DOT moves to the upper end of the range.
The asset has fixed above 50EMA (1H TF)
The asset will continue to rise after fixing above the upper end of the range.
Keep a lookout for DOT and other altcoins, there are major bottoming signals flashing for the altcoin market.
Bullish Divergence on all timeframes and 5-waves completed is a sign for me to shift long in my bias.
Not trading advice
Happy Trading
Polkadot is currently within a correction (Wave B). Wave B is made up of 3 subwaves and we are currently in subwave B and expecting subwave C.
We currently do not have a bottom in place so the best we can do is look for lower timeframe trendline break and reversal patterns.
See our next post for lower timeframe analysis.
Goodluck and as always, trade safe!
On the lower timeframe, we can see that we have 2 entry trendlines in place.
The orange trendline = Risk entry
The red trendline = Safe entry
We can even go down further to find a sniper trendline.
Trade Idea:
- watch for break of either trendline for entry
- once trendline broken, stop loss goes below price
- Targets: 6, 7, 8
Goodluck and as always, trade safe!
On the 4H TF the convergence has started to work out.
50EMA broke through 200EMA (30m TF)
RSI indicates that the initiative is shifting to buyers.
The asset will continue to rise after fixing above the resistance.
I have wanted to accumulate some DOT for a while adding to my portfolio of layer 1 bags but for some reason other names have always been at a more attractive price point and Dot always seems to make a lower high. So, I have always backed out of buyin. Dot has bounced off of last low (didn't make a lower low by fraction of pennies) but most likely won't hold it....
"Daily crypto market analyses I provide are personal opinions & not financial advice. Trading carries risks, so do your own research & seek advisor's help."
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DOT could be in for a rocky ride over the next 24 hours, as ATTMO's AI-powered crypto forecasting tool projects cloudy skies ☁️ and a potential bearish trend.
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With the completion of the previous trend, which was the beginning of the stop of the downward trend, here we have to wait for a break from the top to the next red zone
TD Sequential has formed an up reversal signal on the 4H TF.
On 1H TF we can see that price and RSI chart formed a convergence.
The price chart broke up through the 50EMA (30m TF)
I believe the asset will bounce if it holds the current support.
DOT has consolidated under 200EMA on 1H TF.
RSI chart is moving in bearish zone on 4H, 1H and 30m TFs.
I think the asset will continue to decline after fixing under the support level.
its showing bearish trend as accompanied with LHs and LLs.
possible entry location to profit this bear is as follow
Sell Order (Entry Point) : 5.12
SL : 5.3 (0.06 under previous LH)
TP1 : 5.29
TP2 : 5.30
Risk 2%
