I am looking for $DOGE to continue this downside based on a couple of factors here:
* Consistently broken upper Bollinger Bands during the upward trend with no short stops
* Based on the Fibonacci retracement tool, $DOGE not only hit the 0 point but also a massive rejection from a major resistance zone.
* Big engulfing bearish candle (blue arrow)
* Extreme over bought levels on the RSI (circled areas)
Waiting patiently for the 2nd candle to successfully close under the 0.382 line and enter the “Golden Area” of the Fibonacci retracement tool. From there a SHORT trade is inevitable and an easy landing spot would be for 0.06975 (red line) which is above the nearest short term support that it could bounce from.
* Consistently broken upper Bollinger Bands during the upward trend with no short stops
* Based on the Fibonacci retracement tool, $DOGE not only hit the 0 point but also a massive rejection from a major resistance zone.
* Big engulfing bearish candle (blue arrow)
* Extreme over bought levels on the RSI (circled areas)
Waiting patiently for the 2nd candle to successfully close under the 0.382 line and enter the “Golden Area” of the Fibonacci retracement tool. From there a SHORT trade is inevitable and an easy landing spot would be for 0.06975 (red line) which is above the nearest short term support that it could bounce from.