Dogecoin Elliott Wave Evaluation: Appears to be Transferring Down – FXStreet

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If the crypto market extends its decline today, we would likely have five waves on the downside that should be viewed as a potential upper and bearish reversal. As you can see, the major cryptocurrencies are still in the strong resistance zone, but there is still no real breakdown. We need to see something more significant, such as a broken channel support line or a declining level of confirmation.

Dogecoin, DOGEUSD is trading as expected and now that we haven’t seen a major rebound, DOGE Coin also appears to be ending a three-wave ABC correction in wave (b). So we’re still tracking this last wave (c) of “y” towards the projected 0.13 strong support before it finds the support / bottom.

Dogecoin 4h Elliott Wave Analysis Chart

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