DOGE → First Sell-off Complete! Another Push to the Downside?

Dogecoin, along with the rest of the crypto market, had a severe bear response to Bitcoins completion of its measured move. Are we in for another leg down?


How do we trade this? 🤔

DOGE → First Sell-off Complete! Another Push to the Downside?

I don't think it's reasonable to short here, not yet at least. We need a little more recovery from the first sell-off toward the Resistance Zone at $0.0865. If we get a sell signal from that area, it's reasonable to short Doge on the Daily chart toward the initial support of $0.0675. Until then, it's best to wait on the sidelines for the RSI to come up, and the bears to recharge.

It may be a while before Doge recovers and heads to a new high in this trend. The macro-trend is bullish in the crypto market, so we should be cautious when capturing these bearish movements on altcoins.


💡 Trade Idea 💡

Short Entry: $0.0835
🟥 Stop Loss: $0.0890
✅ Take Profit: $0.0725
⚖️ Risk/Reward Ratio: 1:1


🔑 Key Takeaways 🔑

1. Bull Channel Concluded with a Double Top Reversal.
2. Trend Changed to Trading Range then 1st Push Down.
3. Bounced off of 200EMA Support, wait for new Sell Signal.
4. RSI at 36.00 and below Moving Average. Bias to Short.
5. Wait for Sell Signal After Test of Resistance Area.


💰 Trading Tip 💰
Channels are often concluded not with a strong reversal, but first a stall of the trend with a trading range. A reversal is likely if the trading range comes at the end of a three-leg trend.


⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!


Find me at


Like 👍 and comment if you found this analysis useful!