Under Doge Primed to Retest All Time High
Hello all! My name is Joshua. I am a 20 year old business owner, long time trader, and college dropout. This is my first published idea so go easy on me!
Bullish:
I've been watching Dogecoin closely for the past week. I began accumulating positions once Dogecoin began making higher lows and higher highs over the past 4 days or so. A strong push last night cemented a bullish reversal. Additionally, a golden cross looks the been forming on the daily MACD, RSI is trending upwards, and Dogecoin has finally broken the 20 Day Moving Average. I think $0.06 will be difficult to break in the short term, so now is the time to size up. Once $0.06 is broken, we'll be in good condition to test the all time high (ATH). Expect a pullback at the ATH to complete a cup and handle pattern. Then finally, A break of the ATH will send us to $0.139 or the 1.618 Fibonacci Level.
Bearish:
There is always the potential for downside in the markets. However, given the persistent advertising by those such as Elon Musk, Mark Cuban, and NASCAR, as well as the rapid adoption by a national chain of ATMs, the NBA forming a Crypto Adoption Coalition, and the massive support base that has continually pumped the coin, I don't see a downside. Keep an eye on the crypto market as a whole, though. Many Altcoins are closely correlated with the rise and fall of Bitcoin.
Current Position - 918,000 DOGE at an average of $0.0488
Stop Loss - $0.0415
Take 25% Profit - ATH
Take 100% Profit - $0.1391
Potential Upside - 149.92%
Potential Downside - 25.17%
Risk to Reward Ratio - 5.96
As always, I am not a financial adviser. The views expressed are mine alone and should be taken with a grain of salt. Do your own research and make your own decisions. I am not responsible for any financial loss. Only invest what you can afford to lose.
Bullish:
I've been watching Dogecoin closely for the past week. I began accumulating positions once Dogecoin began making higher lows and higher highs over the past 4 days or so. A strong push last night cemented a bullish reversal. Additionally, a golden cross looks the been forming on the daily MACD, RSI is trending upwards, and Dogecoin has finally broken the 20 Day Moving Average. I think $0.06 will be difficult to break in the short term, so now is the time to size up. Once $0.06 is broken, we'll be in good condition to test the all time high (ATH). Expect a pullback at the ATH to complete a cup and handle pattern. Then finally, A break of the ATH will send us to $0.139 or the 1.618 Fibonacci Level.
Bearish:
There is always the potential for downside in the markets. However, given the persistent advertising by those such as Elon Musk, Mark Cuban, and NASCAR, as well as the rapid adoption by a national chain of ATMs, the NBA forming a Crypto Adoption Coalition, and the massive support base that has continually pumped the coin, I don't see a downside. Keep an eye on the crypto market as a whole, though. Many Altcoins are closely correlated with the rise and fall of Bitcoin.
Current Position - 918,000 DOGE at an average of $0.0488
Stop Loss - $0.0415
Take 25% Profit - ATH
Take 100% Profit - $0.1391
Potential Upside - 149.92%
Potential Downside - 25.17%
Risk to Reward Ratio - 5.96
As always, I am not a financial adviser. The views expressed are mine alone and should be taken with a grain of salt. Do your own research and make your own decisions. I am not responsible for any financial loss. Only invest what you can afford to lose.