Tactical trading opportunity on DOGE COIN (1 to 3 Weeks) - Correction below 0,73
DOGE COIN is trading with high bullish volatility with a strong momentum from the DOGE community leads by Ellon Musk.
Ellon Musk is expecting to speak about DOGE COIN this week-end on US Channel and the market is pricing a huge reaction (positive)
With a few data historical we can already set up significant technical levels and 0,73 on DOGE/USDT is the first signicant resistance to keep in mind corresponding to the end of the 5 wave impulsive move started the 10.03.2020
How to understand the technical picture today :
The configuration shows a strong bullish momentum however with the Expo Moving average support at 0,37 & 0,25 respectively with the RSI indicators showing divergence close to 0,73 key elliot wave targets (fibo), the conclusion is leaning towards an overbought market. A strong and fast correction to reach 0,37 even 0,25 can't be ignored. Only a clear daily close above 0,73 would lower the risk opening 1,25 and 3,50 potential.
On a Hourly chart Basis :
Following the coherence of the upper horizon (daily chart basis) we are focus on 0,73 as protection level (daily close - 0,76 Touch) to cover the Spot bullish position on DOGE/USDT by selling DOGE/USDT Perp ideally by selling from now and accumulating the bearish position with last push up (still possible) between 0,67/0,72 in order to play 0,37 with high probability and 0,25 in extansion (max). Then it will offer an opportunity to switch in to the long-term bullish trend.
DOGE COIN is trading with high bullish volatility with a strong momentum from the DOGE community leads by Ellon Musk.
Ellon Musk is expecting to speak about DOGE COIN this week-end on US Channel and the market is pricing a huge reaction (positive)
With a few data historical we can already set up significant technical levels and 0,73 on DOGE/USDT is the first signicant resistance to keep in mind corresponding to the end of the 5 wave impulsive move started the 10.03.2020
How to understand the technical picture today :
The configuration shows a strong bullish momentum however with the Expo Moving average support at 0,37 & 0,25 respectively with the RSI indicators showing divergence close to 0,73 key elliot wave targets (fibo), the conclusion is leaning towards an overbought market. A strong and fast correction to reach 0,37 even 0,25 can't be ignored. Only a clear daily close above 0,73 would lower the risk opening 1,25 and 3,50 potential.
On a Hourly chart Basis :
Following the coherence of the upper horizon (daily chart basis) we are focus on 0,73 as protection level (daily close - 0,76 Touch) to cover the Spot bullish position on DOGE/USDT by selling DOGE/USDT Perp ideally by selling from now and accumulating the bearish position with last push up (still possible) between 0,67/0,72 in order to play 0,37 with high probability and 0,25 in extansion (max). Then it will offer an opportunity to switch in to the long-term bullish trend.
Comment:
Today 0,66/0,70 are the selling points
CIO & Head of market research (Automata - Akt.io)
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