Dogecoin Technical analysis
Hello everyone welcome back to another update
Doge we broke below a very key support level here at 0.168$ I mentioned to you that the reason why we were waiting for the 0.168 or sorry 0.188$ level before we looked for that long opportunity was because I was worried about this situation the more times a support level is tested in a consolidation stage and the more likely it is to collapse and you can see that we saw a very nice Wick opportunity into the low of 0.155$ and once again the Bulls have now failed to hold that level as support while we are below our exponential moving averages this, of course, isn't-something we want to see from a bullish case scenario what we wanted to see from a bullish case scenario was this Candlestick right here in terms of this bullish engulfing we wanted to see this one look for that breakout opportunity of this Wick high
we start looking for that continuation you can see the Bulls failed to bring in that volume and that of course meant that we were looking for another retest of 0.168 which of course now has seen a failure pattern what I'm paying attention to as of right now is any a clean break below this wake low here at 0.147$ I talked about that if this support level is lost
then yes Doge will be ending up at 0.124$ or even 0.11$ this formation of course is very bad right now on Doge and what I want to pay attention to is not only the 4-hour time frame trading below the exponential moving averages
In the daily time frame, it also has the same sort of process the daily time frame we have yet to test our 20 exponential moving average which is something I have pointed out for days and days and days the fact that Doge has not tested the 20 we have to be very cautious about because if we do see a flush opportunity into this Zone, we could easily see another Wick down here into that 0.124$ or even 0.11$ the problem with daily exponential moving averages is when Doge, of course, was using them as support everything was going great but when you have a period of consolidation like this with more and more retest opportunities on the 9 EMA while the 20 has yet to be tested more than likely we always see that flush opportunity grabbing that 20 EMA or even a wick below that level and then the stronger continuation overall
I always teach you to pay attention to The Daily time frames not only the 4-Hour because it will give you a better understanding of where things likely could go if we do end up losing that 4-hour support So once again we are paying attention to this Wick low here at 0.147$ any break below that level then yes that's a confirmation that we are heading into more trustworthy territories but otherwise, Bulls need to try to break back above the exponential moving averages and for any sort of continuation I am not looking for any sort of trading setups as of right now because of course the fact that you can see this was a major support level which has now been lost and I don't necessarily want to enter a trade on a possible falling knife well that's pretty much
see you in another update Please Don't forget to upvote, resteem, and comment...
