R.ACEACEACE #DOGE #DOGECOIN #DOGEUSD #DOGEARMY UPDATE ROAD TO $1
Did I call the entire DOGECOIN move or did I call the entire DOGECOIN MOVE? Check out my previously published trade ideas! Winning feels amazing!!!!!!!!!!!!!
DOGECOIN is really shaking up the internet right now and giving everyone in crypto something to think about. Let's get to my analysis, shall we?
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Part 1: 6 Hour Chart (Left Side):
The price was able to break out of the 8/1 Gann Fan line drawn from the recent high that was established on January 29th, 2021 and it did successfully challenge the resistance @ $0.0736
Typically, once the price reaches the 8/1 Gann Fan line drawn from the pivot high, it either continues upwards to establish a successful breakout or rejects and goes to a new low.
Currently, I believe the price is consolidating near $0.0736 resistance. The price is putting in a red 6 hour candle at the moment. I believe it is natural for people to want to take profit near the all time high. Until the price is able to successfully move above $0.0736, I believe good support is @ the $0.0405 area. It is very possible for the price to consolidate between $0.0736 and $0.0405 before continuing to a new high.
A successful breakout above $0.0736, in my opinion, would continue toward the next resistance area @ $0.16, and potentially more.
Support: $0.0405, $0.0066
Resistance: $0.0736, $0.16, $0.25, $0.40, $1.0
In the short term, DOGECOIN is likely to be influenced by the BITCOIN price. Please see my trade ideas for Bitcoin, which I will attach below, for my views on BITCOIN.
I do not believe it is a good idea to trade DOGECOIN with margin. I only buy and hold SPOT DOGECOIN. Margin traders on DOGECOIN face a higher risk if getting shaken out and losing money.
Please understand that I do not risk more than I can completely afford to lose on any trade. This mindset allows me to maximize my gains, stick to my plan, and avoid sweating.
I do not believe it is a good idea to risk more than one can make back in 3-4 average winning trades at the current price levels. I bought way lower and added small amounts on the last correction, so now I have the freedom to hold without much sweat. Often, people allow greed to cloud their judgement and they fail to ignore that their view may be wrong and the fact is always that once the price crashes, it crashes and doesn't care for anyone in its way. Risk management is most important. Unfortunately, most traders do not have a risk-management plan, and do not even think to get one until it is far too late.
I am extremely bullish on Dogecoin. I bought spot DOGE and I intend to continue to hold my DOGECOINS for at least the next 1-2 months, unless there is some insane dump. I don't see the need for me to sell to buy back on a dip. I am comfortable right now and I do not intend to risk my comfort. As previously published in my trade ideas, I believe DOGECOIN has potential for hitting $14+ in 2021. As I've said in my previous trade idea, I believe the price action on DOGECOIN is similar to that of ETHEREUM in 2016.
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Part 2: 3 Day Chart (Right Side):
Here's something VERY SPECIAL. I don't see this very often. I feel like it's a gift.
If you take a look at the chart, you'll see that I've drawn a Gann Fan from the pivot low that was established on November 1st, 2020.
The price was able to break out of the Gann Fan. This is an extremely bullish event, as the more to the left of the Gann Fan that the price moves, the more bullish it becomes. Breaking out of the Gann Fan, especially from the pivot low on the three day chart is EXTREMELY BULLISH. That leads me to believe more firmly in my beliefs which I will discuss in Part 3 of this analysis.
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Part 3: My Bias:
It seems that everyone wants a parabolic DOGE advance. It also seems that there are many who doubt the potential of DOGECOIN.
Instead of thinking the price will just continue to shoot up, I tend to think about what a skilled market maker would do.
I believe it is in the best interest of the market maker to chop the price (move it up and down) so that he can earn more. I believe by attracting sellers and allowing the price to move down, the market maker is essentially providing himself with buyers for the next move up (short sellers have to close their sell orders by opening buy orders, so when they close their short orders at a loss, they are essentially forced to become buyers at higher prices).
My personal view on crypto is that all of these coins are more or less the same thing packaged differently, despite their code, their pros and cons. At the core, they are more or less used to transfer a $ value from one person to another. I will not change my view on this until there is some magic crypto that can operate ambulances and save the lives of people in burning buildings. Show me the Microsoft, Google, Apple, or Facebook of Crypto and I might change my mind. Until now, I've yet to see any development that is comparable to the development done by the tech giants.
The cryptocurrency market has shown that it can bring together a lot of people and their money, but what next? That's my point. There needs to be development, but everything is for the taking, and no coin is safe.
In terms of the frenzy about DOGECOIN on social media and in the news, I think it's fantastic. Cryptocurrency is apparently all about decentralization and people coming together to reach consensus about transfer value.
It is apparently also all about creating an alternative to fiat currencies and creating smart contracts, and so many other things. However, my bias is that Bitcoin is controlled by a group of elites who got in before everyone else. We have all heard about the alleged tether manipulation. At the least we can assume there is doubt about the legitimacy of the Bitcoin market actually being decentralized. Also, I believe that Bitcoin hasn't lived up to the hype in terms of development. I do not believe it is necessary to have a million coins for a million different types of smart contracts or DEFI features. It is entirely possible for one coin to become the universal standard and create an ecosystem of its own. Ethereum kind of does this but there are so many different coins built on the Ethereum network, which in my opinion is very chaotic. In my opinion, a smart development team would focus on a one stop shop for everything: money transfer, all kinds of smart contracts, and whatever else, under one name.
I understand that development on DOGECOIN is also slow, but I believe that the developers have done a good job - and worked for free - to keep the DOGECOIN network breathing. I believe with more money coming into DOGECOIN, the bigger players in DOGECOIN would be able to reach a consensus and speed up development into what they want it to be.
Another factor that many fail to discuss is that the majority of people feel as if they've been left out of the entire Bitcoin run because they were not here for the early Bitcoin days or did not keep their Bitcoin. This group of buyers is a strong force that if united may be able to cause some seismic shifts in the market caps of many of the current top coins. In my opinion, they would rather buy a $5-10 coin with the hope of it going to $100-500 than buy Bitcoin.
I believe Elon Musk holds the key to uniting people and bringing new participants into cryptocurrency. He is foremost a businessman who tends not to go with the status quo. From his entrepreneurial success in Paypal, Tesla, and SpaceX, it can be seen that he is a disruptor who profits through change. I believe he may be bringing the same go getter attitude to Dogecoin. At the moment, I personally do not know whether he personally, or a family member of friend of his is significantly invested in Dogecoin. However, I would be surprised if there is no personal benefit to him for touting the DOGECOIN horn and uniting the people. Could it just be a personal vendetta against some of the current crypto elites? Who knows.
Please understand the connections that Elon Musk has and the weight he carries. He has connections in every industry, in every country, and could potentially use his resources to help fuel the potential of DOGECOIN. I do not see the reason for Elon to start his own coin, when he can back an existing coin that is already cheap, with a long history that he can back and shape!
I believe that if DOGECOIN is able to take the #3 spot in the crypto currency market cap, it will present a threat to Ethereum, and would likely beat Ethereum to capture the #2 spot, and perhaps even tackle BTC. There is still a lot for it to prove before it can do that. I do believe DOGECOIN holds serious potential for reaching $14+ in 2021.
At the end of the day, I am just a speculator, but I must allow my judgement the room it needs to guide me.
I hope you appreciate my thoughts and hit the like button.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
This analysis is not financial advice. I am just expressing my opinion about what I think about the market. I am not a qualified financial advisor nor am I a registered financial expert in any country. For financial advice one could seek a registered and qualified financial advisor in one's own country. Please do not look to me or ask me for financial advice.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THANK YOU FOR HITTING THE LIKE BUTTON AND FOLLOWING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
DOGECOIN is really shaking up the internet right now and giving everyone in crypto something to think about. Let's get to my analysis, shall we?
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Part 1: 6 Hour Chart (Left Side):
The price was able to break out of the 8/1 Gann Fan line drawn from the recent high that was established on January 29th, 2021 and it did successfully challenge the resistance @ $0.0736
Typically, once the price reaches the 8/1 Gann Fan line drawn from the pivot high, it either continues upwards to establish a successful breakout or rejects and goes to a new low.
Currently, I believe the price is consolidating near $0.0736 resistance. The price is putting in a red 6 hour candle at the moment. I believe it is natural for people to want to take profit near the all time high. Until the price is able to successfully move above $0.0736, I believe good support is @ the $0.0405 area. It is very possible for the price to consolidate between $0.0736 and $0.0405 before continuing to a new high.
A successful breakout above $0.0736, in my opinion, would continue toward the next resistance area @ $0.16, and potentially more.
Support: $0.0405, $0.0066
Resistance: $0.0736, $0.16, $0.25, $0.40, $1.0
In the short term, DOGECOIN is likely to be influenced by the BITCOIN price. Please see my trade ideas for Bitcoin, which I will attach below, for my views on BITCOIN.
I do not believe it is a good idea to trade DOGECOIN with margin. I only buy and hold SPOT DOGECOIN. Margin traders on DOGECOIN face a higher risk if getting shaken out and losing money.
Please understand that I do not risk more than I can completely afford to lose on any trade. This mindset allows me to maximize my gains, stick to my plan, and avoid sweating.
I do not believe it is a good idea to risk more than one can make back in 3-4 average winning trades at the current price levels. I bought way lower and added small amounts on the last correction, so now I have the freedom to hold without much sweat. Often, people allow greed to cloud their judgement and they fail to ignore that their view may be wrong and the fact is always that once the price crashes, it crashes and doesn't care for anyone in its way. Risk management is most important. Unfortunately, most traders do not have a risk-management plan, and do not even think to get one until it is far too late.
I am extremely bullish on Dogecoin. I bought spot DOGE and I intend to continue to hold my DOGECOINS for at least the next 1-2 months, unless there is some insane dump. I don't see the need for me to sell to buy back on a dip. I am comfortable right now and I do not intend to risk my comfort. As previously published in my trade ideas, I believe DOGECOIN has potential for hitting $14+ in 2021. As I've said in my previous trade idea, I believe the price action on DOGECOIN is similar to that of ETHEREUM in 2016.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Part 2: 3 Day Chart (Right Side):
Here's something VERY SPECIAL. I don't see this very often. I feel like it's a gift.
If you take a look at the chart, you'll see that I've drawn a Gann Fan from the pivot low that was established on November 1st, 2020.
The price was able to break out of the Gann Fan. This is an extremely bullish event, as the more to the left of the Gann Fan that the price moves, the more bullish it becomes. Breaking out of the Gann Fan, especially from the pivot low on the three day chart is EXTREMELY BULLISH. That leads me to believe more firmly in my beliefs which I will discuss in Part 3 of this analysis.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Part 3: My Bias:
It seems that everyone wants a parabolic DOGE advance. It also seems that there are many who doubt the potential of DOGECOIN.
Instead of thinking the price will just continue to shoot up, I tend to think about what a skilled market maker would do.
I believe it is in the best interest of the market maker to chop the price (move it up and down) so that he can earn more. I believe by attracting sellers and allowing the price to move down, the market maker is essentially providing himself with buyers for the next move up (short sellers have to close their sell orders by opening buy orders, so when they close their short orders at a loss, they are essentially forced to become buyers at higher prices).
My personal view on crypto is that all of these coins are more or less the same thing packaged differently, despite their code, their pros and cons. At the core, they are more or less used to transfer a $ value from one person to another. I will not change my view on this until there is some magic crypto that can operate ambulances and save the lives of people in burning buildings. Show me the Microsoft, Google, Apple, or Facebook of Crypto and I might change my mind. Until now, I've yet to see any development that is comparable to the development done by the tech giants.
The cryptocurrency market has shown that it can bring together a lot of people and their money, but what next? That's my point. There needs to be development, but everything is for the taking, and no coin is safe.
In terms of the frenzy about DOGECOIN on social media and in the news, I think it's fantastic. Cryptocurrency is apparently all about decentralization and people coming together to reach consensus about transfer value.
It is apparently also all about creating an alternative to fiat currencies and creating smart contracts, and so many other things. However, my bias is that Bitcoin is controlled by a group of elites who got in before everyone else. We have all heard about the alleged tether manipulation. At the least we can assume there is doubt about the legitimacy of the Bitcoin market actually being decentralized. Also, I believe that Bitcoin hasn't lived up to the hype in terms of development. I do not believe it is necessary to have a million coins for a million different types of smart contracts or DEFI features. It is entirely possible for one coin to become the universal standard and create an ecosystem of its own. Ethereum kind of does this but there are so many different coins built on the Ethereum network, which in my opinion is very chaotic. In my opinion, a smart development team would focus on a one stop shop for everything: money transfer, all kinds of smart contracts, and whatever else, under one name.
I understand that development on DOGECOIN is also slow, but I believe that the developers have done a good job - and worked for free - to keep the DOGECOIN network breathing. I believe with more money coming into DOGECOIN, the bigger players in DOGECOIN would be able to reach a consensus and speed up development into what they want it to be.
Another factor that many fail to discuss is that the majority of people feel as if they've been left out of the entire Bitcoin run because they were not here for the early Bitcoin days or did not keep their Bitcoin. This group of buyers is a strong force that if united may be able to cause some seismic shifts in the market caps of many of the current top coins. In my opinion, they would rather buy a $5-10 coin with the hope of it going to $100-500 than buy Bitcoin.
I believe Elon Musk holds the key to uniting people and bringing new participants into cryptocurrency. He is foremost a businessman who tends not to go with the status quo. From his entrepreneurial success in Paypal, Tesla, and SpaceX, it can be seen that he is a disruptor who profits through change. I believe he may be bringing the same go getter attitude to Dogecoin. At the moment, I personally do not know whether he personally, or a family member of friend of his is significantly invested in Dogecoin. However, I would be surprised if there is no personal benefit to him for touting the DOGECOIN horn and uniting the people. Could it just be a personal vendetta against some of the current crypto elites? Who knows.
Please understand the connections that Elon Musk has and the weight he carries. He has connections in every industry, in every country, and could potentially use his resources to help fuel the potential of DOGECOIN. I do not see the reason for Elon to start his own coin, when he can back an existing coin that is already cheap, with a long history that he can back and shape!
I believe that if DOGECOIN is able to take the #3 spot in the crypto currency market cap, it will present a threat to Ethereum, and would likely beat Ethereum to capture the #2 spot, and perhaps even tackle BTC. There is still a lot for it to prove before it can do that. I do believe DOGECOIN holds serious potential for reaching $14+ in 2021.
At the end of the day, I am just a speculator, but I must allow my judgement the room it needs to guide me.
I hope you appreciate my thoughts and hit the like button.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
This analysis is not financial advice. I am just expressing my opinion about what I think about the market. I am not a qualified financial advisor nor am I a registered financial expert in any country. For financial advice one could seek a registered and qualified financial advisor in one's own country. Please do not look to me or ask me for financial advice.
-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
THANK YOU FOR HITTING THE LIKE BUTTON AND FOLLOWING!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
トレード稼働中:
I have bought back my DOGECOIN spot and intend to keep holding it. If / when the price breaks past resistance, those without spot DOGECOIN will likely get left behind. After the Elon Musk Dogecoin news that just came out, I can't afford to not have spot DOGECOIN. I am now a long-term holder, rain or shine!
コメント:
Bitcoin looks set for $50,000 from here. Dogecoin is still consolidating.
トレード稼働中:
Please click on the chart to see the update. I believe February 17th is a pivotal date for DOGECOIN. Thanks for hitting the like button!!!!!!!!!!!!!
コメント:
Dip on Dogecoin down to $0.03 is likely if Bitcoin corrects. Please see my Bitcoin trade idea. Long-term, I'm still bullish on Dogecoin. Please see my latest Bitcoin trade idea for my view on Bitcoin.
トレード稼働中:
Bitcoin has avoided a correction by moving above $57,500 for now. It should continue to $60k+ This is welcome news for Dogecoin. Doge should get a boost in the short term. I bought more on the dip.
Do you like my analysis? Do you want to stop paying for stop losses and make money? Come trade with me in my private Discord group with this link discord.gg/q5Q7GzVD3h - Send me a DM to start.
Doge may head down to support @ $0.04 if BTC corrects. Please see my latest DOGECOIN and BTC trade ideas for details. Stay safe.