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Cryptocurrency
by Seth Parker on June 26, 2018

Dogecoin Analysis – Channel down keeps the downtrend alive

Long time no see with the Dogecoin. For the last time, we talked about this crypto on the 17th of April. In our last piece, we were bearish, even despite the huge bullish correction that was rocking that coin in April. We said:

“What is more, in the long-term, the price is still making lower lows and highs, so the trend is still negative. Our current short-term view is rather pessimistic, so in the next few days we should see a decline.”

Dogecoin Chart

Next two days, after those words were written were bullish and the price went higher but that was it. Since the 19th of April, Dogecoin entered a bearish trend and the price created a channel down pattern (green lines). Drop was very technical. In the meantime, the price created two correction patterns, triangle, flag and a wedge (orange lines).

Currently, we do have an upswing but the price should not break the upper line of the channel down. The long-term sentiment is negative and in the next few weeks, we should see Doge on the new lows.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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