Elliott Wave Technical Analysis: Dogecoin Crypto Price News For Thursday, Oct 10

Photo by Executium on Unsplash

Elliott Wave Analysis TradingLounge Daily Chart

Dogecoin/ U.S. dollar(DOGEUSD)

Function: Counter trend

Mode: Corrective

Structure: Double Corrective

Position: Wave Y

Direction Next higher Degrees: wave (II) of Impulse

Wave Cancel invalid Level:

Details: Wave (II) may not be complete, price is likely to be below 0.076

Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy:
This is a 5-wave retracement of wave (C), where we are in the final stages of wave Y, which is likely to test the 0.076 level. So the overall picture is a short-term retracement before another rally.

Dogecoin/ U.S. dollar(DOGEUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bearish Momentum.

Crypto24.thumb.png.70c587c61be548d1bbb0b1202ed4af07.png

Elliott Wave Analysis TradingLounge 4hr Chart

Dogecoin/ U.S. dollar(DOGEUSD)

Function: Counter trend

Mode: Corrective

Structure: Double Corrective

Position: Wave Y

Direction Next higher Degrees: wave (II) of Impulse

Wave Cancel invalid Level:

Details: Wave (II) may not be complete, price is likely to be below 0.076

Dogecoin/ U.S. dollar(DOGEUSD)Trading Strategy: 
This is a 5-wave retracement of wave (C), where we are in the final stages of wave Y, which is likely to test the 0.076 level. So the overall picture is a short-term retracement before another rally.

Dogecoin/ U.S. dollar(DOGEUSD)Technical Indicators:
The price is below the MA200 indicating Downtrend. The Wave Oscillator is a Bearish Momentum.

Crypto24(1).thumb.png.122fa5e243ae54569bf9992c24839a0c.png

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com


More By This Author:

Bullish SP500 Elliott Wave Analysis Ahead Of U.S. CPI And Employment Data
Power Grid Corp Stocks Elliott Wave Technical Analysis - Wednesday, October 9
Coffee Commodity Elliott Wave Technical Analysis - Wednesday, October 9

Analyst Peter Mathers TradingLounge™ Australian Financial Services Licence - AFSL 317817

How did you like this article? Let us know so we can better customize your reading experience.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.
Or Sign in with