Dogecoin (DOGE/USD)
Elliott Wave Analysis TradingLounge Daily Chart, 2 August 2022,
DOGE/USD Elliott Wave technical analysis
Mode: Motive
Structure: Impulse
Position: Wave 5
Direction Next higher Degrees: wave C of Zigzag
Details: Wave 5 may have finished, and prices are rising.
Wave Cancel invalid Level: 0.04963
Dogecoin Trading Strategy: As the forecast wave (IV) is over, we are looking for opportunities to join the uptrend by looking for throwbacks in wave II and IV sub-wave of (V). But the price must not reverse past 0.04963, which is the beginning of wave 1.
Dogecoin Technical Indicators: Bullish Divergent signal on both MACD and MACD Histogram
TradingLounge analyst: Kittiampon Somboonsod
Dogecoin (DOGE/USD)
Elliott Wave Analysis TradingLounge 4H Chart, 2 August 2022.
Mode: Motive.
Structure: Impulse
Position: Wave 2
Direction Next higher Degrees:
Details: may be rising again in Wave 3.
Wave Cancel invalid Level: 0.04963.
Dogecoin Trading Strategy: The price structure has begun to form an uptrend, with wave ((1)) over and wave ((2)) moving sideways with a double corrective pattern. May have to wait for the Break Corrective Channel to be confirmed. but price must not reverse past 0.04963, which is the beginning of wave 1.
Dogecoin Technical Indicators: Hidden Bullish Divergent signal, wait for a reversal at the 0 line of the MACD to confirm.
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.
Recommended Content
Editors’ Picks
Assessing the possibility of Bitcoin price crash to $20,000 after US NFP rises to 517,000
The United States unemployment rate for January came in at 3.4% which is lower than forecast of 3.6%. The Nonfarm Payrolls (NFP) data shows that 517,000 jobs were added in January, which is much higher than the expected 185,000.
Cardano price could get help from US job report to clean up winter losses, 31% gains on the horizon for ADA
Cardano (ADA) price has succeeded in breaking above key levels near $0.39 as the pivotal historical level at $0.388 and the 200-day Simple Moving Average (SMA) all got broken to the upside with the Federal Reserve meeting on Wednesday.
Ethereum Classic Price Prediction: Is ETC safe in this bullish channel?
Ethereum Classic (ETC) is set to book a very outright bullish intraday session just hours before the US session kicks in. As the dust is settling for global markets after all major central banks had their say on Wednesday.
Bitcoin Weekly Forecast: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher
Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings
Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher
Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.