Polkadot (DOT/USDT) - Looking to Short
Hey Traders
Examining the DOTUSDT 4-hour chart, it's evident that there are significant points of interest. The price is currently in a key zone, where a potential turnover could occur.
Several bearish signs are highlighted:
- The BB has moved outside its usual tunnel, indicating high volatility.
- The BB%b marker has entered the 'Overbought' zone, suggesting that a pullback might be on the horizon.
- The RSI is once again nudging the overbought territory, reinforcing the idea of an impending retracement.
- The moving averages are hinting at a bearish scenario, with the 100EMA still beneath the 200EMA.
Post breakout, the price has yet to re-test the support, which could happen soon given these bearish indicators.
On the bullish side, the chart does suggest some room for growth as we're not yet at the upper resistance zone.
In a nutshell, while DOT has potential to climb a bit more, there are several signs urging caution. Key areas of support and resistance have been mapped out, so keeping a close watch on those levels will be vital for the next moves. Will DOT break through the resistance or will we see a decline towards the support zones? Time will tell.
If you like the ideas provided by our team, you can show us your support by liking and commenting.
Yours Sincerely,
Swallow Team
Disclamer:
We are not financial advisors. The content that we share on this website is for educational purposes and is based on our own personal opinions.
Examining the DOTUSDT 4-hour chart, it's evident that there are significant points of interest. The price is currently in a key zone, where a potential turnover could occur.
Several bearish signs are highlighted:
- The BB has moved outside its usual tunnel, indicating high volatility.
- The BB%b marker has entered the 'Overbought' zone, suggesting that a pullback might be on the horizon.
- The RSI is once again nudging the overbought territory, reinforcing the idea of an impending retracement.
- The moving averages are hinting at a bearish scenario, with the 100EMA still beneath the 200EMA.
Post breakout, the price has yet to re-test the support, which could happen soon given these bearish indicators.
On the bullish side, the chart does suggest some room for growth as we're not yet at the upper resistance zone.
In a nutshell, while DOT has potential to climb a bit more, there are several signs urging caution. Key areas of support and resistance have been mapped out, so keeping a close watch on those levels will be vital for the next moves. Will DOT break through the resistance or will we see a decline towards the support zones? Time will tell.
If you like the ideas provided by our team, you can show us your support by liking and commenting.
Yours Sincerely,
Swallow Team
Disclamer:
We are not financial advisors. The content that we share on this website is for educational purposes and is based on our own personal opinions.
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Reached that good DCA zone, and got rejected nicely from resistance zone. hmm