Graph Analysis:
Time frame: 4 hours
Current Status: DOGE/USDT is currently retesting the order block after a strong break above the short-term 0.618 Fibonacci retracement level.
Expectations: A retest of the trend line is expected, followed by a pullback to attract short positions, and then a break above the neckline of a potential inverted head and shoulders pattern.
Key Levels:
Fibonacci Retracement Level 0.618: Approximately $0.1152
Resistance Level (Neck Line): Around $0.1250
Order Block: Current retest level
Potential Scenarios:
Bullish Scenario: If DOGE/USDT successfully retests the order block and breaks above the neckline of the inverted head and shoulders pattern, it will confirm the bullish trend with targets for higher price levels.
Bearish Scenario: Failure to break above the neckline and a sustained pullback could indicate a continuation of the bearish trend.
Recommendations:
For Bullish Traders: Watch for confirmation of a break above the neckline. Consider entering long positions with stop losses below retest levels to manage risk.
For Bearish Traders: Look for signs of failure at the neckline and potential continuation of the downtrend. Consider short positions with stop losses above recent highs.
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