After an extremely frustrating weekend of Doge ups and down, it appears to be heading back down into the trendline channel. My chart shows a channel where the price is trending when the volatility is not triggered by a news event or announcement.
For now I've just closed a small open SHORT position on eToro which I closed after it bounced off the downside of the channel. I've set a small LONG position to open about halfway between the channel and the next support line.
And another SHORT if it falls back into the channel.
Orders:
Short Entry 0.51 TP 0.460 SL 0.54
Long Entry 0.55 TP 0.670 SL 0.525
Trade active
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Long position triggered, Open!
Trade active
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Ha! This should be interesting... Short position triggered, Open! It's just hovering there between the two points.
Trade closed: target reached
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AEDT 11/5/21 04.58am Short position target reached TP 0.460 Gain 10%
hi!!! what about the retracement? will it fall on .30 or .28? thanks.
Off_The_Hook
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@asdy19, allo! Definitely possible but I think Musk gave it a lot of airtime recently, which I think is what triggered the first price rise back at the start of April, the DOGECOIN name is out there now. So it's reaching a much broader audience. Even though Elon's skits were taken as negative by the DOGE community, that's only because they're insiders. But for those who aren't involved in Crypto yet, it may have just sparked their interest enough to pay attention.
asdy19
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@Off_The_Hook, thank you for replying! yeah, kinda think he was making Doge look like a joke on the interview portion wherein he cannot answer directly but he was just being honest! lol!
Off_The_Hook
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@asdy19, interesting! whereas I took it that he was making fun of the fact that mainstream don't understand the basics of crypto.
asdy19
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@Off_The_Hook, yes! he was also being honest on the risks of crypto, not just promoting it.
Off_The_Hook
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@asdy19, yeah agree. well good luck with your DOGE :) Thanks for the comment!
Hesaams
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how long do u think it will take to determine whether trend is going up or down?
Off_The_Hook
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@hesamsolhi, great question! I think it will be evident within the next day or so. You can't see it in my first chart, but I've published this one for you so you can see the 3 month view instead. You can see that there has been an uptrend since April
That uptrend has been disrupted twice with extreme volatility, but as it has dipped it hasn't gone below the trend line. It bounces every time it gets there and then continues through that channel. Which seems to me that Dogecoin is still in an uptrend, just not as steep as during the volatility.
But over the next few days hopefully we'll see it break out of that trend (could be up or down, depending on news/Elon etc,.) but otherwise I'd expect it to keep trending upwards gradually.
Hopefully the disappointment from Elon's SNL "performance" the Doge Community will realise they don't need Elon to keep things growing and going up.
Off_The_Hook
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@Off_The_Hook, Also I'm new to posting my charts live - my first time! And you are my first ever follower/commenter too. So welcome. But so I am not sure why the trend lines aren't showing on the chart!