Dogecoin analysis

Quick analysis on Dogecoin using both wave theory, Fibonacci analysis, pattern analysis & volume/price analysis :

Wave theory Analysis:

1) Dogecoin had a nice IMPULSE run-up from Apr 12th to Apr 16th going from $0.07 to $0.44 as shown in my 5 point wave in the diagram above
2) After a good impulse phase comes the CORRECTION phase, markets usually stay two-thirds of the time in a correction phase
3) Looks like the correction is a FLAT correction look at my wave A-B-C touching the support & resistance lines at $0.42 and $0.25 respectively
4) I believe the corrective wave C is going to come down to $0.25 before the support is tested again to see if it moves up in the next impulse leg up or go down - so watch out for this support line at $0.25

Fibonacci analysis :

1) The impulse leg went up from Apr 12th to Apr 16th going from $0.07 to $0.44
2) The FIB 50% retracement is exactly at $0.25
3) Once the FIB 50% retracement is tested we can determine if the market moves up or down upon confirmation

Pattern Analysis:

1) This fits into a nice classic Double tops, Adam & Eve pattern
2) The Eve side of the wave is going to go down to the support line $0.25 and if the support doesn't hold it might go down

Volume-Price Analysis:

1) This is a classic Volume Price Analysis, the market had a nice accumulation phase from Jan 28th - Apr 10th
2) During the accumulation phase the price went from $0.006 to $0.07 and remained at that level for about 3 months
3) Then came the public participation phase where the market moved up from Apr 12th to Apr 16th raising the price from $0.07 to $0.44
4) After the public participation phase comes the distribution phase where the sellers clear some of the volumes and take profits
5) In the distribution phase the prices for support & resistance are at $0.25 to $0.44
6) The support price $0.25 is tested at the end of the distribution phase to see if that support holds to go for the next run-up or if the market is marked down

Summary :
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1) Looks like the bears are still in control
2) The support line $0.25 needs to be tested one more time and see which way the market is going to trend

Happy trading, feedback is always appreciated