Hello friends, today you can review the technical analysis idea on a 1D linear scale chart for Dogecoin (DOGEUSD).
The chart is self-explanatory. The price is in a descending wedge pattern with the price attempting to get back to the top resistance line. If the price breaks out of the descending wedge, look towards the Fibonacci Retracement levels. The RSI has a bit more room to grow until it gets to the resistance line. The Ichimoku Clouds are shown with upcoming resistance. The 200 MA (simple moving average) is shown on the chart to see what the price needs to get back above to be bullish again.
Positives: Descending Wedge Patterns are generally bullish. Money Flow Index (MFI) shows money coming back in and the indicator moved out of the oversold region.
Negatives: Volume is very low. The dash lines on the chart are upcoming support and resistance areas for the price to battle. RSI about to approach resistance.
If you enjoy my ideas, feel free to like it and drop in a comment. I love reading your comments below.
Disclosure: This is just my opinion and not any type of financial advice. I enjoy charting and discussing technical analysis. Don't trade based on my advice. Do your own research! #cryptopickk