls ready for bounces off support levels.
Average may be 2 - 5% over 6 to 10 days with a risk of a 23% drop if trapped by a Bear break out testing support.
Hi of the Bear signal 0.07454 - 23% = 0.05739.
That amount happens to be just underneath the July 13th Bull break out point. There may be protective stops for high margin Bulls that would get triggered or perhaps adjusted just under that Bull hammer.
The high of the Bear signal 0.07454 - 10% = 0.06708.
The 20ema is just under that price point at 0.06696.
One could argue that the wedge and bull channel along with exhausted Bears has started to which we will see more Bull days that Bear days...
But, Extreme High To Extreme Low = Extreme trading range.
Potentially leaving both Bulls and Bears confused, disappointed, trapped, or "may the Market Gods forgive their trading" profitable sideways in a trading range.
Anyways... Just Doge food for thought.
What are your thoughts?
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by Digital Currency World News, dcworldnews.com