DOTUSD Elliott Wave Analysis: Polkadot Crypto Daily Chart
DOTUSD Elliott Wave Technical Analysis
Function: Counter Trend
Mode: Corrective
Structure: Flat
Position: Wave C
Direction (Next Higher Degree): Wave (II) of Impulse
Invalidation Level: Wave II equals 61.8% of Wave I at 5.225
DOTUSD Trading Strategy:
The ongoing correction in DOTUSD is approaching its final phase in Wave C. This phase is likely to test the 5.245 level before entering a new upward trend in Wave 3. Traders should wait for this correction to complete before joining the uptrend.
Polkadot Technical Indicators:
- Moving Average (MA200): The price is above the 200-day moving average, indicating an overall uptrend.
- Wave Oscillator: The momentum is bullish.
Daily Chart Analysis: DOTUSD
Counter Trend and Corrective Mode
The current corrective structure in DOTUSD, identified as a flat formation, is in the final phase of Wave C. According to Elliott Wave principles, this Wave C is part of a larger corrective Wave (II). The key level to watch is 5.225, which is where Wave II equals 61.8% of Wave I.
DOTUSD Elliott Wave Analysis: Polkadot Crypto H4 Chart
DOTUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave 4
Direction (Next Higher Degree): Wave C of Flat
Invalidation Level:
Details: A short-term pullback in Wave 4 is expected before a continuation in Wave 5.
Polkadot Trading Strategy:
DOTUSD remains in an uptrend. The correction appears to be over, and prices are rising in the fifth wave. However, a slight pullback may occur before the continuation of the uptrend. Traders should look for opportunities to join the uptrend during these pullbacks.
DOTUSD Technical Indicators:
- Moving Average (MA200): The price is above the 200-day moving average, indicating an overall uptrend.
- Wave Oscillator: The momentum is bullish.
H4 Chart Analysis: DOTUSD
Follow Trend and Motive Mode
On the H4 chart, DOTUSD is in a motive phase, with the current structure being an impulse wave. The price is experiencing a short-term pullback in Wave 4, which is expected before the continuation of the downtrend in Wave 5.
Technical Analyst: Kittiampon Somboonsod
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Conclusion
Elliott Wave Analysis provides a structured approach to understanding market movements. For Polkadot (DOTUSD), the daily and H4 charts indicate a bullish trend, with corrective and motive waves suggesting strategic entry points for traders. The completion of Wave C on the daily chart and the anticipated Wave 5 on the H4 chart offer potential opportunities for profit.