Now the previous day’s candle also saw the same thing so to get this follow through from the bulls is a great sign and we’re going to be looking today in the show about what this means, what the upside potential price targets could look like, and all of That fun stuff and more so, if that all sounds good, you’re ready to dive into the doggy coin, smash that free like button let’s go with doggy. I wanted to start off the show today. Looking at this one hour chart, we saw an effective double top where we saw a lot of rejection from the upper eight cent level, just shy of the nine cent level, and that is kind of the target that we’re eyeballing right now. So that’s kind of one of the things we’re looking at look at this little face perfect, but yeah so there’s definitely a lot of strong overhead resistance that the bears have been stepping in to pretty much defend very heavily so effectively right now we are looking at This devil top, and typically with these double tops, we do see a very sharp test. First, a very quick pullback and then we typically do see a gradual test of this level and then usually a rejection, that’s a little bit slower. So if that does end up being the pattern that plays out that’s kind of what we expect where we could see, maybe some consolidation testing this level again. Failure of the bolster will ultimately break this level, and then that would be a pullback time now.
The caveat to this pattern that we’re seeing is it also could be setting up for a very nice effective cup and handle pattern. So if that is something that we’re looking at that’s, also extremely bullish, and that would be a great opportunity to see a pullback test. Some supports actually establish this level and then see another run up for the bulls, so that’s definitely something else in the bullish category as well. That we’re looking at on this one hour, chart too. It has been great to see how we actually have been looking at a run up a longer period of consolidation, a run up, a period of consolidation, a run up, and then hopefully we might be looking at another period of consolidation, hopefully before running up and seeing Another test of this upper eight cent and potentially the nine cent level and ideally we’d love to see it hit that 10 cent psychological. Now we have been seeing a mini parabolic pattern here earlier today, so typically, when that does happen, we know it does top out. We likely see these consolidation periods that ultimately shape up for the next parabolic run. So right now, in this current setup, it does seem like we have seen an effective top projecting as a double top from this resistance point pulling back, and then we would love to see a either a tightening consolidation pattern or potentially even worst case scenario, a bullish Flag, which probably we would like to see bounce off of about the six and a half to the six cent level and find that level as support.
Basically, that is going to be a kind of worst case scenario, and we would hope that the bulls would be able to defend above that, but right now in the current prices and the setup. That is a scenario that we could be looking at. In the bearish instance, keep in mind that technical analysis, isn’t necessarily making predictions about what’s going to happen, it’s about making good choices based off of analyzing potential outcomes. So we know that if there is a dump, we would ideally like to be eyeballing this six and a half to six cent level and find that level as support a further pullback beyond. That would actually confirm a little bit more of a bearish trend and then the lower support that we would be wanting to find hold up is the five and a half cent level at the very worst case scenario. Keep in mind, too, that finding support at these levels would actually still put the longer term charts in an uptrend pulling back setting a higher low and then moving up to see a new higher high it’s. Just the fact that these charts for dogecoin so far have just been so crazy explosive that any sort of pullback potential at all would actually be a very substantial pullback. So if we were looking at the five and a half cent level that would be about a 35 percent pullback if we do manage to pull back that far 35 percent pullbacks are definitely nothing out of the ordinary in this crypto space, so that’s, something that we Can keep in our back pocket is something that could be played out for the bears in this instance.
So, just being mindful of that scenario, is gon na help in the event that we do see that actually play out. It’S gon na actually alleviate a lot of that fear and panic, since it is something that we’re actually considering as a possibility due to the way. This chart is set up right now now, after establishing the five and a half cent as resistance, we did see a pullback confirming support, which was resistance previously, and that was sitting right about the 4.2 cent level. Once that was confirmed as this support, we saw the next run up and a test of this level, finding the increasing volume that we needed down on the floor to ultimately smash through it and then pulling back and actually confirming this previous resistance. At five and a half cents as support now in the current environment and scenario, though i am pretty confident, especially since this is the second test of this upper resistance zone, just shy of nine cents that we will be continuing to pull back and test this continuously. The reason is, i think, the hype and sediment is actually still pretty strong right now and with every pullback. Establishing a higher low just confirms a lot more bullish support, which means a lot more bullish pressure on the upside to ultimately test this resistance and when we do see a higher low. Ultimately, we do get this ascending triangle pattern, which is extremely bullish. Switching over to the six hour chart now i want to talk about how we are looking at a very nice, uptrend and i’m, not necessarily talking about this initial explosive move to the upside i’m.
Talking about once, we actually did retrace and establish our support, pretty much right at the two and a half cent level, but basically, even on this pullback, we saw a declining bear volume now we’re, seeing this move to the upside establishing a new trend high pulling back Setting a higher low, we did see a decent amount of volume and then, ultimately, we did see declining bear volume for this pullback. We established the floor of support, found a lot more move to the upside, with increasing bullish volume. Once we did find the high pulled back retraced to ultimately test this 12 period, ema that did find declining bearish volume as well and then even on this most recent leg to the upside. So far, overall it’s been very nice up, trending bullish volume. So all the moves to the upside have been on increasing bullish volume and all of these pullbacks have been on falling bearish volume. After finding this huge pullback too, we did set a low pulled up, found a new high, higher low, higher high higher low and now a higher high. So even if now we do pull back and find a higher low. This is still a very bullish trend now to see another test of this upside resistance, potentially even finding now a new high or high on the six hour chart two, the 26 period ema has been very relevant and it has been supportive for a lot of the Moves once we did see pullbacks here.
Hopefully we won’t see too much of a retest again. That could be a potential big pullback and retracement, but if we do it’s, not the worst sign, if this does rally up and it does find a supportive level pretty much right at the six cent level if we do end up seeing a pullback with decreasing bearish Volume that’s actually not a very bad sign, and then that would be setting our new higher low to see more upside, despite the fact that that would be pretty much almost a 20 pullback yeah, so about 18 or so that’s. Still a very bullish, sign and indication. Overall, in a healthy and normal market, where we do see, moves to the upside, healthy, pullbacks and retracements, establishing that support and then seeing the next leg to the upside. Ideally in that instance, we would be looking at smashing this double top for this resistance r size. On the two hour, chart and longer are extremely overbought, though, despite the fact that they are starting to pull back a little bit. But if we look at all these rsis, we are seeing a pullback and a retracement needed because they have been overextended and overbought on. All of these charts, so we know that this pullback is probably going to take a little bit to play out. We would love to see this ultimately cool down, establish a support and then see another run up and a test, hopefully breaking that double top resistance level.
Just shy of that nine cent mark looking at the weekly now and we are going to talk about the chart setup itself as well, but the fact that this rsi is just at the level that it’s at is pretty ridiculous. In my opinion, if you ask me it’s at 98.54 for this weekly so definitely know that it has to see a little bit of this pullback and correction at some point now we know that in super euphoric and bull driven markets like this, a bullish reversal indicator Signal isn’t necessarily as strong as, for example, if this did see an oversold bounce extending into the low and oversold level. This is a lot more relevant in a bull market than in a bull market scene. A bullish reversal trend indicator where we’d then like to see a pullback, so definitely not necessarily going to call for an immediate and outright dump yet just based off this rsi. But we do know that at some point we will need to see a pullback and a test of some of the lower supports to allow this rsi to ultimately cool down these longer term. Charts aren’t really as relevant right now and it’s, pretty much all the shorter term charts like the one hour and less for dogecoin right now, so that’s pretty much. What we’re, looking at and based off of that we’re, not necessarily calling a top in just yet based off this weekly chart, now, hopefully from being in the markets.
Listening to the channel and kind of learning, your own analysis, you should see that this type of setup is just absolutely not sustainable, and you know we can’t see prices. Ultimately, trade basically sideways see an outright explosion overnight and then not expect at some point a pullback. Any retracement of supports we’re definitely going to be needing to establish some supports here soon. One of the things that we noticed too is that, on these vertical sky, shoot moves no chance to really establish resistance on the way up. That means it’s a lot harder to find that support on the way down. So assuming we do see that scenario it’s not necessarily going to be the best sign and we are definitely going to want to see – supports, get established on some of the shorter term charts because based off this weekly chart right now, if there was a huge and Outright flush and dump that’s pretty much going to set off a bunch of panic, a bunch of fear and then there’s not really going to be any support levels to actually hold up on. This is definitely worst case scenario, though, and right now, there’s nothing to panic about, but yeah just know that overall we will need to see a pullback and a retracement at some point, so make sure you’re definitely aware of that, because we are going to ultimately see It – and it probably is going to be a very quick and aggressive, sell off just like this move to the upside was quick and aggressive on this 15 minute chart.
Now we are kind of looking at an effective head and shoulders pattern where we’re looking at a neckline. So if prices do continue to pull back break this neckline right about the 6.8 level, which was previous resistance. So we did find it as support this time. But if we do pull back test it and break it, that’s pretty much going to confirm this head and shoulders reversal pattern on this 15 minute chart and then based off of that we’re, going to pretty much anticipate that we’re going to see a shorter term bear Trend to ultimately test some of the supports and establish a higher low on some of these longer term charts, so that’s all pretty much my expectation as we do head into you know the next couple days or so checking out for doge. So, just keep in mind that if we do see a pullback we’re, pretty much just going to be looking to set a higher low on the longer term charts seeing the bulls get that level established and then ultimately seeing another run up to effectively break this double Top that we have seen strong resistance at so far i’m, pretty confident that if and when that does happen, then we would see a shoot up to the 10 cent level like it was absolutely easy and no problem at all. So i anticipate with no overhead resistance being in a blue sky breakout seen a lot of hype smashing through it and obviously seeing the price explosion continue for doge it’s gon na shoot a lot of price action to the upside here, all right.
Well, that is gon na go ahead and close out. The video for today, though, hope you all enjoyed. You all learned something about dogecoin. If you learned something and did enjoy the video today, please consider hitting those thumbs up like and subscribe buttons if you haven’t done so already fun times ahead, though so make sure you post your questions, comments, thoughts, predictions and all other fun stuff below.