Hello all! Thanks for the support on my first public published idea yesterday. Here is my current analysis of Dogecoin regarding recent price action.
Bullish/Bearish:
After a run up yesterday afternoon and evening, Dogecoin has pulled back as much as 11.3%. I still remain bullish-biased in the long term because of my long exposure. However, in the short term, Dogecoin is still having a tough time breaking through and holding the $0.06 price level. Failure to break would see the formation of a head and shoulders. Additionally, if we are unable to break the $0.06 price level, we may stuck in a large consolidation between 4 and 6 cents for a while. To reflect this uncertainty, I have adjusted my stop loss up.
Leave a comment below if you agree or disagree and let me know why.
Likes and follows are always appreciated. Thank you for your support.
Current Position - Long 918,000 DOGE at an average of $0.0488
Stop Loss - $0.0516
Take 25% Profit - ATH
Take 100% Profit - $0.1391
Potential Upside - 185.04%
Potential Downside - N/A
Risk to Reward Ratio - N/A
As always, I am not a financial adviser. The views expressed are mine alone and should be taken with a grain of salt. Do your own research and make your own decisions. I am not responsible for any financial loss. Only invest what you can afford to lose.
Bullish/Bearish:
After a run up yesterday afternoon and evening, Dogecoin has pulled back as much as 11.3%. I still remain bullish-biased in the long term because of my long exposure. However, in the short term, Dogecoin is still having a tough time breaking through and holding the $0.06 price level. Failure to break would see the formation of a head and shoulders. Additionally, if we are unable to break the $0.06 price level, we may stuck in a large consolidation between 4 and 6 cents for a while. To reflect this uncertainty, I have adjusted my stop loss up.
Leave a comment below if you agree or disagree and let me know why.
Likes and follows are always appreciated. Thank you for your support.
Current Position - Long 918,000 DOGE at an average of $0.0488
Stop Loss - $0.0516
Take 25% Profit - ATH
Take 100% Profit - $0.1391
Potential Upside - 185.04%
Potential Downside - N/A
Risk to Reward Ratio - N/A
As always, I am not a financial adviser. The views expressed are mine alone and should be taken with a grain of salt. Do your own research and make your own decisions. I am not responsible for any financial loss. Only invest what you can afford to lose.