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Dogecoin Buying Opportunity?

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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?

註釋

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

註釋

Price has entered the PBZ.

交易進行

交易結束：達到停損點

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

交易進行

註釋

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

註釋

Potential targets

註釋

Trailing my stop as price moves higher

交易結束：目標達成

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!

註釋

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

註釋

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.

註釋

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.

註釋