Dogecoin has had some fantastic bullish action as of late! If you followed my previous 4HR analysis from December 5th and longed, you made out with a 1:3 trade. What we're looking at now is another nice long setup, but should we take it?

How do we trade this? 🤔

We have an ascending triangle which is a bullish pattern following a strong bull macro trend, the 30EMA is also giving us great support. The answer is yes, I would long now!

Long here and place a protective stop just below the 30EMA and ascending triangle support line. Sell half of your position at 1:1 Risk/Reward at 0.10700, move your stop up to your entry, then swing the remainder to at least 1:3 but preferably, until you see a reversal signal. The next strong resistance is at $0.15.

💡 Trade Idea 💡

Long Entry: 0.101500
🟥 Stop Loss: $0.09600
✅ Take Profit #1: $0.10700
✅ Take Profit #2: $0.11800
⚖️ Risk/Reward Ratio: 1:3

🔑 Key Takeaways 🔑

1. Macro Trend is Bullish, Bias to Long!
2. Established Support at $0.0875.
3. In Bullish Ascending Triangle Pattern.
4. RSI at 59.00 and Below Moving Average, Does not Support Long.
5. Long here and place protective stop under 30EMA. 1:3 R/R.

⚠️ 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 TradingView.com/u/TraderEngineering/

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