Dogecoin Surged 185% And Completed Another Bullish Setup For Next Rally | Doge Bitfinex Listing
Hey friends hope you are well and welcome to the new update on Dogecoin. After March 2020 Doge has surged more than 185%. In today’s post we will try to understand how the Dogecoin completed this bullish setup and what it can do next.
The previous harmonic moves:
Even though I have posted several ideas on the Doge coin but I would like to recall my last ideas that I published the Doge with Bitcoin pair and the Doge with US dollar pair.
Doge with BTC pair previous idea:
On January 2020 I posted an Idea on Dogecoin that on long term weekly chart the price action has completed the bullish Gartley pattern and entered in the potential reversal zone. Finally the price action took powerful bullish divergence and produced more than 140% profit.
Doge with BTC pair chart before execution:
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Doge with BTC pair chart after execution:
Doge with US dollar pair:
On December 2019 I published an article where I revealed that the price action of Dogecoin with US dollar pair has completed a bullish Shark pattern and entered in potential reversal zone. In January 2020 the priceline started a bullish rally and moved down in the potential reversal zone back and turned bullish again and produced more than 185% gains.
Doge with USD pair chart before execution:
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Doge with USD pair chart after execution:
The listing on Bitfinex:
now before moving to their lives I would like to share it with you another reason that triggered the priceline to produce massive profits and that was the Dashcoin is enlisted on Bitfinex exchange. That was also a big cause of this bullish move. On the live chart, it can be easily observed that it was enlisted on the 10th of July 2020. And the price action started moving up on the 6th of July 2020 and up to 8th of July, it produced more than 150% bullish rally.
https://twitter.com/bitfinex/status/1281492172450168833
The priceline broke out all SMAs:
During this move, the price action broke out the 25 50 100 and 200 simple moving averages as well. Now there are two possibilities whether any of these moving averages move up and provide the support to the priceline or the price action may move down to use the previous moving averages as support.
The EMAs:
At this time the price action is having exponential moving averages 10 and 21 just beneath the priceline. Therefore there is a possibility that the price action of Dogecoin will be bounced using these EMAs as support.
A new bullish Setup:
Now I would like to draw your attention to the next bullish setups that the Doge has formed on the US Dollar chart and also on the Bitcoin chart as well. First let me show you the setup with the US dollar pair.
A bullish Gartley on US Dollar chart:
On the short term 6 hour chart the price action has formed a bullish Gartley pattern and entered in the potential reversal zone. And as per Fibonacci sequence the targets can be as below:
Potential reversal or buying zone: $0.0035 to $0.0029
Fibonacci projection or sell zone: $0.0039 to $0.0050
So this move has potential to produce 72% gains.
A bullish Gartley on Bitcoin chart:
On the short term 6 hour with Bitcoin pair chart, the price action has formed a bullish Gartley pattern same as on the USD chart and entered in the potential reversal zone. And as per Fibonacci sequence, the targets can be as below:
Potential reversal zone: 0.00000038 to 0.00000032 btc
Fibonacci projection: 0.00000043 to 0.00000054 btc
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Conclusion:
Even though the price action of Dogecoin has surged more than 185%. But after this rally, the formation of other bullish patterns is a gesture for the continuation of the bullish rally in the long term as well. However, the potential reversal zones of these new bullish patterns that are formed on the short-term charts should be used as stop loss.
Note: This idea is education purpose only and not intended to be investment advice, please seek a duly licensed professional and do you own research before any investment.
