DOGE: a small update 2
DOGE completed the inverse H&S that we spoke about in the last doge update.
It is now finding some resistance in the 17/18 cent level, as we said.
It's likely time for a little correction.
DOGE pushed higher than the previous high, this is a bullish sign of trend reversal. Volume looks good and ready to pump. MACD doesen't give sign of weakness, for now. Exactly what i wanted to see today.
For some time it managed to stay above the downtrend channel, which keeps it crashing since the last year.
Now its time to be cautious, the price is in a precarious situation and it's continuation is mostly dictated by BTC price action!
But.. if we have continuation, we can start to aim for some targets using the fibs:
- first, we had two peaks;
1)28th of march
2)5th of april (today)
Both of this two days the price found a top in the 1.272 and 2.272 fibs respectively. You can see them inside the white circle.
-If we have continuation, the price could head for the 3.272 fib this time. A 30% increase, before a new local top.
It's also possible that DOGE will skyrocket, this would be given by some fundamental reason, unpredictable trough technical analysis.
This is basically what im expecting if BTC continue its grinding.
Otherwise we could have another low and, later on, another breakout attempt.
That said i have bottom and continuation feeling this time, let's see if im right.
Hope it will be useful for you Anon. Let me know if you have some question down in the comments!
It is now finding some resistance in the 17/18 cent level, as we said.
It's likely time for a little correction.
DOGE pushed higher than the previous high, this is a bullish sign of trend reversal. Volume looks good and ready to pump. MACD doesen't give sign of weakness, for now. Exactly what i wanted to see today.
For some time it managed to stay above the downtrend channel, which keeps it crashing since the last year.
Now its time to be cautious, the price is in a precarious situation and it's continuation is mostly dictated by BTC price action!
But.. if we have continuation, we can start to aim for some targets using the fibs:
- first, we had two peaks;
1)28th of march
2)5th of april (today)
Both of this two days the price found a top in the 1.272 and 2.272 fibs respectively. You can see them inside the white circle.
-If we have continuation, the price could head for the 3.272 fib this time. A 30% increase, before a new local top.
It's also possible that DOGE will skyrocket, this would be given by some fundamental reason, unpredictable trough technical analysis.
This is basically what im expecting if BTC continue its grinding.
Otherwise we could have another low and, later on, another breakout attempt.
That said i have bottom and continuation feeling this time, let's see if im right.
Hope it will be useful for you Anon. Let me know if you have some question down in the comments!
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