DOGEUSD – Cup and Handle Breakout: Scalping to the 0.618 Fib
Well, it looks like DOGE has broken out of the cup and handle pattern we were watching. With this breakout, the next immediate target is the 0.618 Fibonacci retracement level at $0.116, which represents a potential 10% move from the breakout point. This level is crucial for traders looking to scalp quick profits before deciding on further direction.
Given the strength of the breakout, there’s a good chance we’ll see the price push up toward the 0.618 Fib level. If you’re looking to scalp, this move offers a solid short-term opportunity. However, watch closely for any signs of a reversal or hesitation around this resistance level – breaking through it could lead to further gains, while rejection might pull us back to test previous support levels.
In short, with DOGE pushing past the handle breakout, a scalp to $0.116 is looking like a good setup for a quick 10%. Keep an eye on momentum as we approach this key resistance level.
