Update:
Dot has been having a tough time lately, since the parachains came out it hasn't seen the same bullish momentum that it previously had been seeing.
today is the first day in a while dot has reacted better than btc/eth to a selloff, all day I had been waiting on a reversal pattern forming like a double bottom/inverse head and shoulders, eth made a new low which was a swing failure and as you can see dot hasn't came close to the previous low of last night.
there are several things to look at for dot currently it is respecting this upwards sloping trend line, a break of this then we are aiming to bounce off of the previous low which is also my favourite bullish fib retrace the 0.382/0.414 box (highlighted in yellow), That would be ideal.
Failing that a break down to this downward sloping trend line will be still bullish however, breaking this line will lead to a dumpy day looking at 0.236 but chances are more likely that we see a test of the previous swing low.
To summarise, looking to hold this upwards trend line, hitting the green lines or staying in the wedge before breaking out. or we break the trend to the downside, hopefully creating a double bottom by bouncing in my box. WORST CASE we fall all the way down to the bottom white line before seeing a bounce if not its back to the previous swing low (start of the fib)
Dot has been having a tough time lately, since the parachains came out it hasn't seen the same bullish momentum that it previously had been seeing.
today is the first day in a while dot has reacted better than btc/eth to a selloff, all day I had been waiting on a reversal pattern forming like a double bottom/inverse head and shoulders, eth made a new low which was a swing failure and as you can see dot hasn't came close to the previous low of last night.
there are several things to look at for dot currently it is respecting this upwards sloping trend line, a break of this then we are aiming to bounce off of the previous low which is also my favourite bullish fib retrace the 0.382/0.414 box (highlighted in yellow), That would be ideal.
Failing that a break down to this downward sloping trend line will be still bullish however, breaking this line will lead to a dumpy day looking at 0.236 but chances are more likely that we see a test of the previous swing low.
To summarise, looking to hold this upwards trend line, hitting the green lines or staying in the wedge before breaking out. or we break the trend to the downside, hopefully creating a double bottom by bouncing in my box. WORST CASE we fall all the way down to the bottom white line before seeing a bounce if not its back to the previous swing low (start of the fib)
