Dogecoin Elliott Wave technical analysis [Video]

Dogecoin Elliott Wave analysis daily chart

Function: Counter trend.

Mode: Corrective.

Structure: Double Corrective.

Position: Wave Y.

Direction Next higher Degrees: Wave (II) of Impulse.

Details: Wave (II) may not be complete, price is likely to be below 0.076.

Dogecoin/ U.S. dollar (DOGEUSD) Trading Strategy: This is a 5 wave retracement of wave (C), where we are in the final stages of wave Y, which is likely to test the 0.076 level, so the overall picture is a short term retracement before another rally.

Dogecoin/ U.S. dollar (DOGEUSD) Technical Indicators: The price is below the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.

DOGE/USD four-hour chart

Function: Counter trend

Mode: Corrective

Structure: Double Corrective

Position: Wave Y

Direction Next higher Degrees: wave (II) of Impulse

Details: Wave (II) may not be complete, price is likely to be below 0.076

Dogecoin/ US dollar (DOGEUSD) Trading Strategy: This is a 5 wave retracement of wave (C), where we are in the final stages of wave Y, which is likely to test the 0.076 level, so the overall picture is a short term retracement before another rally.

Dogecoin/ US dollar (DOGEUSD) Technical Indicators: The price is below the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.

Dogecoin Elliott Wave technical analysis [Video]

Share: Cryptos feed

As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.

Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.

The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.