Weekly: long term analysis
While Bitcoin is King,
DOGEUSDT
is memecoin's King.
After around 90% deep correction during the bear market,
DOGEUSDT
has built a very clear horizontal support at the 0,057$. Prices are contracting between a descending resistance line and this horizontal support to form a long consolidation triangle pattern which might come to an end soon.
Daily: short term analysis
The triangle pattern is attempting a breakout upward. IF this breakout is confirmed, prices can quickly rise based on previous price action of DOGE. The latest higher low contracted the prices and offer us a good risk/reward setup
Strategy
Buy signal was given yesterday on the daily close (with strong volume) above the resistance line at 0,098$.
Invalidation
Mental Stop: just below the recent weekly swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
While Bitcoin is King,
DOGEUSDT
is memecoin's King. After around 90% deep correction during the bear market,
DOGEUSDT
has built a very clear horizontal support at the 0,057$. Prices are contracting between a descending resistance line and this horizontal support to form a long consolidation triangle pattern which might come to an end soon. Daily: short term analysis
The triangle pattern is attempting a breakout upward. IF this breakout is confirmed, prices can quickly rise based on previous price action of DOGE. The latest higher low contracted the prices and offer us a good risk/reward setup
Strategy
Buy signal was given yesterday on the daily close (with strong volume) above the resistance line at 0,098$.
- Objective 1: Nearest resistance line at 0,16$ (+60%)
- Objective 2: Triangle breakout target at 0,25$ (+150%)
- Objective 3: Weekly ATH at 0,6$ (+500%)
Invalidation
Mental Stop: just below the recent weekly swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
Trade fermée manuellement
Commentaire:
protective Stop loss has been executed today on this high volatility day at 0.168$
We are out of this trade with a perf of 65%. Let's move on.
We are out of this trade with a perf of 65%. Let's move on.
Let's take some profits and keep the remaining to target our next objectives.
TO BE CONINUED...