Update from previous analysis:
Last time I spoke about Dot I did say I favoured the downside short term and also commented on my buy positions being from $41 down to $39.4, I didn't quite call the exact bottom but I was within 1% of it and all of my buys did get hit which resulted in a scary (for 2 seconds) but very profitable trade.
Right now and for the past couple days DOT has been too risky for me, the market has been so volatile and I am glad I haven't FOMO'd in yet. we are currently finding support at my green line here as I am writing this but it is being tested a lot I actually favour a break to the downside and this is where I will be making my next long move. I have taken a fib from the top to the bottom to look for bearish retracement targets, first target for a small entry would be the $42 level then a strong support is at the 41.70 being my trend line which has held lovely throughout, we have not seen a candle close below this trend line in weeks, also you can see the golden pocket (0.618) fib is exactly at the 41.70 level so I am hoping that will be enough to not allow a candle close below this level.
Last time I spoke about Dot I did say I favoured the downside short term and also commented on my buy positions being from $41 down to $39.4, I didn't quite call the exact bottom but I was within 1% of it and all of my buys did get hit which resulted in a scary (for 2 seconds) but very profitable trade.
Right now and for the past couple days DOT has been too risky for me, the market has been so volatile and I am glad I haven't FOMO'd in yet. we are currently finding support at my green line here as I am writing this but it is being tested a lot I actually favour a break to the downside and this is where I will be making my next long move. I have taken a fib from the top to the bottom to look for bearish retracement targets, first target for a small entry would be the $42 level then a strong support is at the 41.70 being my trend line which has held lovely throughout, we have not seen a candle close below this trend line in weeks, also you can see the golden pocket (0.618) fib is exactly at the 41.70 level so I am hoping that will be enough to not allow a candle close below this level.
