DOT/USDT Bounce at 10.5$ leads to trend reversal?

29 ביולי 2021

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.
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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.