DOGEUSD LONG: We need a clean break above descending trend line along with a daily close above entrance level along with bullish price action to confirm entry. Targets and Invalidation based on daily levels.
I wouldn't invalid the idea until we get to something less than about .04, maybe as low as .035. I sold my shares and I'm just waiting for a breakout to buy back in.
If you plot the fib retracement based on the last three reversals, you get an expected reversal at about .035, .04, and .05. However, if you plot it based on what occurred in January, you'd get a breakout at the .04 fib line. Also, there seems to be decent support at .04. So I wouldn't invalidate your idea too early. A retracement to .04 seems pretty reasonable to me. Not that it has to repeat itself, but it gives us some idea of how far it may retrace. But it does seem reasonable to believe it will take a similar path in the days ahead.
It's pretty hard to predict the bottom and the breakout, which looks like it might occur at any minute now. It certainly looks like it is about to make a break for it, as it is running along just below the upper trend line currently. But it still may fall back to the bottom trend line and down to around .04 before it will try to breakout of this current trend.
Predictive-Planning
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@jrothlander, Noted: The current target Fib Extentions will become invalid if broken on any time frame. The best way to get back involved in a long position is to watch price action at all of these levels. You don't want to get on a bus going in the wrong direction. I suspect many very new traders acting out of emotion. Red candles make them sell. I'm not even sure if Robberhood has charting.