DOGE - IS IT FINALLY TIME?
Aktualisiert
Hey everyone... The DOGE community has been PATIENTLY, FRUSTRATINGLY, waiting and MAYBE, just MAYBE its about that time. I left most of the description on the chart but ill go over a quick overview of what's going on.
So THE 20D EMA just crossed ABOVE THE 50/100D EMA's Which is a good sign that we're gaining momentum here.
There is a COMMON PATTERN I circled on the chart that happens before big price movements and I'm seeing that pattern on almost ALL CHARTS right now. Some have already completed the pattern (BTC) and others are following a little behind (which is completely normal)
This pattern usually results in 2 or 3 sharp drops that almost look like steps. Normally the bottom is either a strong bounce or a nice accumulation area that goes sideways/slightly upwards before blastoff!
I copied the pattern from before the first blastoff in April so you can see it happened there as well, just on a smaller scale!
Once DOGE settles above the EMA's or the dotted line on the chart, I expect it will be ready to put a leg up and TEST THE RESISTANCE AREA... LIKELY IT WILL BE BROKEN (maybe not the first attempt but shortly after)
After the upper resistance is broken, I expect a retest. This RETEST could play out as a similar pattern that I described above, or it could just be a sharp drop. IT COULD keep going up without a retest however I think that is UNLIKELY.
After that we say "HOUSTON WE'RE READY FOR LIFTOFF" and the countdown begins... 10, 9, 8, 7, 6, 5, 4, 3, 2, 1... BOOM!
-----I HAVE TO ADD A LITTLE FUNDAMENTALS HERE OR I WON'T FEEL RIGHT! -----
So fundamentally speaking, as most of you know but for newcomers this is important. WHEN TRADERS AND INVESTORS buy cryptocurrencies, they do it because they believe it will be more VALUABLE over time.
WHAT GIVES MOST CRYPTOCURRENCIES VALUE? Well most cryptocurrencies have real world application and real world use cases. For example BITCOIN is looked at as a form of "DIGITAL GOLD" and BTC's CANNOT just be minted out of thin air. IT requires PEOPLE AROUND THE WORLD to use computers and machines to solve complex math problems to keep the NETWORK RUNNING. (like Verizon, or your internet NETWORK, BTC is also a network). These machines ALSO KEEP TRACK OF EVERY TRANSACTION ever made on the BTC network in a LEDGER (transaction history). These transactions can be looked up by anyone, anywhere, for proof. SOME cryptocurrencies are like networks, others are more like APPS that you can use on that network.(like smart apps on your phones network) Some are like gaming apps where you buy their crypto and use it for in game items. Some are like BANKING apps which I believe can easily become the future of banking. It provides more security, and overall a much better service IMO. Staking your cryptocurrencies allows you to participate in their POS (proof-of-stake) consensus and EARN MUCH BETTER ANNUAL APY THAN YOUR BANK. (we're talking 5%-25% or even higher for some coins). This is how these coins get VALUE by the money that is staked within the network! They can provide you with much better offers because essentially, you're cutting out the middle man or centralized part of the banking system. Instead EVERYONE PARTICIPATING contributes to the network/crypto and keeps it running so it is DECENTRALIZED. There is NO CENTRALIZED owner/government/cooperation who CONTROLS the rules, and TAKES 80% of the profits while throwing you the bone! BTC in particular was created to solve this problem AS WELL AS MANY OTHERS (research)
THIS BRINGS ME TO MY POINT... "MEME COINS" ... Many of you know my view on them but for newcomers, UNDERSTAND that ITS HARD for a "meme-coin", with no real world use cases or application TO HAVE VALUE!(like the others described above). IN the eyes of LONG TERM INVESTORS, meme-coins don't really have much to offer and therefore IN MY OPINION should really not be looked at as a serious long term investment. Its a coin DAY TRADERS will love to buy low, ride the hype-wave, and MOST LIKELY a massive sell-off at the top (like we saw with DOGE before). Until these meme-coins can incorporate REAL WORLD USE CASES/APPLICATION, I PERSONALLY DON'T see them HOLDING THEIR VALUE OVER TIME. Some people will say "they ARE starting to do this or that" which is fine but IS IT AS GOOD as how ETH does it? or ADA? SOL? the list goes ON AND ON that basically THERE IS A LOT OF VERY GOOD COMPETITION out there and EVERY CRYPTOCURRENCY is made with coding, some more COMPLEX and SECURE (like ADA) and others designed for transaction speed/less security. My point is JUST BECAUSE a meme-coin may be starting to implement these things DOESN'T NECESSARILY MAKE THEM as valuable or on the same level as other cryptocurrencies.
THE KEY TO FINDING THE BEST ONES AND THE BEST INVESTMENT IS TO RESEARCH THEM AND FULLY UNDERSTAND THEM... NOT JUST CHART ANALYSIS
ALSO A VERY IMPORTANT THING YOU MUST KNOW BEFORE BUYING CRYPTO IS "HOW LONG DO YOU WANT TO HOLD IT?" ... THE TIMEFRAME... It's SO IMPORTANT in ways I haven't explained yet. (another time)
ANYWAYS, THANK YOU ALL for reading and I HOPE this helped people.
If you like this IDEA and/or would like to see more please LIKE, and FOLLOW me on TradingView and Twitter.
SHARING is what really helps as well as I am trying to find good ways to reach a much bigger audience and I need your help to get there.
You're welcome to view all my other published charts and press the "play" button on them to forward time and see how they played out. This is a great feature on TradingView which really helps you become a better trader and analyst!
Also if you're interested in trading or investing but need to get the hang of it first, TradingView has "paper trading" which allows you to trade with money that isn't real... for practice.
Hope everyone's doing well, check my chart descriptions for updates, and Take Care.
So THE 20D EMA just crossed ABOVE THE 50/100D EMA's Which is a good sign that we're gaining momentum here.
There is a COMMON PATTERN I circled on the chart that happens before big price movements and I'm seeing that pattern on almost ALL CHARTS right now. Some have already completed the pattern (BTC) and others are following a little behind (which is completely normal)
This pattern usually results in 2 or 3 sharp drops that almost look like steps. Normally the bottom is either a strong bounce or a nice accumulation area that goes sideways/slightly upwards before blastoff!
I copied the pattern from before the first blastoff in April so you can see it happened there as well, just on a smaller scale!
Once DOGE settles above the EMA's or the dotted line on the chart, I expect it will be ready to put a leg up and TEST THE RESISTANCE AREA... LIKELY IT WILL BE BROKEN (maybe not the first attempt but shortly after)
After the upper resistance is broken, I expect a retest. This RETEST could play out as a similar pattern that I described above, or it could just be a sharp drop. IT COULD keep going up without a retest however I think that is UNLIKELY.
After that we say "HOUSTON WE'RE READY FOR LIFTOFF" and the countdown begins... 10, 9, 8, 7, 6, 5, 4, 3, 2, 1... BOOM!
-----I HAVE TO ADD A LITTLE FUNDAMENTALS HERE OR I WON'T FEEL RIGHT! -----
So fundamentally speaking, as most of you know but for newcomers this is important. WHEN TRADERS AND INVESTORS buy cryptocurrencies, they do it because they believe it will be more VALUABLE over time.
WHAT GIVES MOST CRYPTOCURRENCIES VALUE? Well most cryptocurrencies have real world application and real world use cases. For example BITCOIN is looked at as a form of "DIGITAL GOLD" and BTC's CANNOT just be minted out of thin air. IT requires PEOPLE AROUND THE WORLD to use computers and machines to solve complex math problems to keep the NETWORK RUNNING. (like Verizon, or your internet NETWORK, BTC is also a network). These machines ALSO KEEP TRACK OF EVERY TRANSACTION ever made on the BTC network in a LEDGER (transaction history). These transactions can be looked up by anyone, anywhere, for proof. SOME cryptocurrencies are like networks, others are more like APPS that you can use on that network.(like smart apps on your phones network) Some are like gaming apps where you buy their crypto and use it for in game items. Some are like BANKING apps which I believe can easily become the future of banking. It provides more security, and overall a much better service IMO. Staking your cryptocurrencies allows you to participate in their POS (proof-of-stake) consensus and EARN MUCH BETTER ANNUAL APY THAN YOUR BANK. (we're talking 5%-25% or even higher for some coins). This is how these coins get VALUE by the money that is staked within the network! They can provide you with much better offers because essentially, you're cutting out the middle man or centralized part of the banking system. Instead EVERYONE PARTICIPATING contributes to the network/crypto and keeps it running so it is DECENTRALIZED. There is NO CENTRALIZED owner/government/cooperation who CONTROLS the rules, and TAKES 80% of the profits while throwing you the bone! BTC in particular was created to solve this problem AS WELL AS MANY OTHERS (research)
THIS BRINGS ME TO MY POINT... "MEME COINS" ... Many of you know my view on them but for newcomers, UNDERSTAND that ITS HARD for a "meme-coin", with no real world use cases or application TO HAVE VALUE!(like the others described above). IN the eyes of LONG TERM INVESTORS, meme-coins don't really have much to offer and therefore IN MY OPINION should really not be looked at as a serious long term investment. Its a coin DAY TRADERS will love to buy low, ride the hype-wave, and MOST LIKELY a massive sell-off at the top (like we saw with DOGE before). Until these meme-coins can incorporate REAL WORLD USE CASES/APPLICATION, I PERSONALLY DON'T see them HOLDING THEIR VALUE OVER TIME. Some people will say "they ARE starting to do this or that" which is fine but IS IT AS GOOD as how ETH does it? or ADA? SOL? the list goes ON AND ON that basically THERE IS A LOT OF VERY GOOD COMPETITION out there and EVERY CRYPTOCURRENCY is made with coding, some more COMPLEX and SECURE (like ADA) and others designed for transaction speed/less security. My point is JUST BECAUSE a meme-coin may be starting to implement these things DOESN'T NECESSARILY MAKE THEM as valuable or on the same level as other cryptocurrencies.
THE KEY TO FINDING THE BEST ONES AND THE BEST INVESTMENT IS TO RESEARCH THEM AND FULLY UNDERSTAND THEM... NOT JUST CHART ANALYSIS
ALSO A VERY IMPORTANT THING YOU MUST KNOW BEFORE BUYING CRYPTO IS "HOW LONG DO YOU WANT TO HOLD IT?" ... THE TIMEFRAME... It's SO IMPORTANT in ways I haven't explained yet. (another time)
ANYWAYS, THANK YOU ALL for reading and I HOPE this helped people.
If you like this IDEA and/or would like to see more please LIKE, and FOLLOW me on TradingView and Twitter.
SHARING is what really helps as well as I am trying to find good ways to reach a much bigger audience and I need your help to get there.
You're welcome to view all my other published charts and press the "play" button on them to forward time and see how they played out. This is a great feature on TradingView which really helps you become a better trader and analyst!
Also if you're interested in trading or investing but need to get the hang of it first, TradingView has "paper trading" which allows you to trade with money that isn't real... for practice.
Hope everyone's doing well, check my chart descriptions for updates, and Take Care.
Note
DOGE took a small bounce off the 20D EMA so far, which is good. However, It looks as if it will come down AGAIN to test it again. Both the 20D EMA and 50D EMA are close together with the 20D recently Crossing above the 50D, which is another good sign. I DO expect the moving averages to HOLD but IF DOGE falls below 0.24 things can turn around VERY QUICKLY... I WOULD NOT want to see DOGE fall below 0.24 here. IF IT DOES, IT NEEDS TO BOUNCE BACK ABOVE QUICKLY or it will get stuck UNDER the EMA's, most likely resulting in a drop down to test the 0.20 area
Note
DOGE is still in my personal green buy area. We'll keep a close eye on it!
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