Following our educational post about flag patterns, we are now seeing a bullflag for Dogecoin.
After the breakout of the descending wedge at the end of May, we had a nice impulse and now we are in a correction that looks to be a bull flag. The bull flag support lines up nicely with our previous structure and the 100EMA.
Watch for buying pressure at the 0.28 level. Alternatively, watch for a breakout of the flag!
Refer back to our educational post on how to trade flags. See linked chart below.
Although I'm expecting a break out to the upside of the descending channel, surely this can't be a bull flag if it goes all the way back to 0.28 level, that was the start of the impulse move. Even at this point can it still be considered a flag pattern with such a deep correction?