leongaban

Bottom of descending triangle on DOT looks like accumulation

Long
KRAKEN:DOTUSD   DOT / USD
A descending triangle is usually a bearish chart pattern, however in the case of DOT and it's recently exchange listings this year this is looking more like the floor. It had a 1 for 100 split after token holders voted so I've cropped out the red candle to hit that irregularity so we can focus on true price discovery . The floor imho is more apparent with the visible range indicator overlaid. We are clearly at the strongest support and volume zone atm. There are major VCs highly invested in this project and looking at the VPVR, there is literally no support past where we are. A lot of DOT tokens are being staked atm (Kraken 12%) which removes sell pressures.

I'm keeping a close eye on DOT, it is 3rd in my portfolio atm, in 2021 we will start seeing IPOs (Initial parachain offerings) similar to the ICOs of 2017.

Here is my high conviction long trade idea I posted for the https://dumbmoney.tv community: https://docs.google.com/document/d/1M5m9...

Comment: Another thing I want to point attention too is all the retail buying pressure in Aug by retail, then subsequent dumping in Sep. ie: short term traders are out... then you had another retail cycle at the start of Sep to end of Sep... adds to my confidence here that we are in a sideways accumulation phase. (Barring a 2nd liquidity crisis like we had in March)
Comment:
Price broke down but quickly recovered, not anything looking like a straight drop normal on descending triangle break downs, however support turned resistance will be tested soon...
Comment:
DOT re-entering the descending triangle structure... confirming my accumulation range thesis.
Comment: Big breakout happening atm
Comment: Polkadot now trading in a nice sideways channel out of the big triangle... this is still accumulation zone. IPOs (Initial Parachain offerings) are coming in 2021 folks.

Comment:
Still going sideways in this accumulation range
Comment: Finally major breakout in $DOT
Comment: Accumulation zone played out, hope you guys invested back when this idea was posted:
Comment: ;)

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Alt season breakout
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