Hi! DOGE has been added to the Robinhood, so everyone can buy it now and this caused a huge pump. The other reason for the intensive growth is Bitcoin, which is very bullish atm and trying to break MA200. DOGECoin painted a bullish flag during the past week, slow and steady decreasing RSI to nearly oversold condition at all timeframes from 4H and lower. BULLSH RSI DIVERGENCE confirms the pattern. BTC has to make another attempt to break 8500, and most likely DOGE will launch synchronically. //This information is not a recommendation to buy or sell. It is to be used for educational purposes only//
Doge was added to RH two weeks ago in Texas... Jumped late on the spike and lost $40 two minutes later. Never went back up.
LanaFL
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@JohnneyEhrlich, are you aware what is the bullish flag? In a few words, this is a spike, followed by the slow decline with lower lows and lower highs. This way price consolidating in the new height before going higher, in this particular case up to 0.005
And seems like you are talking about something else because it couldn't lose 40 since it's cheaper than dollar atm.
JohnneyEhrlich
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@LanaFL, Are you aware I bought 80,000 tokens? At a cost of $0.0035? And held as I watched it drop to below $0.002952 before I finally have up and sold? It is a crypto created as a joke with unlimited coins and produces more yearly to off set inflation. It only moves upward by hype from scalpers who convince others to buy and as soon as it reaches the point they want it to reach they stop with the manipulation and sell all at once... Leaving people to deal with the losses. Seen it happen several times already on robinhood. The decline your seeing is not following other crypto but by manipulation.
LanaFL
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@JohnneyEhrlich, I'm sorry to hear about your experience. Buying right under resistance isn't smart, so, no wonder you got trapped. Anyway, you should use a STOP-LOSS to never lose more than 1.5-2% of your position. Since you made multiple mistakes in this trade, I can only conclude that problem, not in the coin itself.
JohnneyEhrlich
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@LanaFL, also if ya do the math $0.0035 - $0.002952 = $0.000548 x 80,000 = $43.84 my total loss in under a few minutes and price didn't get driven up again for several days after I held and then sold. Again this coin is a joke and not worth a serious investor even looking at.
LanaFL
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@JohnneyEhrlich, so, you bought the top and sold in the loss? That's not the way we trade. Trust me, $43 for the lesson like that is dirt cheap.
JohnneyEhrlich
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@LanaFL, oh no it wasn't the top right that moment when i purchased... but literally a few moments later it spiked and then dropped like a rock. And your correct cheap lesson for a crap coin that has an infinite coins and producing more yearly.This coin is driven by hype alone and that is my opinion no matter what.
LanaFL
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@JohnneyEhrlich, you see, I took the opposite trade, bought the double bottom at 0.0027 and sold 0.0040 gaining 80% and scooped again 0.0032 almost doubling my coins.
So, the exact same coin made me lots of money while you lost, and sold the bottom in loss.
If you sold 00.29 as you say, then you sold as much bottom as it was possible, because right after that it bounced, and now it's 34 again. IDK how you managed to buy 0.0035 because there were no "buy" signals AT ALL.
DOGE copying BTC as all other cryptos, and last week it gained more than any other crypto in %. Obviously, the problem not with the coin. Try to train on the paper first, without real money. This is a good practice for the beginner or you may try trading simulators, Forex for instance
JohnneyEhrlich
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@LanaFL, Well I see you want to honestly share knowledge with others and that's much appreciated. But don't think it's the investment for me. Too easily manipulated in my opinion and way too volatile. Thank you for the advice.