Trade Recommendation: Dogecoin/Bitcoin Pair on Bullish Continuation
The Dogecoin/Bitcoin pair has broken out of a six-month downtrend after generating a bullish reversal pattern and breaching resistance at 0.00000025 on December 16 with extremely high volume. The market is currently consolidating as traders with positions from 0.00000015 – 0.00000020 profit from the breakout. Those who are selling now, however, are likely to miss out on the pair’s next leg up.
Technical analysis show a bullish continuation pattern that can take the market up to 0.00000045 on Poloniex. Indicators show that breakout it not yet imminent, which gives you plenty of time to accumulate Dogecoin. The pair is currently trading between the range of 0.00000039 – 0.00000028.
Buy as close to 0.00000028 as possible to limit your risks. Otherwise, you can wait for the market to breach resistance at 0.00000035 with 1,470.2 Bitcoin volume on Poloniex.
Daily Dogecoin/Bitcoin Chart on Poloniex
As of this writing, Dogecoin/Bitcoin is trading at 0.00000032 on Poloniex.
Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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