#DOGE: The analysis of the DOGE/USDT chart using Smart Money Concepts (SMC) and Internal Trader Strategies (ICT) suggests the following:
Trend and Structure:
Uptrend: The price shows a strong upward movement, indicating strong buying momentum in the market.
Support and Resistance Zones:
Support is currently around 0.12048 (previous local low).
Resistance is at 0.13649 (recent local high).
Technical Indicators:
RSI (Relative Strength Index): Indicates an overbought condition with a reading of 84.62, suggesting a potential correction or pullback soon.
MACD: Continues to show bullish momentum as the MACD line is above the signal line, but with RSI approaching overbought levels, momentum may weaken.
Moving Averages (MA): The shorter MA (5-day) is above the longer MA (10-day), supporting the ongoing uptrend.
Best Entry Points:
Ideal Entry Points:
If waiting for a buying opportunity, a possible correction to the 0.125 - 0.128 range could be a good entry zone before the next upward move.
Resistance Breakout: If the price breaks through the 0.13649 level with significant volume, it could be a signal to enter a long position, expecting continued upward momentum.
Stop Loss:
A stop loss can be set below the recent support at 0.12048 to minimize risk in case the price reverses.
Conclusion:
You can wait for a correction to the 0.125 range for entry or enter a trade if the price breaks the 0.13649 level, signaling a continuation of the bullish trend. Keep an eye on the RSI to avoid entering after an overbought condition.