Overall DOGE has been moving in an upwards rising channel which is mostly known for a breakout or breakdown pattern. It could lead either to a super strong bullish move taking it upto 10 cents or even more or it could just break down until it completely reverses all that it has grown for the past months at around 0.05 area. So this is a dangerous game!
Daily Timeframe Ichimoku Cloud analysis:
Price is located above the cloud so this means, buying is only allowed.
We can buy the re-tests of the conversion line (tenkan-sen) or the base line (kijun-sen) similar as to what would be the 9 ema and 26 ema but more complex. Successful re-tests to these lines lead to buying opportunities to go with the trend and ride it. However, as mentioned earlier, rising channels could be a bear market rally or a complete downtrend reversal. So you have to manage risk accordingly.
Today, we've got a beautiful re-test to the base line along with a bullish engulfing candle, I'd wait until it closes and see how the next candle opens in 10 hours. If it is opening higher then that's an entry trigger and confirmation to go with the trend my friends!!
Targets are marked with price tags in the chart.
Please manage risk accordingly and risk a % of your portfolio. Never be biased and think that the bear side of things could be a possibility but don't look at it as a bad thing instead take it as a good buying opportunity. Even more so, if you wait long enough for the key levels to get a better entry point.
Take care!
Kina 🔥
Daily Timeframe Ichimoku Cloud analysis:
Price is located above the cloud so this means, buying is only allowed.
We can buy the re-tests of the conversion line (tenkan-sen) or the base line (kijun-sen) similar as to what would be the 9 ema and 26 ema but more complex. Successful re-tests to these lines lead to buying opportunities to go with the trend and ride it. However, as mentioned earlier, rising channels could be a bear market rally or a complete downtrend reversal. So you have to manage risk accordingly.
Today, we've got a beautiful re-test to the base line along with a bullish engulfing candle, I'd wait until it closes and see how the next candle opens in 10 hours. If it is opening higher then that's an entry trigger and confirmation to go with the trend my friends!!
Targets are marked with price tags in the chart.
Please manage risk accordingly and risk a % of your portfolio. Never be biased and think that the bear side of things could be a possibility but don't look at it as a bad thing instead take it as a good buying opportunity. Even more so, if you wait long enough for the key levels to get a better entry point.
Take care!
Kina 🔥
Trade closed: target reached:
ALL Targets met!
It worked beautifully on SPOT trading.
It worked beautifully on SPOT trading.