Welcome to this analysis about Polkadot, we are looking at the 2-hour timeframe perspective, the recent events, the established formational structure, and what to expect in the upcoming times. Polkadot recent times has shown up with initial pullbacks after forming its top in a very overbought condition, this gave the edge for Polkadot of a potential continuation of these initial pullbacks and in this case I discovered a decisive formation Polkadot is currently forming that has the potentials to lie ground for the next determinations especially when looking at the accumulation-zone this can approve worthwhile for a potential recovery, therefore I detected all the important levels and likely determinations.
As when looking at my chart now we can watch there how Polkadot is forming this main triangle-formation marked in my chart with the blue boundaries, within this formation, it has established a coherent wave-count already completing waves A to D in the schedule and with the remaining wave E running into this strong resistance-cluster likely to show up with a pullback that will then complete the whole formation and lie ground for the major wave C to establish as it is marked in my chart. Now when this shows up Polkadot will continue and protract with its bearishness till there is support found in which it can reverse the dynamic and back-up again, this can possibly happen within the accumulation-zone marked in my chart in blue where the wave-count will end and a potential reversal can show up, it is highly necessary then that Polkadot does not fall below this level again because this can invalidate any recovery, it will be an interesting dynamic ahead.
Thank you everybody for watching the analysis, great contentment for everybody supporting, have a good day and good trading, all the best!
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Information provided is only educational and should not be used to take action in the market.
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