Hi everybody!
I hope your portfolios have been resisting the latest waves of volatility in the markets!
This is just an update on my DOGECOIN Idea that I wrote back in February. The two green lines that appear in the graph represent the previous resistance and support levels of BINANCEUS:DOGEUSD's previous bull run from early February.
As you can see the new all time highs peaked exactly where the previous support level was (just follow the top green line back in time and you can actually see that it was a support level for the price), this is a phenomenon that happens in technical analysis. The theory states, as written by John J. Murphy in 'Technical Analysis of the Financial Markets', that support and resistance levels flip when price is able to break out the previous resistance price level. When the level is breached, the line that was the previous resistance becomes the new support for the price, and vice versa.
Based on this theory I would expect the price of BINANCEUS:DOGEUSD to reach a support price level of 8 cents (give or take). After today's volatility is possible that we might see Dogecoin reach a new time high due to the volatile nature of these financial instruments.
My idea is that Dogecoin independently of the coin reaching tomorrow an all time high, will go down to a level of 8 cents and stay there, once it reaches around that level... BUY BUY BUY
(THIS IS NOT A FINANCIAL ADVISE NOR TRADE ADVISE, I AM NOT A FINANCIAL ADVISOR NOR HOLD ANY TITLES AND LICENSES THAT WOULD SAY OTHERWISE; THAT WOULD CERTIFY MY EXPERTISE. I AM JUST A GUY LOOKING AT PRICE CHARTS, I AM NOT GUARANTEEING THE PRICE WILL FOLLOW MY PREDICTION OR ANYTHING, DO NOT TRADE BASED ON MY POST. YOU NEED TO DO DUE DILIGENCE WHEN INVESTING. THIS IS NOT A BUY, SELL OR HOLD RECOMMENDATION.)
As always: "Past performances do not guarantee future returns"
I hope your portfolios have been resisting the latest waves of volatility in the markets!
This is just an update on my DOGECOIN Idea that I wrote back in February. The two green lines that appear in the graph represent the previous resistance and support levels of BINANCEUS:DOGEUSD's previous bull run from early February.
As you can see the new all time highs peaked exactly where the previous support level was (just follow the top green line back in time and you can actually see that it was a support level for the price), this is a phenomenon that happens in technical analysis. The theory states, as written by John J. Murphy in 'Technical Analysis of the Financial Markets', that support and resistance levels flip when price is able to break out the previous resistance price level. When the level is breached, the line that was the previous resistance becomes the new support for the price, and vice versa.
Based on this theory I would expect the price of BINANCEUS:DOGEUSD to reach a support price level of 8 cents (give or take). After today's volatility is possible that we might see Dogecoin reach a new time high due to the volatile nature of these financial instruments.
My idea is that Dogecoin independently of the coin reaching tomorrow an all time high, will go down to a level of 8 cents and stay there, once it reaches around that level... BUY BUY BUY
(THIS IS NOT A FINANCIAL ADVISE NOR TRADE ADVISE, I AM NOT A FINANCIAL ADVISOR NOR HOLD ANY TITLES AND LICENSES THAT WOULD SAY OTHERWISE; THAT WOULD CERTIFY MY EXPERTISE. I AM JUST A GUY LOOKING AT PRICE CHARTS, I AM NOT GUARANTEEING THE PRICE WILL FOLLOW MY PREDICTION OR ANYTHING, DO NOT TRADE BASED ON MY POST. YOU NEED TO DO DUE DILIGENCE WHEN INVESTING. THIS IS NOT A BUY, SELL OR HOLD RECOMMENDATION.)
As always: "Past performances do not guarantee future returns"
