DOGE - Brief Warning

há 7 dias

Please refer to our previous post. After calling the rising wedge pattern DOGE did breakdown. Now price has rebounded and we are currently testing our green line again.

However, at the current point in time we cannot confirm that that liquidation hunt was the bottom. There are a few warning signs that have developed that are crucial to watch over the next few days.

I hate to be the bearer of potential bad news, but the data could suggest one more major move down. Here's why:

-12H RSI under median: If strength gets rejected here it would be old support acting as new resistance
-Price action below Rising Wedge pattern: This price action retest could also represent old support being flipped into new resistance to complete the move to the downside.
-Price trading below 21D MA: Could also be an example of old support being flipped into new resistance

All of these bearish signals can be negated if we see closes above that levels in the next 24-48 hours, but for now be very cautious of these things.