Dogecoin is due for a stronger correction, that we can observe on the 1H chart with the change of structure. This short-term trend change was confirmed by the break of the trendline, which was mainly caused by people taking profit after the SNL night on Saturday. A classic buy the rumor, sell the news event. This one would have been a great short-opportunity but still way to risky.
Nonetheless, we are now looking at a downtrend, with the price breaking below the MA 50&200 paired with a bearish crossover.
We are now looking for lower highs and lower lows, beyond the short-term support that played out throughout the past 2 days.
We will trade in the direction of the short-term trend - so I'm looking for a short entry at the resistance and start profit-taking at the $0.40 level.
Nonetheless, we are now looking at a downtrend, with the price breaking below the MA 50&200 paired with a bearish crossover.
We are now looking for lower highs and lower lows, beyond the short-term support that played out throughout the past 2 days.
We will trade in the direction of the short-term trend - so I'm looking for a short entry at the resistance and start profit-taking at the $0.40 level.
Trade closed: target reached