It's been a long break since my last post as I have been too busy with school work and internships. Since mid-February, I have also started to trade cryptos, so from now on, I would also analyze crypto.
Since reaching its ATH last May, Dogecoin has been extremely bearish, down more than 80% from its peak. However, it has been channeling inside the falling wedge pattern for the last 6 months, and recently it broke out of the structure. Furthermore, in a weekly, a trend reversal is evident looking at the MACD golden cross about to occur.
Looking at the daily, we can see that
1. It has broken the falling wedge pattern
2. MACD cross over has occurred
3. 20, 50MA golden cross
Using major S/R levels as my price target, my first price target will be $0.1635. The second TP will be $0.1950, then $0.2330, and ultimately $0.3.
For crypto trading, I will utilize leverage.
Specifically for this trade:
50% 10x long
30% 15x long
20% 20x long