Elliott Wave Technical Analysis: Dogecoin / U.S. Dollar

By Peter Mathers of Trading Lounge

Elliott Wave Analyst - tradinglounge • Feb 14, 2023 at 4:27 AM EST

Dogecoin is still in a bearish price structure in a Zigzag pattern which is now developing in wave C.

Image by KNFind from Pixabay

Elliott Wave Analysis TradingLounge Daily Chart, 14 February 2023.

Dogecoin /U.S. Dollar (DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis

Function: Counter trend

Mode: Corrective

Structure: Zigzag

Position: Wave C

Direction Next higher Degrees: wave (Y) of Double Corrective

Details: Corrective trend end, and the price declines again

Wave Cancel invalid Level: 0.1

Dogecoin / U.S. Dollar (DOGEUSD) Trading Strategy: Dogecoin is still in a bearish price structure in a Zigzag pattern which is now developing in wave C. It is likely to trade below 0.060 but since it is the first drop in wave C, the price may pull back to retest the 200 MA.

Dogecoin / U.S. Dollar (DOGEUSD) Technical Indicators: The price is below the MA200 indicating a Down Trend. The wave oscillators Below Zero-Line momentum are bearish.

Analyst: Kittiampon Somboonsod

Elliott Wave Analysis TradingLounge 4H Chart, 14 February 2023.

Dogecoin / U.S. Dollar(DOGEUSD)

DOGEUSD Elliott Wave Technical Analysis

Function: Follow trend

Mode: Motive

Structure: Impulse

Position: Wave 5

Direction Next higher Degrees: wave (1) of Motive

Details: Wave 5 usually equals wave 1

Wave Cancel invalid Level: 0.1

Dogecoin / U.S. Dollar (DOGEUSD) Trading Strategy: Dogecoin is still in a bearish price structure in a Zigzag pattern which is now developing in wave C. It is likely to trade below 0.060 but since it is the first drop in wave C, the price may pull back to retest the 200 MA.

Dogecoin / U.S. Dollar (DOGEUSD) Technical Indicators: The price is below the MA200 indicating a Down Trend. The wave oscillators Below Zero-Line momentum are bearish.

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