DOGE 4H - Bear flag, Dead Cat or new AHT?
Updated
Hi everyone,
DOGE seems to have some difficulties in breaching the 20 & 50 EMA and the previous resistance zone.
This is likely to create a bear flag or a Dead Cat Bounce -» retracement will most likely go higher before tumbling down. (I advise you to research this structure).
However if Price does Break all these resistance zones in a confident manner we might see newer highs.
You might say: so it goes up or down?
It's not that and not that simple: analysis and trading is about creating and anticipating on different scenarios. Price changes and thus also the potential scenarios.
Most important is that we are prepared and have a plan in mind when to enter a market and also when to exit one.
Don't get burned and stay safe!
Kind regards,
Noelhttps://www.tradingview.com/chart/DOGEUSD/Q0iTtvl2-DOGE-4H-Potential-Bear-Flag/
DOGE seems to have some difficulties in breaching the 20 & 50 EMA and the previous resistance zone.
This is likely to create a bear flag or a Dead Cat Bounce -» retracement will most likely go higher before tumbling down. (I advise you to research this structure).
However if Price does Break all these resistance zones in a confident manner we might see newer highs.
You might say: so it goes up or down?
It's not that and not that simple: analysis and trading is about creating and anticipating on different scenarios. Price changes and thus also the potential scenarios.
Most important is that we are prepared and have a plan in mind when to enter a market and also when to exit one.
Don't get burned and stay safe!
Kind regards,
Noelhttps://www.tradingview.com/chart/DOGEUSD/Q0iTtvl2-DOGE-4H-Potential-Bear-Flag/
Note
First major support tested, thus an additional 19% drop at that time.Current price actions is closing that gap.
Note
and we hit support zone (20% drop) 2 times in a row.It doesn't get stronger if price hits the same zone over and over.
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