ninjacookies
Long

DOGE/BTC with 100%+ potential upside if trendline holds

BINANCE:DOGEBTC   Dogecoin / Bitcoin
Pretty self explanitory. DOGE has been in a downward spiral the past few months after hitting an all time high of 60 satoshis.


25 satoshis is strong historical support. However, be aware it has dipped as low as 21 satoshis last year.


RSI has flipped to the upside...but unimpressive volume and no follow through.


I'd like to think this idea is valid if it can hold 25 satoshis. Else, I really wouldn't want to be part of a trade if it breaks that line.


Resolution of the formation should come by the end of september/early october, at which point it will most likely either break to the upside hard or break down another level.


I'd recommend not trading this on leverage, as btc has been quite bullish lately, and the trade volume on DOGE is virtually non existent.


I'd say this is a medium risk trade, so be cautious and use a small portion of your capital.

This is not financial advice.
Comment: Touching 24 satoshis. I'm going to be honest...I don't like it.


BUT. 25 satoshi sell wall is small and volume has picked up significantly the past 3 days. If the DOGE bullahs want to save their Spring hopes...the time is NOW.
Comment: Nice temporary bounce from 24 to 26 satoshis. 25 buy wall volume increased. Should be around 1 week away from decision time, but based on recent history, I'd be surprised if it doesn't at least attempt some sort of strong bounce.
Comment: Fake buy wall after fake buy wall. So frustrating.

Entire alt market had a massive day....except DOGE. I guess if you've already been in and waited this long, it can't hurt to keep waiting.

Comments

the further down it goes the more I'll buy, I dont see it as a negative, but as an opportunity to buy it cheaper.
+2 Reply
The little old lady
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ninjacookies GutManDude
@GutManDude, She's kind of just always there...just never dies
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Not ATH dude, far from it actually
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ninjacookies MinotaurX
@MinotaurX, That is true, man. I should have clarified...on Binance.
+1 Reply
MinotaurX ninjacookies
@ninjacookies, much love
+1 Reply
ninjacookies MinotaurX
@MinotaurX, Respect, brother
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