DOT/USDT Bounce at 10.5$ leads to trend reversal?
Polkadot crashed hard during April and did not recover since.
However, during July we did see a bounce at 10.5$ and DOT did break the series of lower highs for the daily RSI.
Volume increased as well which is an additional sign.
Now DOT moves into the 15-16$ range where we look for an upper breakout in price considering the downtrend.
Once we turned the 15$ into support we take the trend reversal of DOT as confirmed.
On the 4h chart we can expect to see a golden cross soon.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
However, during July we did see a bounce at 10.5$ and DOT did break the series of lower highs for the daily RSI.
Volume increased as well which is an additional sign.
Now DOT moves into the 15-16$ range where we look for an upper breakout in price considering the downtrend.
Once we turned the 15$ into support we take the trend reversal of DOT as confirmed.
On the 4h chart we can expect to see a golden cross soon.
Basic rules:
- Never buy the top/ATH
- Take profit as long as you can (also partial profit is profit)
- Use Stop/loss for leveraged positions
- If you are not experienced, don't leverage in the first place
Enjoy the ride and don't be too greedy.
If you like the content, please like, comment and give this channel a follow.
We would love it if you could share your thoughts in the comments.
Discussions are very welcome here.
Always do your own research and keep in mind that my charts and comments cannot be considered financial advice.
Cheers
ps.
Chart explanation:
Main lines:
- Green lines are tested support lines.
- Orange lines are resistance lines or, if we are above, possible support lines which were not tested yet.
- Cyan line is for volume trendline.
- White lines are Fibonacci retracement levels
Helplines:
- Purple lines are trendlines we take a look at.
- Blue, green, white and pink lines are 200MA, 100MA, 50MA and 20MA.
- Yellow lines are for visual help only.
Boxes:
- Either entry zone or support zone. Check the description.
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