DOTUSD Elliott Wave Analysis - TradingLounge Daily Chart
Polkadot / U.S. Dollar (DOTUSD) Daily Chart Analysis
DOTUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Next Higher Degree Direction: Wave II
Invalidation Level:
Details: The decline in Wave Y appears to be nearing completion, suggesting a potential return to the uptrend for DOTUSD.
Polkadot / U.S. Dollar (DOTUSD) Trading Strategy:
The correction of Wave 2 seems to have concluded, with the price likely to resume its upward movement. Consider opportunities to enter the market in anticipation of the Wave 3 uptrend.
Polkadot / U.S. Dollar (DOTUSD) Technical Indicators:
- The price remains below the MA200, signaling a downtrend.
- The Wave Oscillator indicates bearish momentum.
DOTUSD Elliott Wave Analysis - TradingLounge 4-Hour Chart
Polkadot / U.S. Dollar (DOTUSD) 4-Hour Chart Analysis
DOTUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Double Corrective
Position: Wave ((Y))
Next Higher Degree Direction: Wave II
Invalidation Level:
Details: Be cautious as a decline in Wave II could continue. A drop below the 3.566 level would invalidate the uptrend.
Polkadot / U.S. Dollar (DOTUSD) Trading Strategy:
The correction in Wave 2 appears to be complete, with the price likely to continue moving upwards. Look for entry points to join the anticipated Wave 3 uptrend.
Polkadot / U.S. Dollar (DOTUSD) Technical Indicators:
- The price is positioned below the MA200, suggesting a downtrend.
- The Wave Oscillator shows bearish momentum.
Technical Analyst: Kittiampon Somboonsod
Source: visit Tradinglounge.com and learn From the Experts Join TradingLounge Here
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