DOT/USD Elliott Wave Analysis - TradingLounge Daily Chart
DOTUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave V
Direction in Higher Degree: Wave (C)
Invalidation Level for Wave:
Analysis:
DOT/USD is currently in a five-wave decline within Wave V, part of the larger Wave (C) structure. This downward movement is the final phase of Wave C before a potential trend reversal. The price target is anticipated around the 2.227 level, suggesting a short-term decline before an expected uptrend resumes.
DOT/USD (DOTUSD) Technical Indicators
- Price Position: Below the 200-day Moving Average, confirming a bearish trend.
- Momentum Indicator: Wave Oscillator showing bearish momentum.
DOT/USD Elliott Wave Analysis - TradingLounge 4-Hour Chart
DOTUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave V
Direction in Higher Degree: Wave (C)
Invalidation Level for Wave:
Analysis:
The DOT/USD 4-hour chart reveals a similar five-wave decline within Wave V, part of the corrective Wave C structure. As this final wave progresses, the price is expected to test the 2.227 support level, aligning with the broader short-term bearish outlook before the potential uptrend continuation.
DOT/USD (DOTUSD) Trading Strategy
- Current Action: Track the five-wave decline toward the 2.227 level for potential entry points.
- Overall Outlook: A short-term downtrend remains intact, with a bullish reversal anticipated post retracement.
DOT/USD (DOTUSD) Technical Indicators
- Price Position: Below the 200-day Moving Average, signaling a downtrend.
- Momentum Indicator: Wave Oscillator indicating bearish momentum
Technical Analyst: Kittiampon Somboonsod
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