Support and Resistance is one of the most used techniques in technical analysis based on a concept that’s easy to understand but difficult to master.

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On TradingView when you hover over their ideas menu, there are a few chart patterns listed that I haven’t covered here, yet:

Babypips - How to Trade Breakouts Using Trend Lines, Channels and Triangles.CarpeNoctom - Crypto Chart Pattern Compendium.Contentsĭeciding how to organize patterns, and their relative importance. Taking notes while reading Encyclopedia of Chart patterns by Thomas Bulkowski. Every investment and trading move involves risk, you should conduct your own research when making a decision.Encyclopedia of Chart Patterns - Cheat Sheet The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of. Conversely, a decisive move above the range could result in an extended upside momentum toward $0.24, with an eye on $0.30 and $0.37 (also the falling wedge target). Source: TradingViewĪ strong pullback, accompanied by a rise in volume from the said resistance area, could have DOGE test the 0.786 Fib line near $0.10 as its interim downside target. DOGE price levels to watch out nextĭogecoin‘s latest rebound move now eyes a quick run-up toward the $0.15-0.19 area, a range encapsulating three psychological resistance levels: the 20-day exponential moving average (20-day EMA the green wave), the 50-day EMA (the red wave) and the 0.618 Fib line (near $0.19) of the Fibonacci retracement graph - all shown in the chart below. Nonetheless, he maintained that BTC‘s price should recover from its bearish slump to target $100,000 in the long term. Mice McGlone, the senior commodity strategist at Bloomberg Intelligence, noted that Bitcoin could drop to as low as $30,000 due to its strong correlation with the United States stock market. Related: Bitcoin sellers keep BTC price action in check amid $45K 'fakeout' warning The correlation coefficient between DOGE/USD and BTC/USD. Veteran investor Tom Bulkowski sees a falling wedge as a “poor performer” when it comes to predicting bullish chart patterns, noting that their “breakeven failure is high and the average price is low.” He cites a study of 800 trades that shows that the possibility of a falling wedge breakout meeting its bullish target is near 62%.Īdditionally, Dogecoin‘s track record of showing a period of highly positive correlation with Bitcoin (BTC) - at 0.94 against the perfect score of 1 as of March 27 - could also limit its bullish bias if the latter drops due to ongoing macroeconomic and geopolitical pressures. As such, breaking above the upper trendline further exposes Dogecoin‘s price rise toward $0.37, up more than 150% from today‘s price. Source: TradingViewĭOGE‘s rebound from the wedge‘s lower trendline two weeks ago opens up its possibilities to continue the move upside toward the upper trendline - near $0.18. DOGE/USD weekly price chart featuring 'falling wedge' pattern. In a perfect scenario, the setup results in the price breaking out of the descending range to the upside, rising by as much as the maximum distance between the wedge‘s upper and lower trendlines. In detail, a falling wedge pattern occurs when the price trends lower while fluctuating between two downward slopings, converging trendlines. Meanwhile, the coin‘s upside retracement originated at a support level that constitutes a “falling wedge” setup, signaling an extended bullish reversal in the weekly sessions ahead. DOGE/USD rebounds 30% in two weeksĭOGE experienced strong dip-buying when its price crashed to levels around $0.10 two weeks ago, resulting in a 30% rebound move to $0.14 as of March 27.

A brutal correction witnessed in the Dogecoin ( DOGE) market between May 2021 and February 2022, which saw the price dropping by almost 85%, appears to have come to a halt this month.

Descending wedge bulkowski