DOGEBTC has been following a steady trend downwards since the high in may. To me, it has been evident that a violent markdown is imminent since the middle of june - even though I have been reluctant to place my bet out of a respect of the power of the meme.
I have tried my hand on a wyckoffian analysis in the chart presented. The Sign of Weakness (SOW) showed up as expected - but I was expecting another drop now that we have entered phase E.
As of fundamentals - doge derives its value from hype and meme. It has been off the mainstream media radar for some time, the reddit page is showing less activity - and more importantly the quality of the memes produced seems to be falling (even if I thought they stepped up a bit in tha last couple of days). Also - lately mentions from Elon has not manage to pump the price significantly (which presented a huge risk to a short bet imo). If this doesnt change I will remain in my bet to see DOGEBTC less than 300 sats.
What do you think is needed for doge to rise again? How much do you respect the power of the meme?
I have tried my hand on a wyckoffian analysis in the chart presented. The Sign of Weakness (SOW) showed up as expected - but I was expecting another drop now that we have entered phase E.
As of fundamentals - doge derives its value from hype and meme. It has been off the mainstream media radar for some time, the reddit page is showing less activity - and more importantly the quality of the memes produced seems to be falling (even if I thought they stepped up a bit in tha last couple of days). Also - lately mentions from Elon has not manage to pump the price significantly (which presented a huge risk to a short bet imo). If this doesnt change I will remain in my bet to see DOGEBTC less than 300 sats.
What do you think is needed for doge to rise again? How much do you respect the power of the meme?