Dogecoin to 6 cents

Head and shoulder pattern on the above daily chart confirms resistance of the neckline. The extension from the head to the neckline takes price action to 6 cents.

The 50-day SMA (blue line) was broken and now acting as resistance. The 1st time since September 2020.

On the weekly chart below there is a regular bearish divergence between price action and the oscillators.

Somethig to remember, price action has increased 17,000% since the beginning of the year. That’s amazing.

A sell from 50 cents is amazing if you can get it. However I’d concentrate more on taking profits!

Trade active:

Down 35% so far. This is one falling knife you don't want to catch.

Comment:

There was a 'incredible buy' signal' recently and now a higher low is printed on the daily chart below. Expecting price action to reach 30 cents before continuing downtrend.

Trade active:

-40%, not bad. Still plenty to go. A relief rally might first occur back to the 60 cent region as indicated.

There was a 'incredible buy' signal recently as price action approached the 200-day EMA, however the overall trend is a downward one.

Trade active

Trade active:

price action now twice rejected by past support + 50-day / 2-day EMA rejection. Get out...

Trade active:

Be careful going long into the New Year with this one. Candle bodies are printing and closing under the annual EMA (green line). This is very bearish.

Trade active:

6 cents to go until target

Trade closed: target reached:

Bingo - thanks for playing 'How to be rekt by Elon'