PolkaDot DOT - On a massive weekly support! 0.618 FIB + Channel
- PolkaDot was a very strong altcoin in 2020-2021 as you can see on the historical chart and we can cleary spot an impulse wave here.
- The coin in 2022 fell to the strongest support (0.618 FIB + Wave 1 horizontal support + POC + ABC correction).
- If you like fundamentals of this coin, this is definitely a good time to buy, because we have a strong confluence.
- The missing part is the descending parallel channel, because the price is still inside the channel, but we have had a nice touch on the bottom.
- After an impulse wave - ABC correction is expected and in this case, the ABC correction has been sucessfullly completed with an ending diagonal pattern.
- If want to make a short term trade, you can place your profit target at the top of the channel, otherwise next stop is below previous all time high.
- Look at my ideas about interesting altcoins in the related section down below ↓
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