Hi Folks,
Wow as Technical Analysis can be really fascinating and it really is. We have it here. You know the saying; follow your gut?
Well are you ready to check it...
Polkadot as much as I have trust in this asset and protocol we have to look to the Technicals to see what it is saying to us..
So let's start;
Trend? Uptrend we have.
We are battling resistance line now at the moment of writing.
Candlestick is forming a nice white candle but it hasn't closed yet.
Check te Downtrend line from Mid May till now.
We are reaching a point, that is crucial, to try to break this downtrend line.
But
What I would love to see is when a asset reaches a crucial point like this on, it comes with momentum and a lot of volume. But unfortunately I don't see it. Be Aware.
Then the RSI can't break through a resistance line neither same as with momentum..
But the positive side is at the 4 hour chart we see the crossing of the 50 day ma with the 200 day ma. That is named a Golden Cross.
But we see the Elliot Wave Theory.
Is it already the 5th wave? Place this in context with the trend line and the resistance lines... What do you conclude?
My advice stick to the chart closely and watch how it unfolds and be ready to take action immediately..
Wow as Technical Analysis can be really fascinating and it really is. We have it here. You know the saying; follow your gut?
Well are you ready to check it...
Polkadot as much as I have trust in this asset and protocol we have to look to the Technicals to see what it is saying to us..
So let's start;
Trend? Uptrend we have.
We are battling resistance line now at the moment of writing.
Candlestick is forming a nice white candle but it hasn't closed yet.
Check te Downtrend line from Mid May till now.
We are reaching a point, that is crucial, to try to break this downtrend line.
But
What I would love to see is when a asset reaches a crucial point like this on, it comes with momentum and a lot of volume. But unfortunately I don't see it. Be Aware.
Then the RSI can't break through a resistance line neither same as with momentum..
But the positive side is at the 4 hour chart we see the crossing of the 50 day ma with the 200 day ma. That is named a Golden Cross.
But we see the Elliot Wave Theory.
Is it already the 5th wave? Place this in context with the trend line and the resistance lines... What do you conclude?
My advice stick to the chart closely and watch how it unfolds and be ready to take action immediately..
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.
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.