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Dogecoin Elliott Wave technical analysis [Video]

Dogecoin Elliott Wave technical analysis [Video]
Peter MathersPeter MathersTradingLounge

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 level: Not specified
  • Details: Wave C correction is in progress before the market resumes its uptrend. Awaiting a reversal confirmation.

DOGE/USD trading strategy

The DOGE/USD price has been consistently declining from its peak at 0.4846 USD and is currently moving through the final stages of wave C within the WXY corrective pattern. At present, DOGE is forming wave (5) in the ongoing downtrend.

Trading strategies

Strategy:

  • Long strategy:
    • Buy when the price reaches a key support level (pullback entry).
    • Short-term buy: Consider entering if the price rebounds from 0.1822 USD, coupled with RSI recovering from the oversold zone.
    • Risk management:
      • If the price drops below 0.0816 USD, the bullish structure is invalidated.

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 level: Not specified.
  • Details: Wave C correction is in progress before the market resumes its uptrend. Awaiting a reversal confirmation.

DOGE/USD trading strategy

The DOGE/USD price has been consistently declining from its peak at 0.4846 USD and is currently moving through the final stages of wave C within the WXY corrective pattern. At present, DOGE is forming wave (5) in the ongoing downtrend.

Trading strategies

Strategy:

  • Long strategy:
    • Buy when the price reaches a key support level (pullback entry).
    • Short-term buy: Consider entering if the price rebounds from 0.1822 USD, coupled with RSI recovering from the oversold zone.
    • Risk management:
      • If the price drops below 0.0816 USD, the bullish structure is invalidated.

DOGE/USD Elliott Wave technical analysis [Video]

Author

Peter Mathers

Peter Mathers

TradingLounge

Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.

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