$DOGE πŸ• | Time For A Breather?

DOGEUSD_2022-10-27_22-54-35_5d45f

Time to look at the original “Meme Coin”, $DOGE. Once, almost reaching to $1.00, since the all time highs, has retraced back to the $0.05 – $0.06 range since late August 2022. Well the “Elon Musk effect” has taken effect on $DOGE once again to the upside reaching mid-August numbers……but is it time for the πŸ• to take a nap? Let’s zoom in:

I am looking for $DOGE to continue this downside based on a couple of factors here:

* Consistently broken upper Bollinger Bands during the upward trend with no short stops

* Based on the Fibonacci retracement tool, $DOGE not only hit the 0 point but also a massive rejection from a major resistance zone.

* Big engulfing bearish candle (blue arrow)

* Extreme over bought levels on the RSI (circled areas)

Β 

Waiting patiently for the 2nd candle to successfully close under the 0.382 line and enter the “Golden Area” of the Fibonacci retracement tool. From there a SHORT trade is inevitable and an easy landing spot would be for 0.06975 (red line) which is above the nearest short term support that it could bounce from.Β 

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