🚨 $DOGE /USDT Trade Setup💸💸
Market Sentiment:
Current Trend: Downtrend, indicating a bearish sentiment.
Key Resistance Zone: $0.40 - $0.41 (strong rejection area, suitable for short entry).
Key Support Levels:
$0.3890 (minor support).
$0.3850 (previous demand zone).
$0.3500 (strong support, major target).
Risk-Reward Analysis:
Stop Loss (SL): $0.4250
Risk: ~3.5-6.25% depending on entry.
Potential Reward:
Target 1: ~2.75%
Target 2: ~3.75%
Target 3: ~12.5%
Risk-Reward Ratio:
For Target 1: ~1:1.
For Target 2: ~1:1.25.
For Target 3: ~1:3.
Technical Indicators:
RSI: Likely showing overbought conditions around entry zone (~$0.40-$0.41).
Moving Averages: $DOGE trading below 50 and 200 EMA, confirming bearish bias.
Volume: Watch for decreasing buy volume near $0.40-$0.41 to confirm entry.
Strategy Notes:
1. Entry Zone: Wait for price to hit $0.40-$0.41 with a bearish rejection pattern (e.g., pin bar or engulfing).
2. Stop Loss Placement: $0.4250 allows sufficient room above resistance.
3. Take Profit Strategy:
Consider trailing SL after hitting TP1 to lock profits.
Scale out positions gradually to secure gains.
Caution: Volatility can increase due to market conditions. Stick to your SL for proper risk management.
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