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Friday, July 09, 2021

DogeCoin to Zero Soon?

DogeCoin to Zero Soon?

Dogecoin / TetherUS BINANCE:DOGEUSDT

A lot has been said about various cryptocurrencies of late. Some people think that this DEFI thing is the new bees knees. I think nothing can be further from the truth!
Some “crapcoins” will completely collapse and disintegrate.
As many of you know, I completely ignore the news when making trading decisions. My ideas are based on purely technical picture. But if you do listen to the news, it simply doesn’t look good for cryptos right now. They are increasingly being used for extortion. They use huge amounts of electricity to exist. They have barely any use in the physical world. A coordinated crackdown on cryptos by the Central banks and governments is just around the corner. I would be extremely careful about buying into this new decentralized financial system (DEFI) narrative.
Please avoid “investing” in cryptocurrencies. If you must deal with them – simply trade them.

Note this Dogecoin has retested the Red support-resistance line from below. So far the resistance is holding. It can easily collapse further

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How to understand price action.

It is very easy to read price action if you have a reference point. These support/resistance lines are there to help you read where the buyers and sellers are likely to make a stand.

You can also think of these indicators as moving pivot points .

MasterChartsTrading Price Action Indicators show good price levels to enter or exit a trade.

The Blue indicator line serves as a Bullish Trend setter.
If your instrument closes above the Blue line, we think about going Long (buying).

For commodities and Forex, when your trading instrument closes below the Red line, we think about Shorting (selling).

For Stocks, I prefer to use the Yellow line as my Bearish Trend setter (on Daily charts ). A stock has to close below the Yellow line first, then rally towards the Red line and top out there. This is where I would short it.



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