DOT Weekly Analysis - Are We Going to $5 or $15!?DOT broke out of its descending wedge pattern last week with a bull bar closing near its high, a strong breakout bar. Since then, the price has pulled back to the 30EMA, but will it hold?
Bitcoin is currently pulling back from its Weekly bull channel resistance as depicted in my Bitcoin 4HR and Weekly analysis. DOT will likely follow its lead with the broader market sentiment and pull back to the top of the descending wedge. If you're looking for a long, you could fade your position from here to the $5 mark and wait for a buy signal and a strong bull confirmation bar closing near its high. For the next couple of weeks, I expect the price to pull back and drip toward the downside.
Key Points
1. Breakout from Descending Wedge!
2. Pullback to 30EMA
3. Pullback may continue to the top of the wedge.
4. Bitcoin Leading Indicator, Pulling Back
5. RSI is just above 50.00, Room to Fall
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