Hi Folks,
Don't buy in to Dogecoin purely on the Technicals....
When looking at a daily candlestick chart you see a Bullish Engulfing pattern. That is bullish and nice. But that is representation bias....
When you scroll down in to the 4 hour candlestick chart we see divergence.....
We see a Bearish Engulfing pattern and the candles after the Bearish Engulfing are High Wave candles.. Telling us the market has lost direction and the price is losing momentum.
The volume is declining.
WHAT TO DO KNOW?
Wait. as hard as it can be. just wait for the bulls to prove that they are in control and take over price. price must close around $0.22000/$0.22500.-
But I expect decline to the underneath given prices..
And Dogecoin will have my interest around these levels to buy in..
High probability price will move back to 1st support level around $0.17500/$0.18000.-
If it doesn't hold it probably move back to $0.16500/$0.17000.-
And if that level doesn't hold it probably will move back to $0.15500/$0.16000.-
Testing support at that level again.
Don't buy in to Dogecoin purely on the Technicals....
When looking at a daily candlestick chart you see a Bullish Engulfing pattern. That is bullish and nice. But that is representation bias....
When you scroll down in to the 4 hour candlestick chart we see divergence.....
We see a Bearish Engulfing pattern and the candles after the Bearish Engulfing are High Wave candles.. Telling us the market has lost direction and the price is losing momentum.
The volume is declining.
WHAT TO DO KNOW?
Wait. as hard as it can be. just wait for the bulls to prove that they are in control and take over price. price must close around $0.22000/$0.22500.-
But I expect decline to the underneath given prices..
And Dogecoin will have my interest around these levels to buy in..
High probability price will move back to 1st support level around $0.17500/$0.18000.-
If it doesn't hold it probably move back to $0.16500/$0.17000.-
And if that level doesn't hold it probably will move back to $0.15500/$0.16000.-
Testing support at that level again.