DOTUSD - Still Early to get in for recovery rally

6 Tem 2021

Dot is still currently accumulating inside an ascending triangle.

It needs to push up, and establish support above $16.44 - do a S/R flip there, which it probably will.

Then there is the big downtrend (in red) and also resistance at $20.00 (in yellow.) I would say that would probably be a good first profit taking area.

If we can do a Support/Resistance flip there, all should be good to go to finish a sizable recovery rally. 30-36$ looks quite feasible, and I will post updates if I see any confluence developing as I look for targets.

So I say take your position within this ascending triangle, or wait for confirmation of a S/R flip above $16.44. Still early for this one if you ask me.

Thanks!

7 Tem 2021

İşlem aktif

Break-out!

7 Tem 2021

İşlem aktif

these are ambitious targets, but if we can make it up into the $31-$38 zone, that is a great place to sell IMO. Good fib confluence up there, and that is a strong S/R zone. I will look for more conservative targets, too.

8 Tem 2021

İşlem aktif

not looking good out there - BTC may go for its next capitulation event. The ascending triangle may actually act as continuation to the downside for DOT.

8 Tem 2021

İşlem aktif

We had a fake out break out - formed a new lower trendline for the ascending triangle. This could still be a good one if they allow us to have some real recovery rallies here.

9 Tem 2021

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just hugging the bottom trendline right now.

10 Tem 2021

İşlem elle kapatılmış

We have 4 hour candle closes below the trendline of the ascending triangle, so for me that is a temporary at least exit position.

10 Tem 2021

İşlem elle kapatılmış

Waiting to see if the back test of this trendline gets rejected or if we get an S/R flip.

11 Tem 2021

Not

Actually, the trendline should look like this I think - so we need to establish support above $16.00 it looks like.

13 Tem 2021

İşlem elle kapatılmış

that was the right decision to close this position with the break down below the triangle. We also had a backtest and downward continuation.