On the above 4-day chart price action has corrected over 90% since the sell signal back in March 2021. Now is an excellent long opportunity. The reasons?
1) Price action and RSI resistance breakouts.
2) Regular bullish divergence as printed over a 4 month period.
3) Support and resistance. Look left.
4) The target is defined from the falling wedge.
Is it possible price action falls further? Sure. Is it probable? no
Ww
Type: trade Risk: <=6% of portfolio Timeframe: Long from August. Return: 1000%
Trade active
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support confirmed
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Double bottom prints. That is bullish.
Trade active
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High positive divergence. Will not move as fast as those smaller market caps but a trend reversal is now with high probability.
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Past resistance becomes support
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GRM support confirmed.
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Had a few messages asking is the idea still valid, or why is it so slow to move? Others are popping off etc..
This token is up around 20% since publication. It has a market capital of 7 billion dollars. It will take a serious Tsunami of cash to move price action to target, it will not happen quickly.
Laterally, it is worth focusing on network effects when studying such large market caps. Especially when the market cap exceeds many companies listed on the S&P 500 and NASDAQ. There are many companies in the world that produce meaningful products and services with tens of thousands of customers with the same market cap. Dot has very few users be comparison, very few. Ask yourself, do you transact with DOT or a centralised exchange? Be honest... this is speculation on a future that may or may not come, understand that!
This is by far my favourite project and with the implementation of DOT2.0 when news and block space goes viral I can see it exceeding 50$ with ease. Staking this for long term
without_worries
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@Andy1GP, Really not got a clue about the project.. the big picture is intriguing, however. Especially true when studying the weekly BTC pair, as I believe you now know. Exciting stuff. Remember not to allow the fanboy reins to takeover should fortune favour you with delightful returns, you're in for the money making business and nothing else.
Andy1GP
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@without_worries, agreed. Mind over emotion must prevail. Despite my love affair for the project
basictradingtv
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maybe possible, good luck🙌
Andy1GP
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DOT vs LINK who is the biggest winner 😇 im Betting on both but feel link will have more legs
without_worries
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@Andy1GP, Perhaps maybe LINK like you say. Will have to study them..
DOT-BTC
10-day
LINK-BTC
10-day
Andy1GP
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@Andy1GP, Link in the lead comfortably now... Expecting a 50% outperformance of LINK/DOT
bstew76
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BTC has to continue to move up in order for this to happen - thoughts on the current situation?
@bstew76, we’re in the process… a big dom move to the downside me thinks… id like to see Bitcoin at least over 40k ish again before that starts happening though… the higher the dom for btc, the more room for alts to take their piece of the pot… I think the move comes with the news of an etf approval or multiples
Staking this for long term