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06.12.202110:53 Forex Analysis & Reviews: Trading tips for Dogecoin

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

The crypto market crashed last Saturday. Dogecoin, for instance, fell 7,000 pips and falsely updated this year's low.

Looking at this situation, we recommend taking long positions for profit.

Exchange Rates 06.12.2021 analysis

So, starting from the current prices, traders can buy up to the high last April 2021, or up to the low hit last Saturday. The risk-reward ratio of the first scenario is 2:1, while the second one is 5:1.

No matter what you choose, take profit after the breakdown of 0.35

This trading plan is based on the Price Action and Stop Hunting strategies.

Good luck and have a nice day!

Andrey Shevchenko
Analytical expert of InstaForex
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