LoDoCrypto

What's Dot Doin?

Long
BINANCE:DOTUSDT   DOT / TetherUS
BINANCE:DOTUSDT - 1H

DOT is currently in price discovery . On the hourly chart a clear pattern of tall 1H candles, followed by choppy consolidation, then another tall green candle, is starting to form as it discovers a price to level off at. It's also been riding between the upper bband and EMA7 since Jan 12. At the time of writing, bbands are starting to contract above the yellow trendline, pointing towards a potential entry at $16.33.

I'd expect to see the price move back towards the trendline at somepoint in the near future, which a rebound of that would be incredibly bullish . Last test was at $11.71 and propelled to ATH at $19.4. If a retest were to happen at $15, a similar move would put it just under $22.

If the trendline were to fail, there isn't a ton of support given the coin's rapid rise over the past couple weeks. There is strong support at $7.10 should catastrophic circumstances arise though.

This is not investment advice, and trading cryptocurrency is high risk.
Comment: $16.33 was hit and it's stabilizing nicely above that level.
Trade closed manually: Closed principle and gains are now being staked.

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