Dogecoin Elliott Wave technical analysis [Video]

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]