InvestMate|DOGE the reawakening of a legend
Updated
🐕DOGE the reawakening of a legend
🐕The last few days on DOGECOIN the world's most meme cryptocurrency have been truly lavish in increases.
🐕Over the 13 October lows we have already made 33.62% gains
🐕Transforming to a weekly perspective, we can clearly see that the current weekly candle is breaking out over the last few weeks, this is due to the falling value of the dollar
and the return of money to the stock market and cryptocurrencies.
🐕DOGECOIN has lost significantly on its value from the peak to the current low and the fall was as much as -93.36%.
🐕If what we see on the chart is an attempt to reverse the downtrend, and a desire to make a correction.
🐕The most likely levels that the price can currently reach are the first resistance at 0.08894 and the second at 0.1098 which is also the outer fibo level of the last downward wave of 1.618. As you can see on the chart, the price historically found support or resistance at these price levels in the past
🐕This can be played out in 2 ways
🐕Both with a stop below today's upward candle. One with a take profit at 1 line of resistance and in the other play the take profit move to 2 lines of resistance as in the chart below. In one we have a risk reward ratio of 1.57 and in the other more long term the risk reward ratio is 3.61
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
🐕The last few days on DOGECOIN the world's most meme cryptocurrency have been truly lavish in increases.
🐕Over the 13 October lows we have already made 33.62% gains
🐕Transforming to a weekly perspective, we can clearly see that the current weekly candle is breaking out over the last few weeks, this is due to the falling value of the dollar
and the return of money to the stock market and cryptocurrencies.
🐕DOGECOIN has lost significantly on its value from the peak to the current low and the fall was as much as -93.36%.
🐕If what we see on the chart is an attempt to reverse the downtrend, and a desire to make a correction.
🐕The most likely levels that the price can currently reach are the first resistance at 0.08894 and the second at 0.1098 which is also the outer fibo level of the last downward wave of 1.618. As you can see on the chart, the price historically found support or resistance at these price levels in the past
🐕This can be played out in 2 ways
🐕Both with a stop below today's upward candle. One with a take profit at 1 line of resistance and in the other play the take profit move to 2 lines of resistance as in the chart below. In one we have a risk reward ratio of 1.57 and in the other more long term the risk reward ratio is 3.61
🚀If you appreciate my work and effort put into this post I encourage you to leave a like and give a follow on my profile.🚀
Note
Beautifully flying upTrade closed: target reached
Nice one
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