Today’s analysis – DOTBTC – trading above Local S/R forming a potential higher low,
Points to consider, - Price Action Impulsive - Local S/R Support - POC Resistance - Declining Volume - Double Bullish Divergence (RSI & Stochastics) - Swing High Objective
DOTBTC’s immediate price action is showing strength at Local S/R, respecting this level allows us to have a bullish bias.
The current resistance is the local POC, breaking this level with conviction will increase the probability of a structural higher low.
Volume is on a decline which is indicative of an influx at a key trade location, currently being at one.
There is a valid double bullish divergence, the RSI and Stochastics are showing a higher low in respect to price action making a lower low, again signalling strength.
Overall, in my opinion, DOTBTC is a valid long with swing higher being the objective. Price Action is to be used upon discretion/ management.
Hope this analysis helps!
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And remember,
Trading is mostly a waiting game. if you want action that happens on your own terms, you’re in the wrong field.