Good call in my previous post Is Fear The Time To Be Bold where I said that the BTC/DOGE spread looked ready to tighten and that when it does it can be swift and not something you want to be caught short DOGE going in to. We have rallied roughly 12 cents in DOGE over the past few days and at the moment are trading slightly off at 26.80 cents. BTC made a new all time high and DOGE and ETH have then rallied strongly.
In terms of positioning where does this leave us. For those that were flat and took up my recommendation to do a half clip around 16 cents, they are sitting pretty and may have exited the position. Personally I am still long, I am looking at an exit for half a clip around x cents but will pull the offer and run the position if I still see solid momentum at that level. I then have a small amount that I will look to run in to the all time high. Do I think that trades in this cycle, it’s possible, fundamentals are starting to shape nicely but if it doesn’t happen now then not to worry. The risk on trades are certainly back on and the tariff panic was very much overdone as I mentioned in my previous post.
If you are long now and are just a long term holder hoping to run through the all time high, consider taking some off in the bull run with a view to being able to put it back on lower if there is a significant pullback. That way you are taking profits while also being ready to profit if we do surge through the all time high.
The above chart shows us we are at the resistance on the monthly chart that saw a strong breakout previously and then acted as support before being shattered. It’s a good level to take some off if you are long from the teens. If we break above here which does look likely then it looks very likely that mid thirties will trade which will be another point to take some size off.
Until next time, subscribe, remember paid subscribers get my exact trade entry and exit points and any questions, fire away in the comments section.