Hello, crypto enthusiasts! Today we will analyze DOGE. Let's determine the optimal entry point and set three targets for profit taking. 📊🐶
Graph analysis:
1. Imbalance and liquidity zones:
On the 4-hour chart, there is an imbalance in the $0.24–$0.25 area, where the price has previously risen quickly without significant pullbacks. This could be an attractive area for large market participants. 💼
2. Order blocks:
In the range of $0.23–$0.24, there is a bullish order block formed by the last bearish candle before the impulsive rise. This zone can serve as strong support. 🛡️
3. Fibonacci levels:
By drawing a Fibonacci grid from the recent low of $0.20 to the high of $0.28, we see that the 0.618% level (golden ratio) is located around $0.23, coinciding with the previously mentioned order block. This enhances the significance of this zone for a potential entry. 📐
Trading plan:
Entry point: Considering opening a long position (LONG) in the zone of $0.23–$0.24, where the order block and the 0.618% level of Fibonacci coincide. 🎯
Profit taking targets:
1. First target: $0.26 — nearest resistance level and partial profit taking (~30%). 🥇
2. Second target: $0.28 — previous local maximum, taking another 50% of the position. 🥈
3. Third target: $0.30 — psychological level, where we take the remaining 20%. 🥉
Stop-loss: Set at $0.22, just below the order block, to limit potential losses. 🚫
Probability of trade execution:
Considering the coincidence of several factors (order block, Fibonacci level, and imbalance), the probability of successful execution of this trade is assessed as high. However, remember that the cryptocurrency market is volatile, and risk management rules should always be followed. 📈
Note: This analysis is educational in nature and is not a financial recommendation. Always conduct your own analysis before making trading decisions.
Happy trading! 🚀🐕