How I Traded $DOGS

I initially entered a short position because there were several issues concerning Telegram recently. Although DOGS is a different entity from Telegram

A Technical Analyst from UseTheBitcoin shares his personal trading approach and observations on the crypto market in this video.

The analyst begins by discussing his initial short position on $DOGS due to the recent issues concerning Telegram. However, to his surprise, the price of $DOGS did not fall as much as he had anticipated, considering that $DOGS is closely associated with Telegram.

After observing the price action, the analyst realized that he could trade $DOGS normally. So, he began to move in and out of the market, switching between long and short positions depending on the market flow.

Since $DOGS is just a meme coin and is currently facing some issues related to Telegram, the analyst only allocated a small amount of capital to test the waters. In the end, he managed to make a small profit.

At the time of making this video, the analyst is hedging $DOGS by opening both long and short positions simultaneously due to the ongoing uncertainties. This type of trading strategy is the best option in this ranging and undecided market.

The analyst plans to close his losing position and let his winning position run after a few hours.

Many traders sold their positions immediately after $DOGS was listed on the market—many people who received airdrops also sold quickly out of fear. However, the analyst believes it’s better to observe the market first before making such decisions.

According to the analyst, sometimes fear and panic can lead to poor choices in the end. Just like what happened with $DOGS, many people were very negative about it, but in the end, it was not affected as severely as many had expected.

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