DOT/USD (DOTUSD) Elliott Wave Analysis: TradingLounge Daily Chart Analysis

DOTUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave ((1))

Direction Next Higher Degree: Wave I of Impulse

Wave Cancel Invalid Level: Pending

Details:
The corrective phase of Wave 2 appears to be concluding, indicating the potential for a significant price increase as Wave 3 begins.

DOT/USD Trading Strategy

• Overview:
  DOTUSD remains in a strong uptrend and is expected to rally sharply with the onset of the third wave. Look for opportunities to join the trend during short-term pullbacks.

• Technical Indicators:

  • Price is trading above the MA200, confirming a bullish trend.
  • The Wave Oscillator signals strong bullish momentum.

DOT/USD (DOTUSD) Elliott Wave Analysis: TradingLounge 4-Hour Chart Analysis

DOTUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Zigzag

Position: Wave (c)

Direction Next Higher Degree: Wave 3 of Impulse

Wave Cancel Invalid Level: Pending

Details:
Wave 2's corrective phase is nearing completion, signaling the potential for a price surge as Wave 3 gains momentum.

DOT/USD Trading Strategy

• Overview:
  DOTUSD continues its upward trajectory, with the third wave likely to bring a substantial price surge. Traders should seek entry points during minor pullbacks to capitalize on the ongoing uptrend.

• Technical Indicators:

  • Price remains above the MA200, reinforcing the bullish outlook.
  • The Wave Oscillator indicates strong bullish momentum.

Technical Analyst: Malik Awais

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