Dogs: Sit-up or roll over?

31 ส.ค.

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The DOGS/USDT 1-hour chart indicates a potential Elliott Wave structure, with a completed 5-wave uptrend followed by an ABC correction, suggesting the market could be setting up for a new upward move if key levels hold. However, the move from the proposed end of the C wave is not forming an ideal motive wave.

Key Levels:

Support: The significant support zone around 0.0012091 could serve as a foundation for a potential bounce, with 0.0012879 currently acting as support.

Resistance: Resistance is noted at 0.0013205 and 0.0013788. As the price approaches these levels, it may encounter selling pressure. For a sustained bullish trend, these levels need to be broken and flipped into support.

Technical Indicators:

A descending trendline from the peak of wave 5 underscores the bearish trend. The price is testing a break above this trendline, which could signal a trend reversal if it holds.

A Fibonacci retracement at the 0.618 level would add validity to the bullish scenario with a break of it excluding the potential for algorithmic participation.

Scenarios:

Bullish: If the price can break above the descending trendline and maintain above the 0.0012091 support, it could target higher resistance levels. Successfully breaking and converting these into support would suggest a continuation of the bullish trend.

Bearish: Failure to hold above the 0.0012091 support level may lead to further declines, reinforcing the bearish trend.

Conclusion: DOGS/USDT is at a pivotal juncture. Holding above the descending trendline supports a bullish outlook, while failure to maintain support levels could signal more downside. Monitoring price action around these key levels will be crucial for determining the next move.

Trade Safe!
Trade Clarity!