DOTLong
DOT-Not Out Of The Woods Yet
But it’s not looking too shabby.
My lines on the chart are Gann Fan lines and represent points of resistance and support. Along with this there is the ascending triangle pattern drawn in blue.
My earlier chart showed the red curved lines as the inverted cup and handle formation. (see link)
The volume averaged out in the triangle is a bit higher in the peaks than the lows.
The strong ascending triangle.
The inverted cup and handle did not complete. Not only did it not complete, it hit very nicely off the long term 8/1 Gann fan, hard; into this ascending triangle.
The location where the two red lines intersect would be the bearish call at ≈ $4.20
If it would break below those lines the cup and handle mike complete.
All that said, I’m bullish at this point. I see the market continuing nicely and DOT is a popular product, so there should be no problem retesting the 4/1 trend at ≈ $5 and if the volume supports it that would be a breakout from this ascending triangle and that could easily send the DOT price back up to the 3/1 trend at ≈ $6.
This would all happen over the next couple days.
The RSI on this 4hr chart also support both the uptrend and the ascending triangle.
Good luck trading.
This is not financial advice.
My lines on the chart are Gann Fan lines and represent points of resistance and support. Along with this there is the ascending triangle pattern drawn in blue.
My earlier chart showed the red curved lines as the inverted cup and handle formation. (see link)
The volume averaged out in the triangle is a bit higher in the peaks than the lows.
The strong ascending triangle.
The inverted cup and handle did not complete. Not only did it not complete, it hit very nicely off the long term 8/1 Gann fan, hard; into this ascending triangle.
The location where the two red lines intersect would be the bearish call at ≈ $4.20
If it would break below those lines the cup and handle mike complete.
All that said, I’m bullish at this point. I see the market continuing nicely and DOT is a popular product, so there should be no problem retesting the 4/1 trend at ≈ $5 and if the volume supports it that would be a breakout from this ascending triangle and that could easily send the DOT price back up to the 3/1 trend at ≈ $6.
This would all happen over the next couple days.
The RSI on this 4hr chart also support both the uptrend and the ascending triangle.
Good luck trading.
This is not financial advice.
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