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DOGEBTC trade ideas

DOGEBTC (Dogecoin) – Coin of the WeekThis week’s coin is Dogecoin. Doge was created as a joke in December 2013 and is based on the popular “doge” Internet meme that features a Shiba Inu on its logo. The total market capitalization of the coin is 6,3 billion dollars and it has a 24h trading volume of 4,8 billion dollars. It is primarily used as a tipping system on Reddit and Twitter to reward the creation and sharing of quality content. Technically, we had a big up move at the end of January and then a sharp reversal that dropped the price nearly 80% from the top. After the reversal, Dogecoin is making a corrective structure that seems to give us a higher probability for one more down move. We have to watch carefully how the price develops between the resistance and support areas. If the price breaks the resistance area and closes strongly above it, we should expect the up move to continue to make new higher highs. Trade with care. Best regards, Financial Flagship Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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by financialflagship
1
Is it time to buy Dogecoin?This chart appears pretty self explanatory to me... if you're holding DOGE, now may be a good time to exchange it for BTC. If you're not holding DOGE, then you may be better off buying BTC. Note that the last time DOGE saw a spike of this magnitude was right before BTC began it's parabolic expansion to the 2017 ATH. Some might argue that it looks like BTC is closer to the action around the 2017 ATH but let's take a closer look: - The last spike of this magnitude in the DOGEBTC pair came after a prolonged descent, followed by exponential rise in BTC. - A second spike came right after BTC's ATH. Perhaps DOGE is the canary in the coal mine... - 2017 alt season began around the same time that DOGE peaked. - Relative to BTC, DOGE has consistently lost value over time. It has no cap on distributions so the supply is constantly increasing, which means the value has no reason to go up over time. We can see that it always falls back to around 20 satoshi; several times over the last several years. That said, volume on the pair is nowhere near where it was at the last big spike. This could be an indication that volume has yet to reach it's peak but I'm skeptical that this volume measurement doesn't include all market activities. In any case, the value of DOGE and the light volume make it ripe for pump-and-dump. It seems to me the only thing it has going for it is Elon's tweets. Who knows? In the current market environment, that may be enough to keep the momentum going... BTC has had a great run and will likely run some more. It has a solid foundation with lots of support. DOGE has a stated utility but I don't see it actually being used in the real world. Maybe I'm not looking in the right place... This recent movement indicates to me that interest in crypto is rising, which is a good thing. However, there are far more interesting projects to invest in and perhaps alt season is just beginning.
by quickshoe
DOGE/BTC / 30min / Support holdingThis is not financial advice, this is just my perspective. Doge seems to be holding the 0.50 fib retracement from the current trend, been tested twice, on same level as a older support/resistance, 20 MA seems to be supporting the trend Stoch RSI is also extremely oversold on the 30min chart Could also say a wedge is forming and could be the retracement before a next move (related to my previous idea) I would say if it falls below the .50 fib (.00000122) level we could speak of a new downtrend. Let me know what you think. Don't forget to follow if you would like to see more alt coin charts in the future. Bless you all.
by Crypto_Jay