DOGEUSDT trading inside weekly support zone but move up likely
The price is consolidating inside the weekly support zone. I think the price has a higher probability to follow the path indicated in this post. The price is likely to hit first the small support zone marked by path S1 and then follow the path L2 also marked on the chart.
Comment:
So we have achieved the path S1 and now likely to follow the path L2 as marked on the chart. I can sub divide the L2 path in L2, S3 and L4 as I see there is a push back on price at around 0.08120 level which will create path S3 and then from around 0.08080 it can move on path L4 which will be the target for current L2 path. But I will leave it like this as it will complicate it a lot and does not bring a lot of value specifying those small moves.
Comment:
Did not quite bounce from the lower tf support zone as I expected and breaking down from that smaller tf zone. But lets watch if the daily support range zone holds the price else this long idea will be invalidated. Lets have a bit of patience and give the price action a bit of time to claim that range before going down from the daily support zone. Sometime patience is the key.
Comment:
This idea is still valid as the price remained inside the support zone. Though it dipped below but closed inside the zone and now pushing upwards. Let us see how it behaves further.
Trade closed: target reached:
The price hit the target level marked on the chart by path L2. There sits some 1h time frame resistances which is pushing the price down for now. We will se where we go from here. I believe we have a higher probability to have some more upward movement. However, let us discuss that in a new post. Therefore closing this idea here.
Comment:
Though close this idea as the target was achieved, I am posting new analysis here in the comment section as I cannot publish new post due to day limit by Tradingview. So this time that low time frame support became operative and provided the price a good support and bounce. The price currently hitting the 4h resistance 1 zone. This already has pushed the price back down once. This attempt or the subsequent ones to cross this resistance is likely to be successful.