I will update this later with comments on why I am taking this entry.
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My decisions about when to buy altcoins are influenced by Bitcoin's performance. Here is the latest chart for Bitcoin:
If Bitcoin’s price stays above $68,000, that's a good sign. However, if it drops below this price at the day's close, I will sell my altcoins.
When I posted this trade, Bitcoin’s price briefly fell below $68,000, which created a good opportunity to buy Dogecoin, especially because Dogecoin's price is also at a support level.
This makes the trade quite interesting to me. I’ll keep you updated if I decide to change my strategy.
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Late update but still wanted to take the time to give a retrospective on the last loss we took.
@Navittrades, Honestly as long as BTC daily does not close below that 68k level as seen on my update, I might hold on to my position in doge. I am willing to risk my gains for the higher potential profits. That said, I agree with +-22c being a good TP to have.