Today I attempted to buy Dogecoin with a stop-loss at 0.23475 and a take-profit at 0.25028. Dogecoin's price movement on the M15 timeframe shows a fairly systematic pattern. Initially, a very strong bullish impulsive wave formed, signaling a breakout from the previous accumulation. After reaching the peak, a correction occurred, forming a deep retracement. Within this retracement, no bullish candles were able to sustain themselves, indicating that buyers were losing momentum. However, as the price began to approach the 200-day moving average (MA200), selling pressure appeared to diminish, and the market moved more slowly. This is characteristic of the consolidation phase, which often precedes a breakout in a specific direction.
