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Editorial policy rejection that focuses on precision, relevance and impartiality
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Editorial policy rejection that focuses on precision, relevance and impartiality
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The Dogecoin weekly graphic designer has returned to a group of technical levels that a market observer says that it offers a favorable entrance. The pseudonym trader Cantonese Gatto (@cantonmeow) published a moment of TradingView and wrote: “I bought a little more doge and scoain last night, but you knew it practically. I think it is an excellent risk of risk here and that I will do what I can buy anyway.”
In a follow-up note attached to the same graphic designer, the analyst summarized the installation as “Support Back-Test of the Doge Bull market. Breakout and back-test of the diagonal bears market”.
The best signal of purchase of Dogecoin?
The graphic designer, created on August 3, trace/USD trace (coinbase) on the weekly period and shows the price that pulls in the supporting band of the Taurus market – an envelope indicator traced as two lines – now marked about $ 0,19025– $ 0,20703. At the time of the screenshot, the weekly candle displayed o: $ 0.24076, h: $ 0.24860, L: $ 0.18855, C: $ 0.19945, reflecting a drop of about 17.15% in the week with hours left in the session. The drawdown follows a strong two -week anticipation that pushed Dogecoin into the higher $ 0.20 before the sellers fade the move.
Technically, the image highlights two elements beyond the support band. The first is a descending trend line driven by lowest weekly maximum weekly, which the price went over July 16 and is now testing from the upper side. The second is the confluence between that trend and the support band of the Taurus market, an area that the trendy followers often look to judge whether a breakout is maintaining or failing.
Reading Reading
The analyst’s post frames the current retreat as a “back-test” of both features rather than a break, which implies that the question near the band could keep the bulls in control if the level continues to act as a support.
While the post is explicitly bullish, the evidence presented is descriptive rather than predictive. However, the weekly candle closed above the crucial area. So, the configuration is clear: after piercing a long-term diagonal barrier, Doge is revisiting the area of $ 0.19- $ 0.21, in which the support band is aligned with the first trend line.
Reading Reading
The traders who enroll in the impulse and tendency methodologies often evaluate these tests for confirmation: which take on the stabilization, the reduction of the downward momentum or a rapid recovery above the middle line of the band.
The message of the Cantonese cat Distilla that can be seen in a simple risk position. By saying “I think it is a great risk of risk here”, the commentator reports that, in his opinion, the nearby technical levels define the risk closely with respect to the potential rise if the breakout is supported.
As always, this is the interpretation of a graphic analyst in a specific moment over time; Dogecoin remains volatile and this week will be essential for bulls who try to confirm the momentum, but the risk redemption relationship seems good enough.
At the time of the press, Doge exchanged $ 0.199.
First floor image created with Dall.e, graphic designer by tradingview.com