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.

Featured image courtesy of Shutterstock.

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.