POLKADOT (DOTUSDT) SELLING OPPORTUNITY (BEARS INCOMING)
- We should always trade with market structure which has been a little down trending and honestly needs a correction for healthy movement of market to rally upwards.
- One more strong reason for bear market is the "BTC: All Exchanges Estimated Leverage Ratio" is at all time high. And whenever that happens, we see a good/decent amount of correction.
Check here - https://cryptoquant.com/overview?search=Estimated%2BLeverage%2BRatio - The yellow trend line recently got broken on daily timeframe which is a powerful signal of a small pullback in order to rally upwards.
If we go to 4h timeframe, currently 200-EMA is holding the market and taking support from region which was once a resistance zone. - If the price breaks 200 EMA on 4 hour time frame, we will see a good breakdown of price to achieve our target. And remember to accumulate also when the price reaches these targets for long term as I think we might never get polka dot again at 40$ ever.
ANALYSIS FOR TAKING SHORT
1. Recently broke trend line on daily timeframe.
2. Taking support from area which was once resistance before on 1 hour timeframe.
3. 200 EMA holding strong on 4 hour time frame.
If all of these things gets broken down, i.e. price drops below 200 EMA (Around 44.3), Go short with less leverage (3x-7x) and take profit as target given (41.7)
IMPORTANT : Market is most volatile in November and December. DON'T TAKE UNNECCESARY TRADES WITHOUT PLANNING.
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