✴️ Dogecoin | Close Look (Daily Rejection)

In a Bitcoin (BTCUSDT) short-term trade idea, I mentioned yesterday the fact that the action we were looking at was a "pull back" or "rebound," when prices retrace before the continuation of a move.

The market moves together and it seems a marketwide correction is approaching.

Dogecoin, as with Bitcoin and many others, produced two green days 20-21 March. This is a dead-cat bounce and short-term sell opportunity.

Today we can see a rejection as a long upper-wick develops and the session turns full red.

👉 Since the 0.5 Fib. retracement level has already been breached and the 0.618 seen up close, the next target/support stands at 0.786 around 0.08888 on the next drop.

This is a short-term view, long-term we go up.

➖ Traders can trade this. Holders can patiently hold.

➖ Gamblers can quit because trading is about planning and experience not about luck.

Namaste.

P.S. If you want timely updates, each time something important happens with this chart, hit boost. If the post gets enough attention I can update it several times per day for your for your convenience. It is my pleasure to share.

Comment:

While we have some bullish action, the technical bearish signals are still in place.
We have the upper trendlines and local-resistance still intact:

Dogecoin needs to move above 0.18 for the bulls to gain momentum.
Current candle still trades within yesterday's candle wick high, which is bearish.

Patience is key at this point.

Comment:

The blue space on the chart is the resistance range:

It needs to break for Dogecoin to move higher, for us to consider the pair bullish again.

We have some bullish action but trading volume is low.
This action is likely to end as a lower high.

If the action moves above the blue space, we turn bullish.

Namaste.

Comment:

Dogecoin is now in bullish territory.

If the daily session closes strong, the bulls gain the upper-hand based on TA.
It opens the door for additional growth.

Here is the 4h tf:

the current session closes within 32 minutes.
Closing above the trendline is bullish even though still a lower high.
It is looking good but still early. More time is needed for confirmation.

Comment:

For Dogecoin short-term, we have a lower high today compared to early March:

The chart can be read in different ways but we continue bearish.

Comment:

If you want to SHORT this setup try this trade idea:

Comment:

Dogecoin is still trading within a lower high on the daily timeframe, which leaves the current bearish potential intact.

Notice that we do have some bullish action after a quick low but there is no volume and no new highs. It can reverse in a flash.

We have a rising wedge on the 4h timeframe. Notice the upper trendline working perfectly as resistance.

These rising wedges tend to breakdown all of the time. One of the most reliable patterns.

👉 Overall, Bitcoin and Dogecoin continue strong.
It is still early.

Namaste.

Comment:

Dogecoin produced a higher high, so our initial thesis has been invalidated.

The question to ask goes as follows, is this a new impulse or a short-squeeze?

The volume looks weak on the new high and the move looks like a short-squeeze.

The general bearish bias is based on Bitcoin, Solana and the Cryptocurrency market growing for more than a year; not all pairs are at this same stage.

See Dogecoin weekly:

While it grew as high as November 2021, current action is still far away from a new All-Time High, the cycle is not complete.

Look at Bitcoin and Solana.
Notice how they are trading very high compared to Dogecoin, can drop anytime...

Bitcoin weekly

Solana weekly

So it can happen that Dogecoin goes bullish while these start their retrace.
My bearish bias is stronger on those pairs high up. Sometimes I get it mixed up and realized that Dogecoin shouldn't be considered as bearish as those that grew too strong already.

Thanks a lot for your continued support.

Let me know with your boost and comments if you would like more updates.

Namaste.