$DOGE Where is it headed? To support. Trading Lesson #1
Support and Resistance.
Trading is 80% support and resistance. Nothing more, nothing less. This fascination with learning every candle stick chart pattern and being macd cross sexuals will not get you anywhere.
They are 4 major support and resistance levels
1. Price Action
2. Trendline
3. Moving Averages(Exponential are the best) (50, 200.365, 800, 1000)
4. Dynamic Fibs( Fibonacci)
Let us look #Dogecoin this will be brief: Follow the chart
1. May 10th - 22nd - Rejected at Price Resistance 0.25094
2. 96 hours Rejecting at the Lower Trendline Resistance
3. Rejection at the 50 ema
4. It is headed to 0.15622. set an alert. It does not matter when or how, IT IS HEADED THERE
Notice this is the 12 hour chart, The higher the timeframe, the more accurate, the support and resistance. Now this trading nonsense that is prevalent on youtube about buying on the way down. Why would you do that? You buy close to the last line of support.
Finally a coin in retrace WILL ALWAYS, Break the last line of support and then reform it.
