DOT / TetherUSLong
DOT trading setup
Updated
Weekly: long term analysis
DOTUSDT DOT was one of the top gainers of the 2021 altcoin bull run. After more than 95% deep correction during the bear market, DOT exhibited a strong upward price action (+170%) after a rebound on the multi year support line around 3,60$
Strategy
Buy signal has been given by the breakout of the 5$ level after a mature consolidation (abcde triangle wave pattern). The breakout has volume and is breaking the upper bollinger band.
Invalidation
Mental Stop: A daily close just below the breakout that would invalidate the scenario. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
DOTUSDT DOT was one of the top gainers of the 2021 altcoin bull run. After more than 95% deep correction during the bear market, DOT exhibited a strong upward price action (+170%) after a rebound on the multi year support line around 3,60$Strategy
Buy signal has been given by the breakout of the 5$ level after a mature consolidation (abcde triangle wave pattern). The breakout has volume and is breaking the upper bollinger band.
- Objective 1: Next resistance line 6,50$ ( +25%)
- Objective 2: Multi year resistance line at 10$ (+95%)
- Objective 3: ATH at 50$ (+900%)
Invalidation
Mental Stop: A daily close just below the breakout that would invalidate the scenario. This setup proposes a nice Risk Reward
If prices retrace to this stop level we will wait for the weekly closing price then set a Stop loss ¼ or Risk below the weekly close price.
Risk = Distance between Mental stop and entry point.
Trade active
Note
Objective 1 ✅ and Objective 2 ✅ were both smashed 🚀
We realised some nice profits of +25% and +95% on these levels and our remaining portion is targeting higher.
Disclaimer
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