Dogecoin (DOGE) And Bitcoin (BTC)

Dogecoin (DOGEUSD) $0.01/3-box Reversal Point and Figure Chart

”DogecoinAbove: Dogecoin (DOGEUSD)

DOGE recently completed a solid bearish breakout pattern in Point and Figure analysis known as a Descending Triple Bottom. Unfortunately, sellers (thus far) have only been able to move DOGE one O below the Descending Triple Bottom. If this were a standard Triple-Bottom Pattern with the same limited move lower, it would be considered a developing Bear Trap. Instead, it is a Bearish Fakeout setup.

Additionally, this pattern completes a Gartley Harmonic Pattern, a bullish reversal setup. Combining the Gartley pattern and the Bearish Fakeout setup indicates a substantial likelihood of a bullish reversal coming soon.

Buy Stop @ $0.16

Stop Loss @ $0.13

Profit Target @ $0.28

This trade represents a 4:1 reward vs. risk with a profit target of 75$ post entry. However, a prior trendline will likely act as a source of resistance near the $0.25 level. Therefore, this trade setup is invalidated if the current O column moves down to $0.10.

Bitcoin (BTCUSD) $500/3-box Reversal Point and Figure Chart

banner”BitcoinAbove: Bitcoin (BTCUSD)

Bitcoin has developed a powerful bullish breakout setup on its Point and Figure chart. There is a possible long entry opportunity with a buy stop at the $38,500 price level. That entry, if triggered, would simultaneously confirm a breakout above a Triple-Top and a breakout above an Ascending Triangle. The Ascending Triangle is one of the most sought-after and profitable pennant patterns. It has a naturally elevated probability of generating bullish breakouts.

Buy Stop @ $39,000

Stop Loss @ $36,500

Profit Target @ $48,500

The trade setup is a 3.8:1 reward vs. risk. A projected profit target of nearly 25% is anticipated post entry. However, the probability of BTC moving to the profit target in a single column is unlikely. A trailing stop of three boxes would help protect any profit made after triggered entry.


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