I'm looking at $DOGE taking a sharp drop following a rejection near local highs, currently trading down at 0.07879. The move has pushed price well below the sloping MA60 line at 0.07958, showing short-term bearish momentum.
Price is attempting to flatten out just above its 24h low of 0.07607 after breaking down through previous consolidation levels near 0.07925. Taking a long position here is counter-trend and risky given the steep fall, so I'd like to see a relief bounce back toward the broken support turned resistance around 0.07920 - 0.07950 to consider a short entry. A move back above the MA60 line would neutralize this downside setup.
Trade idea:
đ Entry: 0.07920 - 0.07950
đŻ TP1: 0.07870
đŻ TP2: 0.07800
đŻ TP3: 0.07607 (24h Low retest)
đ Invalidation: 0.07985
A move above 0.07985 reclaims the MA60 and invalidates the short-term bearish continuation.
Waiting for a clear rejection on a pullback rather than chasing short at the bottom.
Price is attempting to flatten out just above its 24h low of 0.07607 after breaking down through previous consolidation levels near 0.07925. Taking a long position here is counter-trend and risky given the steep fall, so I'd like to see a relief bounce back toward the broken support turned resistance around 0.07920 - 0.07950 to consider a short entry. A move back above the MA60 line would neutralize this downside setup.
Trade idea:
đ Entry: 0.07920 - 0.07950
đŻ TP1: 0.07870
đŻ TP2: 0.07800
đŻ TP3: 0.07607 (24h Low retest)
đ Invalidation: 0.07985
A move above 0.07985 reclaims the MA60 and invalidates the short-term bearish continuation.
Waiting for a clear rejection on a pullback rather than chasing short at the bottom.