NOT A FINANCIAL ADVISOR!!!
Not an Elon Musk fan nor do I hold DOGE!
Even after this analysis and loving the chart I will not buy it! => this is just for fun!
Very easy to manage risk at this position, just consider a drop below the trendline (1) as a stoploss. (4h candle close)
Reasons to be bullish:
1) Holding upsloping trendline (1)
2) 19-23 May => RSI Bullish Divergence (2)
3) Lower wicks below trendline (3)
Targets: 0.60$-1$
Not an Elon Musk fan nor do I hold DOGE!
Even after this analysis and loving the chart I will not buy it! => this is just for fun!
Very easy to manage risk at this position, just consider a drop below the trendline (1) as a stoploss. (4h candle close)
Reasons to be bullish:
1) Holding upsloping trendline (1)
2) 19-23 May => RSI Bullish Divergence (2)
3) Lower wicks below trendline (3)
Targets: 0.60$-1$
Comment:
I forgot to mention another reason to be bullish...Price and RSI breakout!
Comment:
Just a quick update:
On the log scale price action has not yet broken out but is at support.
Still RSI 4H did breakout!
On the log scale price action has not yet broken out but is at support.
Still RSI 4H did breakout!
Trade closed: stop reached:
As some of my ideas/opinions that would have lead to a reversal did not materialize, I would have a stop loss here.
In case some bullish pattern develops, you can reenter later. The pattern can be a double bottom or something else. I would still wait for the market to show it's hand here.
In case some bullish pattern develops, you can reenter later. The pattern can be a double bottom or something else. I would still wait for the market to show it's hand here.
Comment:
I might have called for a stop-loss too soon! :)
Comment:
No new low was created...therefore...double bottom might be possible.
