Image Source: PixabayElliott Wave Analysis TradingLounge Daily ChartPolkadot / U.S. dollar(DOTUSD)DOTUSD Elliott Wave Technical AnalysisFunction: Follow TrendMode: MotiveStructure: ImpulsePosition: Wave ((1))Direction Next higher Degrees: wave I of ImpulseWave Cancel invalid level: Details: the five-wave Increase of wave ((1))Polkadot / U.S. dollar(DOTUSD)Trading Strategy:
Polkadot’s outlook looks like the Wave 1 rally is likely to end. The price is entering a correction in Wave 2, likely to test the 61.8%(0.365) level of Wave 1 before rising again in Wave 3. So wait for the correction to complete for an opportunity to join the trend again.Polkadot / U.S. dollar(DOTUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bullish Momentum.
Elliott Wave Analysis TradingLounge H4 ChartPolkadot / U.S. dollar(DOTUSD)DOTUSD Elliott Wave Technical AnalysisFunction: Follow TrendMode: MotiveStructure: ImpulsePosition: Wave ((1))Direction Next higher Degrees: wave I of ImpulseWave Cancel invalid level: Details: the five-wave Increase of wave ((1))Polkadot / U.S. dollar(DOTUSD)Trading Strategy:
Polkadot’s outlook looks like the Wave 1 rally is likely to end. The price is entering a correction in Wave 2, likely to test the 61.8%(0.365) level of Wave 1 before rising again in Wave 3. So wait for the correction to complete for an opportunity to join the trend again.Polkadot / U.S. dollar(DOTUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bullish Momentum.Technical Analyst: Kittiampon SomboonsodSource: Tradinglounge.com
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