At the end of October, BINANCE:DOTUSDT started a new uptrend, aligning with the broader market movement of various coins. This upward momentum was marked by a decisive breakthrough above the descending trend line of a prolonged falling wedge, surpassing several key horizontal levels. However, the ascent was halted near the August 2022 high, around 10.
This apparent pullback, occurring after the surge, was essentially a correction within the nascent uptrend. DotUSDT found robust support around the 6.5 zone, indicating a stabilization point. Currently, the coin appears poised for another upward movement, targeting the resistance level around 15.
My bullish outlook remains strong as long as support at 6.5 holds firm. Considering the potential, buying dips in this coin could present an incredible risk-to-reward ratio of 1:6.
Why the target is 15. Also inform what should be the exit strategy. Thnx
Mihai_Iacob
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@Afsars, 15 USD zone is resistance. Is written that the bullish scenario is invalidated under 6.5
Afsars
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I know about 6.5 but I m not asking the invalidation exit. I am asking about the profit exit strategy.
Mihai_Iacob
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@Afsars, is resistance there, look at the chart. IMO, if it clears 8 zone, will break also above 10. But if at 10 is failing, I m closing Now, step by step, let s it see it above 8 first, next at 10, and after, we ll see