✴️ PolkaDot | Close Look (Short-Term Action Revealed!)
Updated
PolkaDot (DOTUSDT) is in the process of producing a major retrace... Let's see what the chart has to say.
Here we have an "initial high" in December 2023; notice that in March 2024 a higher high is hit but this is a "weak higher high" because the peak price stays too close in the vicinity of the previous high.
➖ A weak high means weak bullish engagement;
➖ Weak bullish engagement means the bullish wave is losing strength;
➖ The bullish wave losing strength is a bearish signal.
The highest volume came in 5-March with the session closing red; a negative day.
Couple this with the weak and declining RSI, also producing a multi-months long bearish divergence and a lower high:
PolkaDot is showing bearish tendencies.
👉 It is set to move lower based on current chart signals.
Namaste.
Here we have an "initial high" in December 2023; notice that in March 2024 a higher high is hit but this is a "weak higher high" because the peak price stays too close in the vicinity of the previous high.
➖ A weak high means weak bullish engagement;
➖ Weak bullish engagement means the bullish wave is losing strength;
➖ The bullish wave losing strength is a bearish signal.
The highest volume came in 5-March with the session closing red; a negative day.
Couple this with the weak and declining RSI, also producing a multi-months long bearish divergence and a lower high:
PolkaDot is showing bearish tendencies.
👉 It is set to move lower based on current chart signals.
Namaste.
Trade closed: target reached
Perfect! target hit!
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