DOGE had made a small triangle in the several few days and today we have a breakout to the upper side.
The Pair was making indecision candles in the last few days next to 0.23333 support and on Friday the pair formed a bullish Pin bar.
Even if the breakout to the upside has happened it is good to wait until it is confirmed.
The confirmation could happen when the pair reverses from the area around 0.26736 resistance.
This resistance pair was respected earlier so we can expect some selling pressure.
If the retrace happens the support should be around 0.24000 – 0.25000 which is a confluence of support
between downtrend channel, uptrend channel and horizontal support.
From there we should wait if the price forms a bullish price action signal as bullish Pin bar or engulfing candle.
Stop loss should be placed below triangle low, around 0.21170.
Profit target is next to 0.30000, but to be on the safe side 0.29430 is more likely as a best exit option.
If the price closes above 0.26736 on a daily basis we will have a bullish overview of the pair so we can watch for the bullish opportunities.
Harmonic Patterns Cheat Sheet
All Harmonic Patterns on one place with important tips for trading.