Dogecoin Buying Opportunity?

29 thg 6

As you can see on the daily chart, dogecoin is trending downwards in this channel. Buyers seem unable to break above .12800 resistance at the moment.

• If price breaks below the support line, I will wait to see how price reacts to the potential buy zone for a long position/dead cat bounce.
  
  
• If price retests the support line and doesn't break it, I might enter for a scalp to the upside.
  
  
• If price breaks above the channel and creates a new trend upwards, I will enter long.
  
  What are your thoughts on dogecoin?
  
  
  
  

DOGEUSD

3 thg 7

Ghi chú

Sellers are bringing price back down into the channel breaking the previous support of .12200. If price continues downward, I expect price to retest the .11300 support line and then the PBZ thereafter

5 thg 7

Ghi chú

Price has entered the PBZ.

5 thg 7

Giao dịch đang hoạt động

5 thg 7

Đóng lệnh: dừng lỗ

Due to the high risk, I had a very tight stop-loss. Got stopped out of my position. Will wait for a better entry.

5 thg 7

Giao dịch đang hoạt động

5 thg 7

Ghi chú

Entered at the bottom of the PBZ. Again, with a very tight stop-loss in case price continues downward.

5 thg 7

Ghi chú

Potential targets

6 thg 7

Ghi chú

Trailing my stop as price moves higher

6 thg 7

Đóng lệnh: đạt mục tiêu

Decided to close my position here. Price is currently at the top of the channel which could act as resistance now. Maybe I sold too early, we will see. I will monitor price and see if it breaks out of the channel. If it does, I will use the posted Fibonacci levels as potential entry/exit points.

Nice 20% trade in 36 hours. I hope I was able to help some of you!

27 thg 7

Ghi chú

Dogecoin has been respecting these Fibonacci levels as I wrote on my previous post.

2 thg 8

Ghi chú

Doge continues downward breaking below a major support level (the yellow line). Looks like on the daily chart that a small head and shoulders pattern developed and price broke below the neckline which is the move we currently are in. I would expect a small bounce to retest the yellow line or a continuation down to test the low .1000s. If there is a decisive move downwards past that, I would expect a test of the last selloff's low (~.9155). If that does not hold, it could get ugly.

Good luck.

5 thg 8

Ghi chú

Doge continued its way down blowing through the last selloff's low and retesting a major support level of ~0.08000. If price consolidates here I would expect it to be range-bound between the recent low of ~0.08000 and the major level of ~.12200, with ~.10400 being a resistance/support level in between the range. I personally wouldn't enter for a long-term long position here as I currently don't see any bullish signs pointing to the upside. Doge has been in a downtrend since the beginning of April and hasn't found enough buyers to break its way out of it so therefore I would expect the downtrend to continue.

31 thg 8

Ghi chú

Price continues to reject new highs on the daily chart. Still looks very bearish to me. Next stop could possibly be a retest of the ~0.08000 level.