Get started
Polkadot
Long
Updated

DOTUSD - Still Early to get in for recovery rally

238
Dot is still currently accumulating inside an ascending triangle.

It needs to push up, and establish support above $16.44 - do a S/R flip there, which it probably will.

Then there is the big downtrend (in red) and also resistance at $20.00 (in yellow.) I would say that would probably be a good first profit taking area.

If we can do a Support/Resistance flip there, all should be good to go to finish a sizable recovery rally. 30-36$ looks quite feasible, and I will post updates if I see any confluence developing as I look for targets.

So I say take your position within this ascending triangle, or wait for confirmation of a S/R flip above $16.44. Still early for this one if you ask me.

Thanks!
Trade active
snapshot Break-out!
Trade active
snapshot these are ambitious targets, but if we can make it up into the $31-$38 zone, that is a great place to sell IMO. Good fib confluence up there, and that is a strong S/R zone. I will look for more conservative targets, too.
Trade active
snapshot not looking good out there - BTC may go for its next capitulation event. The ascending triangle may actually act as continuation to the downside for DOT.
Trade active
snapshot We had a fake out break out - formed a new lower trendline for the ascending triangle. This could still be a good one if they allow us to have some real recovery rallies here.
Trade active
snapshot just hugging the bottom trendline right now.
Trade closed manually
snapshot We have 4 hour candle closes below the trendline of the ascending triangle, so for me that is a temporary at least exit position.
Trade closed manually
snapshot Waiting to see if the back test of this trendline gets rejected or if we get an S/R flip.
Note
snapshot Actually, the trendline should look like this I think - so we need to establish support above $16.00 it looks like.
Trade closed manually
snapshot that was the right decision to close this position with the break down below the triangle. We also had a backtest and downward continuation.
Dawnchorus
FibonacciSupport and ResistanceTriangle

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
FibonacciSupport and ResistanceTriangle
Dawnchorus

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.