DOGE trade setup

Weekly: long term analysis

While Bitcoin is King, DOGEUSDT is memecoin's King.

After around 90% deep correction during the bear market, DOGEUSDT has built a very clear horizontal support at the 0,057$. Prices are contracting between a descending resistance line and this horizontal support to form a long consolidation triangle pattern which might come to an end soon.

Daily: short term analysis

The triangle pattern is attempting a breakout upward. IF this breakout is confirmed, prices can quickly rise based on previous price action of DOGE. The latest higher low contracted the prices and offer us a good risk/reward setup


Strategy
Buy signal was given yesterday on the daily close (with strong volume) above the resistance line at 0,098$.

1. Objective 1: Nearest resistance line at 0,16$ (+60%)
   
2. Objective 2: Triangle breakout target at 0,25$ (+150%)
   
3. Objective 3: Weekly ATH at 0,6$ (+500%)
   

Invalidation
Mental Stop: just below the recent weekly swing low. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.

Comment:

And our first objective is reached ✅ this morning with a juicy +60% in less than 5 days!

Let's take some profits and keep the remaining to target our next objectives.

TO BE CONINUED...

Trade closed manually

Comment:

protective Stop loss has been executed today on this high volatility day at 0.168$

We are out of this trade with a perf of 65%. Let's move on.