Shorting DOGE: Anticipating a Pullback After Recent Gains
#doge⚡ #DogecoinCommunity #Pullback #Write2Earn! #BinanceSquareFamily DOGE has experienced a substantial upward movement in recent days, recently breaking a 12-hour swing high. However, at this key resistance level, it shows signs of exhaustion, prompting a potential pullback. To capitalize on this scenario, I'm focusing on the lower timeframes, specifically the 15-minute chart.
- Utilizing a 15-minute Bearish Order Block (OB) alongside the Optimal Trade Entry (OTE) method, I’ve identified an entry point for a short position.
- Setting a stop loss just above the recent high will help manage risk effectively during this anticipated correction.
This strategy aims to capitalize on a pullback, allowing for a well-timed entry before DOGE potentially resumes its upward trajectory.
Conclusion & Advice :
While DOGE has shown impressive strength, the current technical indicators suggest a likely pullback. Traders should consider short positions at this juncture, ensuring to implement sound risk management practices. Monitoring key levels and being prepared for price fluctuations is essential in navigating this short trade effectively. Stay vigilant and ready to adjust as market dynamics evolve!