DOTUSD Elliott Wave Analysis TradingLounge Daily Chart
Polkadot / U.S. Dollar (DOTUSD) Daily Chart Analysis
DOTUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave ((1))
Direction Next Higher Degrees: Wave I of Impulse
Wave Cancel Invalid Level:
Details: Observing the five-wave increase of Wave ((1))
Polkadot / U.S. Dollar (DOTUSD) Trading Strategy:
Polkadot's current trend suggests that the Wave 1 rally may soon conclude. Anticipate a correction in Wave 2, likely targeting the 61.8% (0.365) retracement level of Wave 1. This presents an opportunity to rejoin the trend once the correction is completed, anticipating a rise in Wave 3.
Technical Indicators: The price remains below the MA200, indicating a downtrend. The Wave Oscillator shows Bullish Momentum.
DOTUSD Elliott Wave Analysis TradingLounge H4 Chart
Polkadot / U.S. Dollar (DOTUSD) 4-Hour Chart Analysis
DOTUSD Elliott Wave Technical Analysis
Function: Follow Trend
Mode: Motive
Structure: Impulse
Position: Wave ((1))
Direction Next Higher Degrees: Wave I of Impulse
Wave Cancel Invalid Level:
Details: Observing the five-wave increase of Wave ((1))
Polkadot / U.S. Dollar (DOTUSD) Trading Strategy:
Polkadot's short-term outlook indicates that the Wave 1 rally might be nearing its end. A correction phase in Wave 2 is expected, likely testing the 61.8% (0.365) retracement level of Wave 1. Traders should wait for the correction to finish before reentering the trend, anticipating a subsequent rise in Wave 3.
Technical Indicators: The price is positioned below the MA200, suggesting a downtrend. The Wave Oscillator signals Bullish Momentum.
Technical Analyst: Kittiampon Somboonsod
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