Dogecoin Elliott Wave analysis: Looks to move lower
If Crypto market extends its decline today, then we would probably have five waves down which should be considered as a potential top and bearish reversal. As you can see, major cryptocurrencies are still at the strong resistance zone, but there's no real break down yet. We need to see something more significant, for example broken channel support line or bearish confirmation level.
Dogecoin, DOGEUSD is trading as expected and now that we didn't see any bigger recovery, seems like DOGE Coin can be also finishing a three-wave a-b-c correction in wave (b). So, we are still tracking that final wave (c) of »y« towards projected strong 0.13 support before it finds the support/bottom.
Dogecoin 4h Elliott Wave analysis chart
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Author
Gregor Horvat
Wavetraders
Experience Grega is based in Slovenia and has been in the Forex market since 2003.
