DOT/USDT 4HInterval Resistance and Support
Hello everyone, I invite you to review the DOT chart in pair to USDT, on a four-hour interval. First, we will use the yellow line to mark the uptrend line from which the price has gone down, then with the blue lines we will mark the downtrend channel in which the price is moving in the lower range.
Going further, we can move on to marking support areas in a situation where the correction will deepen. Currently, the DOT price has fallen below the strong support at 0.618 FIB and now the first support is at $6.09 and the second support is at $5.92.
Looking the other way, we will start by marking a strong resistance zone from $6.37 to $6.51, when the price goes up from this zone, the next resistance is at $6.62, the third at $6.73, and then the fourth at $6.89.
At this point, it is worth looking at the EMA Cross 10 and 30, as we can see the red EMA Cross 10 curves, while when it crosses the green EMA Cross 30 from above, it will give us confirmation of the return to the downtrend.
As you can see on the CHOP index, we have a lot of energy for further moves, MACD confirms the ongoing local downtrend, while on the RSI we have a rebound and we have gone to the lower part of the range, which gives us room for new increases.
Going further, we can move on to marking support areas in a situation where the correction will deepen. Currently, the DOT price has fallen below the strong support at 0.618 FIB and now the first support is at $6.09 and the second support is at $5.92.
Looking the other way, we will start by marking a strong resistance zone from $6.37 to $6.51, when the price goes up from this zone, the next resistance is at $6.62, the third at $6.73, and then the fourth at $6.89.
At this point, it is worth looking at the EMA Cross 10 and 30, as we can see the red EMA Cross 10 curves, while when it crosses the green EMA Cross 30 from above, it will give us confirmation of the return to the downtrend.
As you can see on the CHOP index, we have a lot of energy for further moves, MACD confirms the ongoing local downtrend, while on the RSI we have a rebound and we have gone to the lower part of the range, which gives us room for new increases.
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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.