DOGE - Only Concern
Previous post:
I still believe DOGE is in a bullflag and is preparing for an explosive breakout as stated in my previous posts. Even today's daily close was the first daily candle that closed above our bullflag pattern. Most likely this plays out and price breaks much higher.
I just want to make this post in case we see continued stalling around these highs. If price does continue to stall and fails to break higher then most likely we are in a rising wedge pattern opposed to a bullflag. Rising wedges are generally bearish patterns that break to the downside.
The momentum is still to the upside which is why this scenario is less likely, but I did want to put it on the radar as a potential scenario. You can clearly see the structure does currently mimic a rising wedge and noone is talking about it.
But I believe there is one primary indicator that will expose if this is a rising wedge or if this is a bull flag over the next 24-478 hours. That indicator is our daily RSI.
Right now the daily RSI is EXACTLY at the 70 (overbought conditions). If we see the RSI start closing above the 70 RSI in then next 24-48 hours then price will breakout and the bullflag will send price much higher. If we see the RSI start closing below the 70 RSI in the next 24-48 hours then price will most likely breakdown and this rising wedge could be in play.
Just wanted to lay out both scenarios so we can be most prepared for what happens over the next 24-48 hours. Either way a massive move is coming!
I still believe DOGE is in a bullflag and is preparing for an explosive breakout as stated in my previous posts. Even today's daily close was the first daily candle that closed above our bullflag pattern. Most likely this plays out and price breaks much higher.
I just want to make this post in case we see continued stalling around these highs. If price does continue to stall and fails to break higher then most likely we are in a rising wedge pattern opposed to a bullflag. Rising wedges are generally bearish patterns that break to the downside.
The momentum is still to the upside which is why this scenario is less likely, but I did want to put it on the radar as a potential scenario. You can clearly see the structure does currently mimic a rising wedge and noone is talking about it.
But I believe there is one primary indicator that will expose if this is a rising wedge or if this is a bull flag over the next 24-478 hours. That indicator is our daily RSI.
Right now the daily RSI is EXACTLY at the 70 (overbought conditions). If we see the RSI start closing above the 70 RSI in then next 24-48 hours then price will breakout and the bullflag will send price much higher. If we see the RSI start closing below the 70 RSI in the next 24-48 hours then price will most likely breakdown and this rising wedge could be in play.
Just wanted to lay out both scenarios so we can be most prepared for what happens over the next 24-48 hours. Either way a massive move is coming!
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