Dogecoin Elliott Wave technical analysis [Video]
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DOGE/USD Elliott Wave technical analysis
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Function: Counter Trend.
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Mode: Corrective.
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Structure: Flat.
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Position: Wave C.
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Next higher degree direction: Wave (III) of Impulse.
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Wave cancellation invalid level:
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Details: Wave C correction is in progress before the price resumes its uptrend. A reversal signal is awaited.
DOGE/USD trading strategy
Dogecoin (DOGE) is entering a crucial phase. Following an extended correction, the price is now nearing the end of Wave (II) based on Elliott Wave Theory, which may present new trading opportunities.
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0.1822 - Key support level: If the price falls below this level, it may indicate a continued downtrend.
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0.2457 - Key resistance level: If the price breaks above this level, it may confirm the start of an uptrend.
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0.4846 - Long-term target: If the uptrend resumes, this could be a potential price target.
Trading strategies
Strategy
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Long strategy
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Pullback entry: Buy when the price drops to the critical support level.
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If the price holds above 0.1822 and rebounds, traders might consider entering long positions.
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Risk Management
- If the price drops below 0.1822, traders should wait for a clearer reversal signal before making a move.
DOGE/USD Elliott Wave technical analysis
-
Function: Counter Trend.
-
Mode: Corrective.
-
Structure: Flat.
-
Position: Wave C.
-
Next Higher Degree Direction: Wave (III) of Impulse.
-
Wave Cancellation Invalid Level:
-
Details: Wave C correction is in progress before the price resumes its uptrend. A reversal signal is awaited.
DOGE/USD trading strategy
Dogecoin (DOGE) is in an important phase. After a prolonged correction, the price is now nearing the completion of Wave (II) under Elliott Wave Theory, potentially creating new trading opportunities.
-
0.1822 - Key support level: A break below this level may signal further downside movement.
-
0.2457 - Key resistance level: If the price surpasses this level, it could confirm an uptrend.
-
0.4846 - Long-term target: If the uptrend continues, this could be a future price target.
Trading strategies
Strategy
-
Long strategy
-
Pullback entry: Buy when the price dips to the crucial support level.
-
If the price remains above 0.1822 and rebounds, traders may consider long positions.
-
Riskmanagement
- If the price moves below 0.1822, waiting for a clearer reversal signal is advisable.
Dogecoin Elliott Wave technical analysis [Video]
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