Click to watch the video: Master Chen 3.5 Video: DOGE to Reach $1 After ATH, What's the Next Target?

Today's video will discuss the next target for Dogecoin and Bitcoin, including the imminent breakthrough of historical highs for Bitcoin. We will discuss where the next target will be after breaking through the historical high, including the potential for long-term holding of Bitcoin, which has seen significant profits for medium to long-term positions since the bottom at the end of last year. It is advisable not to close positions after breaking through the historical high.

Let's first take a look at the monthly chart of Dogecoin. I have noticed that the ASO sentiment indicator at the monthly level for Dogecoin has already undergone a crossover, and the price has reached around 0.2 this morning. Personally, I believe Dogecoin can still be viewed from a long-term perspective.

It is possible that, as I mentioned in yesterday's video, Dogecoin may reach $1 in September this year. This speculation is based on the potential impact of continued endorsements from Elon Musk, successful launches by SpaceX, or support for Dogecoin payments by social media platforms. I believe that the price will continue to rise in the future.

We can observe that in November 2020, Dogecoin also experienced a golden crossover of the blue and red lines of the ASO sentiment indicator at the monthly level, and Dogecoin continued to rise for about 6 months. Currently, it has only risen for about 2 months.

We should observe that the current price of Dogecoin is above the 20-day moving average at the monthly level. In any case, the overall trend is a bull market, and it is possible that its rise will be more frenzied than other currencies. Looking back at March 2017, when the ASO sentiment indicator for Dogecoin was just starting to show this golden crossover at the monthly level or the first rise in the monthly line, it is possible to consider adding positions even if it doubles. In March 2017, there was a significant rise for three months, and currently, it has only risen for two months. We need to pay attention to whether it will rise like the market trend in 2020, with a rise every month, and whether the ASO indicator at the bottom will rise to around 70. We need to be cautious about whether Dogecoin will peak around $1 or $10 when the ASO indicator rises to around 70 at the monthly level.

Next, let's take a look at the daily chart of Dogecoin. This morning, it dropped to around 0.2, which is a retracement from the range of 0.2 to 0.22 in 2021, when Dogecoin came down from the peak of 0.7. There are also two important support and resistance conversion positions around 0.22 in December 2021, which may create short-term pressure. If Dogecoin rises to around 0.2 or 0.22, it is advisable to temporarily stop adding positions, as there may be fluctuations at this level. After reaching around $1, consider whether to close some long positions or hold some positions to see if Dogecoin can reach $10.

Now let's take a look at the weekly chart of Bitcoin. Since the low point of 25,000 last year, Bitcoin has risen by over 170% and is about to break through the historical high. There have been reports that in Hong Kong, it is possible to directly buy Bitcoin spot ETFs, as I mentioned in yesterday's video. As long as it is possible to buy US stocks, it is possible to directly buy Bitcoin ETFs. Therefore, funds from around the world are currently buying Bitcoin, and it is about to break through the historical high in the short term.

After breaking through the historical high, where will the next target be? We can also observe the overall structure of Bitcoin from 2022 to 2023, which shows a very obvious large head and shoulders bottom pattern, with the entire bottom being the head, including the position where the main force dug the pit, and the range from 25,000 to 31,000 forming the right shoulder. We can use this pattern to measure the distance from the low point of 15,000 to the neckline, and then calculate from the position of 30,000. If it breaks through the historical high, the next target may be around 74,000. Personally, I believe that 74,000 will not be the peak. After the price rises to 74,000, we can expect Bitcoin to break through $100,000 in the first half of the year.

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Candlesticks rule, trends are king. I am Master Chen, focusing on BTC and ETH spot contracts for many years. There is no 100% method, only 100% following the trend. Daily macro analysis articles and technical analysis review videos are updated on the entire network.

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