Trading idea for Dogecoin. Short down to $0.16 (50% drop) upon confirmation on 4H against the average price line.
(1) Currently in a potential descending triangle pattern (consolidation).
(2) Rejecting off of the moving average for a 2nd time, hinting at downward movement.
(3) Short-term resistance in this range has been hit a 2nd time, indicating downward movement.
(4) Larger head & shoulders potentially developing.
(5) Breaking its current upward parallel channel, indicating some movement downwards. Currently in expansion stage of the market cycle pattern. If expansion ends at break, downward trend to TP1 likely.
(6) Expected TP1 area coinciding with 0.786 fib retracement as well as support for the larger descending triangle (1).
(7) Significant support area for Dogecoin
(1) Currently in a potential descending triangle pattern (consolidation).
(2) Rejecting off of the moving average for a 2nd time, hinting at downward movement.
(3) Short-term resistance in this range has been hit a 2nd time, indicating downward movement.
(4) Larger head & shoulders potentially developing.
(5) Breaking its current upward parallel channel, indicating some movement downwards. Currently in expansion stage of the market cycle pattern. If expansion ends at break, downward trend to TP1 likely.
(6) Expected TP1 area coinciding with 0.786 fib retracement as well as support for the larger descending triangle (1).
(7) Significant support area for Dogecoin
Trade closed: target reached:
TP level of $0.16 hit 👍