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 bearish pullbacks after forming its top in a very overbought condition, this gave the edge for Polkadot of a potential continuation of these initial bearish 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 bearish 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 bullish 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! "The high destiny of the market is to explicate, rather than to speculate."
Information provided is only educational and should not be used to take action in the market.
Post your comments, questions, and ideas about POLKADOT here.
cryptogohan
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Why are you always wrong about Polkadot?? Why always bearish? Do you know what polkadot is?? Overbought haha you'll laugh at yourself for saying that when Dot is $1450 at the end of this year!
UnknownUnicorn7192775
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@cryptogohan impossible regarding the market cap. It means BTC would worth around 2m$. Mistake from beginners :)
exactingGnu6671
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@tvenries, as i said bellow imagine everyone is just stuck with the staking for long periods.. than if there is not much DOT in offer.. price can skyrocket even market cap should´t necessarily be so huge in the end am i right? especially in short pumps can be same situation when on Kraken there was huge dip due to low liquidity..
exactingGnu6671
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@cryptogohan, if everyone will be staking that will give lot of space for volatility and as well price going up up up i guess