While I typically only like to enter a position when the asset is touching previous support, DOGEUSD is in an interesting spot at $0.1730. On the 4hr, sellers failed to even get negative momentum building after the bullish divergence on the MACD. Also, 4hr double bottom there at $0.1660.
After seeing BTC paint a bullish engulfing candle on the daily, I decided to take a position in DOGE. If this current price action is a going to confirm the same low at $0.1727 on the dialy, I could see DOGE pushing for a 75%-300% gain on a swing trade.
If it gets back down to the $0.16 area, and there is a technical reason to re-enter, I will add to my position with the same stop loss.
Entry: $0.1730
Stop Loss $0.1460, or if BTC invalidates the daily bullish engulfing candle by closing below $46,211
1st Target: $0.30
2nd Target: $0.46
3rd Target: $0.68
After seeing BTC paint a bullish engulfing candle on the daily, I decided to take a position in DOGE. If this current price action is a going to confirm the same low at $0.1727 on the dialy, I could see DOGE pushing for a 75%-300% gain on a swing trade.
If it gets back down to the $0.16 area, and there is a technical reason to re-enter, I will add to my position with the same stop loss.
Entry: $0.1730
Stop Loss $0.1460, or if BTC invalidates the daily bullish engulfing candle by closing below $46,211
1st Target: $0.30
2nd Target: $0.46
3rd Target: $0.68
Comment:
I exited DOGE at $0.1703. BTC is showing weakness and along with the 1 million omicron cases per day, I feel there is more downside first. I'll wait for more clarity. If I miss out, oh well. I'll catch it next time.