Dogesignals
DOGEBTC The selling is far from overThis week DOGEBTC is posting its first green 1W candle after the February 01 (candle-wise) top. This doesn't mean that the selling is over as there is still a long way to go before it tests its historic Support Zone. The green zone shows where the typical Target Zone is after it bounces off the Support, apart from the rare extremes hits (red arrows) on the Higher Highs trend-line.
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DOGEUSD Cyclical target 0.600 but correction firstDOGE has been the talk of the week because of its huge prior rise, mainly assisted by Elon Musk's tweets. Even though the future looks bright for this coin, there are indicators on the 1W time-frame that point out to a correction first.
As you see on the chart, I've drawn its historic performance on a Fibonacci Channel, with the 0.618, 0.5, 0.382 retracement levels playing a key role since 2014. For that reason I've also inserted their Fib extensions: -0.382, -0.5 and -0.618.
During the first Cycle, DOGE made an initial high just outside the 0.382 Fibonacci retracement level. Then it pulled back considerably and only found Support within the 1W MA50-MA100 zone before resuming the cyclical rise and make its Peak (All Time High at the time) around 0.019.
That initial High looks very similar to the High it just did, as both the 1W RSI and LMACD are on the levels of early June 2017. In fact see how the RSI pattern looks the same from all the way to the bottom of the Bear Cycle, i.e. the start of the Bull Cycle. The LMACD seems to be preparing a Bearish Cross too.
Assuming that is the initial High, if the pattern of the previous Cycle is repeated then we can expect a pull-back within the 1W MA50-MA100 and around the 0.618 Fibonacci retracement level and after that the Cycle's Peak around the -0.5 Fibonacci extension. That is currently a little over 0.6000. In addition and with respect to DOGE's Fibs on the long-term Channel Up, a 0.6000 peak would make a perfect touch on the Channel's -0.382 extension.
What do you think? Is DOGE preparing for one final pull-back before an end of the year rally to 0.6000?
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DOGEUSD Buy Signal ahead of the Golden CrossThis is not based on any standard technical pattern. I am simply taking the buy approach here as DOGE is replicating the 2014-2016 cycle.
In particular is has entered the final consolidation phase before forming a Golden Cross on 1D, which will be the signal for a test of the 0.0070 September 2018 High. The same pattern it followed in 2016. See the similarities also on the previous Lower High within the 0.500 and 0.382 Fibonacci as well as the Golden/ Death Cross coherence.
DOGECOIN Clear pattern or deception?Every time DOGEUSD retraces below the 0.382 Fibonacci level after a 1D bull run, it pulls back completely, filling the gap 100%.
Why should this time be any different? The bear market on DOGECOIN lasts longer than the average crypto market anyway, so I am expecting 0.00200 next and then a rebound to 0.00300 for the new top.
