Little Chick's Share Today 😊
Doge's 15-minute chart completed a breakout from the previous consolidation zone this morning in the Asian session 📈, and then formed a smaller wide channel. After breaking the channel line, it seems to have formed a small timeframe consolidation. Currently, the bearish candle is retracing in a wedge bull flag pattern, and the position just happens to be at the bottom of a slight consolidation, but it has not yet broken the wedge's trend line 🧐
On the hourly timeframe, the previously larger consolidation zone has also been successfully broken upwards, and it seems to be holding up. Looking ahead, there should at least be some upward movement 📈. Furthermore, on the hourly chart, the bearish candle does not appear to be very strong, selling pressure is currently weakening, and there is buying interest below, so until the bearish candle becomes strong enough, we should only look for long positions.
On the 15-minute chart, the support that can be clearly seen includes the wedge bottom support and the consolidation bottom support. After breaking the wedge channel, there is a clear signal to buy long 🐮. However, because this small timeframe is currently consolidating, the short positions have at least gained scalp profits, so going long in the short term may not be held for long, with the target being at the start of the wedge.
On the hourly chart, because the bearish positions are weak, we are looking forward to a larger wide channel forming, or for it to strengthen again. It may be worth considering buying long after a clear bull flag emerges 💰.
Overall, there are certain opportunities in the short term, but we cannot underestimate the strength of the bears. We need to be a bit more patient on the hourly chart; however, based on past experience, the pullback after a breakout with a large bullish candle usually tends to be deeper 📉.
In summary, if a good long signal appears on the 15-minute chart, we can start building positions, using a relatively wide stop loss. But be careful, there are also short opportunities in the short term; we cannot underestimate the bears. In my view, the operational opportunities for the bears at this moment will be more complex, with more factors to consider, which may not be suitable for retail traders. If the short-term does not provide opportunities, then patiently wait for the pullback on the hourly chart to end.
$DOGE
