DOGE/BTC potential bounce soon
I am generally not one who likes to talk much about DOGE as it already gets far too much attention, but the current trend looks a bit interesting in my opinion.
From what I am seeing, there appears to have been a breakout of a forming wedge (orange dotted lines) at the end of May after an initial bounce off of the 61.8% Fibonacci retracement level (based on the the all-time high to the initial low back in April). The ratio now looks like it has been riding the trend line from the breakout downward but has yet to break below it, but now it looks to be approaching the 50% Fibonacci retracement level. Hence it looks like there is a possibility for a bounce to occur here, further validated by a bit of bullish reversal divergence as fairly clearly evident on MACD, but it is also on quite a few other oscillators as well, however I didn't want to clutter the chart.
It should be interesting to see what happens here in the next day or so as it looks like there are not many options left for the ratio to go as it is now approaching the apex of a descending wedge based on the downward trend since the most recent breakout (thin green line), so it looks like it should be interesting to see which way the ratio will head, whether it breaks support and heads downward or potentially heads upward to form a potentially long term wedge (white lines) potentially forming a longer-term bullish pennant.
And of course, this is not meant as financial advice and is only my opinion, but please like or comment if you agree or have any thoughts.
From what I am seeing, there appears to have been a breakout of a forming wedge (orange dotted lines) at the end of May after an initial bounce off of the 61.8% Fibonacci retracement level (based on the the all-time high to the initial low back in April). The ratio now looks like it has been riding the trend line from the breakout downward but has yet to break below it, but now it looks to be approaching the 50% Fibonacci retracement level. Hence it looks like there is a possibility for a bounce to occur here, further validated by a bit of bullish reversal divergence as fairly clearly evident on MACD, but it is also on quite a few other oscillators as well, however I didn't want to clutter the chart.
It should be interesting to see what happens here in the next day or so as it looks like there are not many options left for the ratio to go as it is now approaching the apex of a descending wedge based on the downward trend since the most recent breakout (thin green line), so it looks like it should be interesting to see which way the ratio will head, whether it breaks support and heads downward or potentially heads upward to form a potentially long term wedge (white lines) potentially forming a longer-term bullish pennant.
And of course, this is not meant as financial advice and is only my opinion, but please like or comment if you agree or have any thoughts.
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