DOGE - AT A GLANCE - EN ROUTE FOR the 40.00 AREA...
M1 : Nice reversal since the peak @ 0.7414...
61.8% Fib ret g 0.3942
W1 : Currently below the W1 pivot level @ 0.4715
Ongoing candle is showing a long black candle and a failure
to recover and hold aboe 0.4715 on a W1 basis would be very negative.
D1 : Ongoing downtrend, below the cluster (MBB, KS and TS)
Watch at the 40.00 area as the next significant support level.
H4 : Picture pretty clear, the failure of the former recovery from
0.3613 to upside breakout the clouds, triggered a new wave of selling pressure
and as a result the Doge is currently traded again below the clouds which should
be seen as a negative signal.
H1 : Far below the clouds and below the cluster
M30 : Same than H1
M15 : Very short term recovery attempt
M5 : Double bottom in progress with a RSI bullish divergence. watch trigger level
@ 0.4450 (also 38.2% Fib ret) for confirmation.
if done DT target would be 0.4730 with intermediate targets, respectively @ 0.4580 ahead
of 0.4693 (61.8 % and 78.6 % Fib ret and also clouds resistance area
CONCLUSION:
ONLY A SUSTAINABLE RECOVERY, ON D1 BASIS, ABOVE
THE ONGOING DOWNTREND AROUND THE 50.00 AREA WOULD FORCE TO A VIEW REASSESSMENT
OF THE EXPECTED BEARISH SCENARIO CALLING FOR LOWER LEVELS.
WARNING, IF YOU WANT TO GO LONG (COUNTERTREND) MONITOR CLOSELY PRICE ACTION AND PUT IN PLACE
TIGHT STOP LOSS ACCORDINGLY
Have fun
All the best
Ironman8848
61.8% Fib ret g 0.3942
W1 : Currently below the W1 pivot level @ 0.4715
Ongoing candle is showing a long black candle and a failure
to recover and hold aboe 0.4715 on a W1 basis would be very negative.
D1 : Ongoing downtrend, below the cluster (MBB, KS and TS)
Watch at the 40.00 area as the next significant support level.
H4 : Picture pretty clear, the failure of the former recovery from
0.3613 to upside breakout the clouds, triggered a new wave of selling pressure
and as a result the Doge is currently traded again below the clouds which should
be seen as a negative signal.
H1 : Far below the clouds and below the cluster
M30 : Same than H1
M15 : Very short term recovery attempt
M5 : Double bottom in progress with a RSI bullish divergence. watch trigger level
@ 0.4450 (also 38.2% Fib ret) for confirmation.
if done DT target would be 0.4730 with intermediate targets, respectively @ 0.4580 ahead
of 0.4693 (61.8 % and 78.6 % Fib ret and also clouds resistance area
CONCLUSION:
ONLY A SUSTAINABLE RECOVERY, ON D1 BASIS, ABOVE
THE ONGOING DOWNTREND AROUND THE 50.00 AREA WOULD FORCE TO A VIEW REASSESSMENT
OF THE EXPECTED BEARISH SCENARIO CALLING FOR LOWER LEVELS.
WARNING, IF YOU WANT TO GO LONG (COUNTERTREND) MONITOR CLOSELY PRICE ACTION AND PUT IN PLACE
TIGHT STOP LOSS ACCORDINGLY
Have fun
All the best
Ironman8848
Upside potential looks pretty limited and lack of momentum of M5 is suggesting that we may have seen the top of this short term recovery.
Watch carefully price action over the upcoming M5 and M15 to get validation or invalidation.