#DOGE Based on the provided 4-hour chart for DOGEUSD, here are a few observations:

1. Price Action: The price is in a clear downtrend, with a series of lower highs and lower lows. The recent candles show some consolidation, but the overall trend remains bearish.

2. Moving Averages: The price is below the EMA(25) and EMA(99), reinforcing the bearish trend.

3. MACD: The MACD line is below the signal line, and both are below zero, indicating bearish momentum.

4. RSI: The RSI values are:

• RSI(6) at 38.84

• RSI(12) at 33.58

• RSI(24) at 34.03

These indicate that the asset is approaching oversold territory but not yet extremely oversold, suggesting some potential for a further downward move.

5. Stochastic Oscillator: The K value is 37.61 and the D value is 32.13. These values are relatively low, indicating the asset is nearing an oversold condition, but there could still be room for further decline.

6. William %R: The value of -59.85 suggests the asset is in a neutral to slightly oversold condition.

Conclusion:

Given the indicators:

• The strong bearish trend confirmed by price action and moving averages.

• The MACD showing bearish momentum.

• RSI and Stochastic Oscillator indicating potential oversold conditions but not yet extreme.

Recommendation:

Opening a short position could be reasonable given the strong bearish trend. However, due to the approaching oversold conditions indicated by the RSI and Stochastic Oscillator, it would be prudent to:

• Monitor for any signs of a reversal or bounce, which could indicate a temporary pullback.

• Set a tight stop-loss to manage risk in case of a sudden price rebound.

• Consider partial short positions to scale in and manage risk effectively.

Waiting for a slight retracement to short at a higher price might also provide a better entry point.$DOGE $DOGE #doge⚡