Dogecoin Ready For A Deeper Pullback

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Mar 09 2021

Hello Traders!
Today we I will look at dogecoin which has been very interesting, especially on social media after Elon showed some interests regarding this coin in some of his tweets. However, I am afraid that the most of the social media traders and followers will get burn on these trades. Just copy someone, trade and make money isn't working. It may for some, but only for those who understand the risk, money management, timing and volatility. Besides that I also think that much safer game plan on cryptos is to buy low and sell high, and that's where the Elliott wave theory can be very helpful. It's the theory that tracks the market sentiment and makes repeatable cycles based on investors psychology, and unfortunately in a lot of cases market will do the opposite of "mass expectations". So for me it's not a surprise that price is actually moving south for the last few weeks, and it may see even lower prices as contra-trend moves are made by three waves and it appears that per EW model wave C is missing which may give a new opportunity for longs, after a completion of a retracement which can be at around 0.02-0.03 area. So for me, it's too soon to buy.