DOGEUSD - Nice looking potential breakout and upside
-Price is trending up.
-Triangle formed and price may be breaking out of it to the upside (watch for strong daily candle close with some volume behind it).
-Hidden Bullish Divergence showed up on RVGI.
-MACD is about to head positive.
-RSI has plenty of room to move up into overbought territory.
-Fib extension shows upside potential of about $0.40.
Potential barriers:
-If BTCUSD or ETHUSD sell off, this could affect DOGEUSD.
-It seems we often don't get a re-test on breakouts, so missing a big, fast move is possible.
-There's local resistance around $0.35 that price needs to overcome, in order to reach the $0.40 target.
Good luck, and have fun.
Note: Don't trade based on my ideas. They're worth exactly what you paid for them. I'm fairly new to this, and my charts are for my own entertainment, education, and record keeping.
-Triangle formed and price may be breaking out of it to the upside (watch for strong daily candle close with some volume behind it).
-Hidden Bullish Divergence showed up on RVGI.
-MACD is about to head positive.
-RSI has plenty of room to move up into overbought territory.
-Fib extension shows upside potential of about $0.40.
Potential barriers:
-If BTCUSD or ETHUSD sell off, this could affect DOGEUSD.
-It seems we often don't get a re-test on breakouts, so missing a big, fast move is possible.
-There's local resistance around $0.35 that price needs to overcome, in order to reach the $0.40 target.
Good luck, and have fun.
Note: Don't trade based on my ideas. They're worth exactly what you paid for them. I'm fairly new to this, and my charts are for my own entertainment, education, and record keeping.
Comment:
-Price is now re-testing the top of the triangle for support. $0.31 resistance has been tested twice so far. This is good to watch on the 30 minute or 1 hour chart.
Comment:
RSI and Stochastic RSI appear to support another attempted upward move.
RSI and Stochastic RSI appear to support another attempted upward move.
Comment:
-More Hidden Bullish Divergence (a sign of potential upward continuation) on the 1 hour chart.
-More Hidden Bullish Divergence (a sign of potential upward continuation) on the 1 hour chart.
Comment:
-The Simple Moving Averages are sorting themselves out (looking better for continued uptrend).
-The Simple Moving Averages are sorting themselves out (looking better for continued uptrend).
Comment:
The current daily candle isn't encouraging, but the Wyckoff Trend Tracking Oscillator appears to have made the turn and is sending a more bullish signal. I just want to see some strong buying volume now and a strong daily candle or two.
The current daily candle isn't encouraging, but the Wyckoff Trend Tracking Oscillator appears to have made the turn and is sending a more bullish signal. I just want to see some strong buying volume now and a strong daily candle or two.
Comment:
Breakout but failed hard on the re-test (thanks Bitcoin).