DOGE Bullish in the Short Term: Breaking Resistance Levels, Strong Bullish Momentum, Short-Term Entry Point AppearsBitcoin rebounded to $63,000 yesterday, with the overall market performing relatively stable. ETF inflows supported the market's rise, but both bulls and bears were cautious, expecting the market to continue consolidating and awaiting the release of tomorrow's CPI data
DOGE Bullish in the Short Term: Breaking Resistance Levels, Strong Bullish Momentum, Short-Term Entry Point Appears
Bitcoin rebounded to $63,000 yesterday, with the overall market performing relatively stable. ETF inflows supported the market's rise, but both bulls and bears were cautious, expecting the market to continue consolidating and awaiting the release of tomorrow's CPI data. This rally is still a rebound, and it is estimated that it will take about a month of consolidation before the main rising wave begins.
Besides the overall market sentiment, Dogecoin (DOGE) has also performed eye-catchingly recently. As a "veteran" of the cryptocurrency circle, Dogecoin once enjoyed great success in the previous bull market, but it was also manipulated by institutions, reaping a large amount of investors' profits. Although the value of DOGE is constantly debated, it enjoys high consensus and a large user base.
DOGE Short-Term Market Analysis:
At 8 PM last night, DOGE saw a large volume of transactions and successfully broke through the resistance level, entering an upward trend. Subsequently, there was a pullback to the support level with reduced volume, but it did not break through, indicating that the support below is still valid. The four-hour chart shows that DOGE is currently breaking through the BOLL middle track, located between the middle and upper tracks, with strong bullish momentum. At the same time, the price has also broken through the long-term downtrend line and the previous high.
Short-Term Trading Strategy Suggestions:
In conclusion, the bearish forces in DOGE are weakening, while the bullish forces are strengthening, suggesting that a rally may be coming. The current position is close to the support level, presenting a good short-term entry point. Entering at this position has relatively low risk, and even if the judgment is wrong, it will only result in small losses. However, if the judgment is correct, significant profits can be obtained. This is also one of the main reasons why I like to engage in short-term trend trading.
Important Reminders:
- Breaking through the resistance level with a large volume of transactions constitutes a strong breakout. According to the principle of polarity reversal, the previous resistance level will become a support level. Moreover, the larger the volume of transactions during the breakout, the stronger the subsequent support.
- Different trading levels require different strategies and entry points. Long-term trading can enter at a relative bottom and hold until the trend ends. However, short-term trading requires waiting for the right time to enter, as there are many trading opportunities every day.
- On the four-hour chart, the market fluctuates rapidly, so short-term trading should be taken advantage of quickly and not be trapped by greed.
- Short-term trading emphasizes capital utilization efficiency, so it is necessary to have the courage to take profits and the determination to stop losses, otherwise, the meaning of short-term trading will be lost.
Other Important Market Information:
- The meme sector, such as pepe, floki, and michi, is rising, with pepe hitting a new high. The "people" project related to the US election mentioned yesterday also saw good gains today, with trump increasing nearly 3 times in recent days, indicating that the popularity of meme projects remains high.
- bb was listed on multiple exchanges yesterday. It is a staking protocol developed by the auction team. Its performance after listing was average, but it still has great potential in the future if the market improves. Auction experienced a significant decline today.
- At 10 PM tonight: Speech by Federal Reserve Chair Powell. At 8:30 PM tomorrow: Release of US key inflation data CPI. These two pieces of data will have a significant impact on the market trend.
- OpenAI's press conference yesterday has ended, and the positive news has turned negative, leading to a pullback in the AI sector.
Finally, please invest rationally, operate cautiously, and any investment advice is for reference only and does not constitute investment advice.
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