DOGEUSD Inverse Head & Shoulders targeting $0.17
Dogecoin (DOGEUSD) made a convincing break above the 1D MA50 (blue trend-line) yesterday and closed above it for the first time since April 28. The long-term pattern has been a Channel Down since the May 2021 High but recently we are seeing the emergence and completion of an Inverse Head and Shoulders (IH&S) pattern. It is on a slope with the 0.5 Fibonacci level of the Channel Down (its middle practically) being the Resistance but regardless that is a formation technically seen on market bottoms. Notice how at the same time the IH&S on RSI has the opposite slope.
Technically the target on that pattern is the 2.0 Fibonacci extension (around 0.1735) and that falls exactly on the Resistance Zone made of the April 05 and April 25 (Lower Highs). Consider also a shorter term approach, involving targeting the 1.0 Fib and the 1D MA200 (orange trend-line) and use the final target only if the price breaks above the Lower Highs (top) trend-line of the Channel Down. Notice how the 0.1700 target matches perfectly the 1.382 Fib extension of the Channel Down.
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Technically the target on that pattern is the 2.0 Fibonacci extension (around 0.1735) and that falls exactly on the Resistance Zone made of the April 05 and April 25 (Lower Highs). Consider also a shorter term approach, involving targeting the 1.0 Fib and the 1D MA200 (orange trend-line) and use the final target only if the price breaks above the Lower Highs (top) trend-line of the Channel Down. Notice how the 0.1700 target matches perfectly the 1.382 Fib extension of the Channel Down.
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Please like, subscribe and share your ideas and charts with the community!
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