We looked at Dogecoin (DOGEUSD) on the daily timeframe; many bearish signals starting to develop.
Today, we are going to be looking at the 4h timeframe where we can gain additional information as to what is going on with this market/pair.
First, we notice how DOGEUSD went to test EMA200 as support after breaking below EMA100 back in April. This same scenario can repeat in the coming days.
Now, we can see prices trading below EMA50 and also EMA100, which is the blue line on the chart.
If prices close below EMA100 or $0.4625, this can lead to lower prices.
The next support level will be sitting first at $0.3662 followed by $0.301 or EMA300, which is equivalent to EMA50 daily at around $0.29/$0.30.
This is no big deal. Market corrections are normal and see what happened back in April.
After EMA200 was tested as support, DOGEUSD bounced and continued on its way up.
Right now we have the RSI becoming weaker than it was before. The MACD is below zero and showing a bearish cross.
The current 4h candle is still active and its price can reverse...
We stay bearish on this pair below EMA50 ($0.5132), we expect lower prices unless the market conditions change.
We are aiming lower... What's your take?
Share with us in the comments section below.
Namaste.
P.S. Check the related trade ideas below for past charts on DOGEBTC.
@alanmasters, How low do you think it can go during the bear market? I have a short on it.
sec5degre
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@alanmasters .25 or .11 right?
shahbazimoeen
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if you draw a lend for 6 month ago until now you will see a dynamic support line that never breaks....i think 0.44 $ is no the least possible value for dog that cannot be broken to less