Don't panic... unless you bought at .70 like so many did
I'm no longer in a position as the probability that this market drifts or falls further downward outweighs the probability that it moves upward from here. We had a strong bearish divergence of much lower RSI while printing a higher high, on a higher time-frame. That being said, I've charted support/resistance zones on Doge and have been watching us lose support after support. So now these represent profit-taking resistance zones if Doge were to bounce.
The only spot I would really be interested in jumping back in rn would be when we fall to .36. That is where we received the most buying volume previously and a good spot for the bulls to defend. Perhaps if a bullish engulfing candle were to present itself, especially on the 4-hour time frame, then I might also find a spot to long.
There is still a chance for a breakout to the upside, and indeed Doge is holding this upper .40s range pretty well so far. But I'm done relying on the unpredictable and utterly whimsical tweeting nature of an eccentric billionaire to move my trade in the direction that I would like. It's akin to a kind of blind faith and worship that isn't going to pay my bills in the long run.
I want to learn to be a self-sufficient trader and not a 'number go up plz' kind of person.
The danger of being in Doge rn is, if we lose .36 beyond just wicking below, there is a strong probability of falling to below .05.
As for myself, I was tricked into buying Doge in the mid .50s after it had a strong reaction from the upper .30s. My initial idea was that it was in a falling wedge and to buy around .37. Well I was right about a bounce there and I would have made good money had I gone with my original plan. But it was too dangerous with bitcoin about to fall.
After the bounce the structure looked like a cup and handle. I was tricked into buying.
Uh-oh.
My biggest mistake was walking away after buying in w/ out a stop loss bc I had to take care of some things lasting several hours. By the time I could return to monitor the trade Doge had fallen below .50. I sold at a loss. In retrospect had I been monitoring the trade I would have seen the upward push losing steam and gotten out slightly ahead instead of majorly behind.
I tell you all of this to illustrate the dangers of trading and how important it is to make sure you have all your bases covered the moment you enter into a trade. Also in the hopes that we can all keep learning, growing and relying on our own analytical minds and not just a belief in something that is tenuous at best and that we don't fully understand.
Just as many countries today offer the freedom of a separation between religion and state, perhaps we should separate our blind faith from our finances and rely on a strategy that is carefully filtered by logic, weighed by evidence.
What do you think? Is Doge going to bounce soon? How low will we go before the hodlers get some relief? Do we see .88 or even fly over $1.00 soon? On a larger scope, is this just the beginning or middle of a major alt season, or have we been tricked and everything slowly floats downward from here?
The only spot I would really be interested in jumping back in rn would be when we fall to .36. That is where we received the most buying volume previously and a good spot for the bulls to defend. Perhaps if a bullish engulfing candle were to present itself, especially on the 4-hour time frame, then I might also find a spot to long.
There is still a chance for a breakout to the upside, and indeed Doge is holding this upper .40s range pretty well so far. But I'm done relying on the unpredictable and utterly whimsical tweeting nature of an eccentric billionaire to move my trade in the direction that I would like. It's akin to a kind of blind faith and worship that isn't going to pay my bills in the long run.
I want to learn to be a self-sufficient trader and not a 'number go up plz' kind of person.
The danger of being in Doge rn is, if we lose .36 beyond just wicking below, there is a strong probability of falling to below .05.
As for myself, I was tricked into buying Doge in the mid .50s after it had a strong reaction from the upper .30s. My initial idea was that it was in a falling wedge and to buy around .37. Well I was right about a bounce there and I would have made good money had I gone with my original plan. But it was too dangerous with bitcoin about to fall.
After the bounce the structure looked like a cup and handle. I was tricked into buying.
Uh-oh.
My biggest mistake was walking away after buying in w/ out a stop loss bc I had to take care of some things lasting several hours. By the time I could return to monitor the trade Doge had fallen below .50. I sold at a loss. In retrospect had I been monitoring the trade I would have seen the upward push losing steam and gotten out slightly ahead instead of majorly behind.
I tell you all of this to illustrate the dangers of trading and how important it is to make sure you have all your bases covered the moment you enter into a trade. Also in the hopes that we can all keep learning, growing and relying on our own analytical minds and not just a belief in something that is tenuous at best and that we don't fully understand.
Just as many countries today offer the freedom of a separation between religion and state, perhaps we should separate our blind faith from our finances and rely on a strategy that is carefully filtered by logic, weighed by evidence.
What do you think? Is Doge going to bounce soon? How low will we go before the hodlers get some relief? Do we see .88 or even fly over $1.00 soon? On a larger scope, is this just the beginning or middle of a major alt season, or have we been tricked and everything slowly floats downward from here?