 DOGE/USDT Analysis - Potential Short Setup
2024-12-16
Category: None

DOGE/USDT Analysis - Potential Short Setup

1. Current Price Action:  
The price is hovering around 0.402. A key rising trendline has been broken, signaling a potential bearish reversal.  

2. Support and Resistance:  
- Resistance: 0.418 → 0.438  
- Support: 0.402 → 0.384  

3. EMA200 (4H):  
The price is sitting just above the EMA200. A break below this level would confirm further downside potential.  

4. Supertrend:  
The Supertrend indicator is bearish, aligning with the downward momentum.  

Trade Setup:  
- Short trigger: If the price breaks below 0.402 with confirmation (strong volume).  
- Stop-loss: 0.418 (resistance area).  
- Take-profit: First target at 0.384, with potential continuation lower.  

Key Notes:  
- Watch for volume confirmation on the break of 0.402.  
- EMA200 is critical: a break below it would strengthen the bearish bias.  
- If bulls reclaim 0.418, this setup becomes invalid, and a move toward 0.438 may follow.  

Trade safe and manage risk carefully! 🚨