Long

DOGE MONTHLY BREAKOUT? PLUS INV HEAD AND SHOULDERS

Updated

Observed massive rally after the effects of the CPI report that surge BTC price past 6% and followed by other major coins. Now, I will tackle the possible breakout after the rally on the almost 2-month diagonal resistance trendline along with an inverse head and shoulders, a bullish pattern since the coin is on the downtrend that can be a sign of trend reversal for the coin.

Other details for the setup and the approach for DOGE will be discussed in the idea threads below. Stay tuned!

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For a possible breakout, the immediate resistance would be at the 382 Fib key level or at 0.16165 and the neckline for the inverse head and shoulders pattern is at 0.16896.

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The coin appeared to have a bounce on the trendline and currently observed a great candle that initiated a bounce breakout.

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Will wait for another touch on the trendline.

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Using the logarithmic chart for the coin, identified the diagonal resistance as the near multi-month resistance and labeled the 0.5 Fibonacci key level as the neckline for the inverse head and shoulder bullish pattern. In my view, this could go in a consolidated move as we are in the weekend at the time of this writing.

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Now, in case of a trendline breakout, potential take profit area would be at the neckline :)

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We saw a pump for BTC then other altcoins followed the trend currently the price movement for DOGE is near the inverse head and shoulders neckline and looking to retest its resistance for another breakout, let the movement breathe for another major bullish move.

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Check out my other idea for BONK :)

luigi360swirl

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