DOGE- midway through rising wedge, two more major breakouts
We're midway through a longer-term rising wedge pattern signaling a bearish reversal for some consolidation to pick up later in the year.
However, within our shorter term bullish cycle we're mimicking the falling wedge (bullish reversal) pattern we saw between the 14th-20th of March, that broke out around the 21st for a run-up to .23. We're seeing this same pattern repeating that started around march 29th, looking for another run up in the next 24 hours(April 3rd-4th), followed by a slight consolidation around .205 on the 8th-9th of April before our second run-up to .26-27 around 15th of April.
Based on this trend we should start to see our rising wedge fall into a bearish reversal around the 23-24th indicating a longer term consolidation (2-3 months) with some volatility in June leaving us trading sideways building up a new floor around .12-16 for the duration of the summer into fall as we prepare for another major breakout in October-November (.36-.42) depending on what June looks like.
However, within our shorter term bullish cycle we're mimicking the falling wedge (bullish reversal) pattern we saw between the 14th-20th of March, that broke out around the 21st for a run-up to .23. We're seeing this same pattern repeating that started around march 29th, looking for another run up in the next 24 hours(April 3rd-4th), followed by a slight consolidation around .205 on the 8th-9th of April before our second run-up to .26-27 around 15th of April.
Based on this trend we should start to see our rising wedge fall into a bearish reversal around the 23-24th indicating a longer term consolidation (2-3 months) with some volatility in June leaving us trading sideways building up a new floor around .12-16 for the duration of the summer into fall as we prepare for another major breakout in October-November (.36-.42) depending on what June looks like.
Comment:
Looking for some pressure here within the next 4-6 hours (6AM-8AM EST) to hit that neckline resistance around .178-.179, buy signal if the 10 EMA crosses above the 20 EMA here signaling breakout from March 29th high converging with March 20th low. Next target will be the .184-.187 threshold within the next 12 hours (2PM EST) hitting that higher neckline and continuing steady upward momentum to .205-.215 for a short consolidation before a second bull run to .26-27.
Comment:
Considering a top line adjustment of our falling wedge to cover above our .184 high (04/04 @6PM EST) signaling a short term bearish continuance looking for a breakout as our expanded top line converges with our Feb 26th low (bottom red dashed).
Comment:
10,20 cross above 50 EMA reaching for 200 on our 30m/1hr charts with significant momentum in a bullish price crossover. Looking to once again break past that .184-.187 resistance.
Comment:
Buyers pausing to catch their breath here after short rally from .168 -.208 over the weekend. Consolidating at our C wave high from 3/14 at .189-.190.
We have support between .184 - .187 so we should be able to maintain some sideways pressure here after rounding out that 04/02 midnight drop over the last 24 hrs.
We'll look to break past that resistance at .193 - .195 while building support keeping an eye on our 10,20, to cross back over our 50 EMA on our 30m/1hr charts but could see a short bearish downturn to .186-.187 from our 50 EMA crossing below 200 looking to confirm this support, with potential to push down .184-.185 over the next 12-16 hours(04/10 @10AM -@2PM EST) before reaching up again at 200 to push past .195-.197 and again to . 203-.205.
We have support between .184 - .187 so we should be able to maintain some sideways pressure here after rounding out that 04/02 midnight drop over the last 24 hrs.
We'll look to break past that resistance at .193 - .195 while building support keeping an eye on our 10,20, to cross back over our 50 EMA on our 30m/1hr charts but could see a short bearish downturn to .186-.187 from our 50 EMA crossing below 200 looking to confirm this support, with potential to push down .184-.185 over the next 12-16 hours(04/10 @10AM -@2PM EST) before reaching up again at 200 to push past .195-.197 and again to . 203-.205.
Comment:
Breakout rally over the last 12 hours built support at a .197 resistance bottoming out our 4th wave in an Elliot 5-wave rally showing hesitance at the top of our 1st. This coincides with our B wave low from 3/30 @ .197 as we looked for a 5th wave continuance after a short consolidation.
Looking to maintain sideways pressure up to .201 keeping an eye on our EMA here, 10 below 20 past .1971 could signal a break down to test support at .194. 10,20 below 50 will test .189-.190 in a 3- wave correction before continuation of the trend.
Looking to maintain sideways pressure up to .201 keeping an eye on our EMA here, 10 below 20 past .1971 could signal a break down to test support at .194. 10,20 below 50 will test .189-.190 in a 3- wave correction before continuation of the trend.
