Polkadot has an underlying decentrazlied financial industry. The crypto itself has an immense use case. When the crypto industry started to decline, so did polkadot. But now, it has started to surge.

H4 is a timeframe beneficial for swing and intra-day setups. 

The market structure on dot is still bullish. The support formed at the 24 level was not breached, hence it stands solid. There was also a double bottom formed at the support level.  Our target profit would be at the previous high of 28. 

At the support level, we had a golden retracement level of 75-78.6%. It aligned perfectly with the support, hence an added confirmation for the DOT to continue up.

A descending trendline was breached earlier. The open and close of the candles above the trendline, induce the breakout buy, after being validated. After the trendline breakout buy, we would wait for the retracement at the support level of 24, then we will take our long position. 

Both EMA's are bullish, operating on a bullish death cross. EMA 50 was just recently broken and is due a retest after the breakout. On the other hand, the EMA 200, is far below the current market price. Therefore, we cannot expect the retest of the EMA 200 at the support level drawn.

Both the oscillators are in there bullish region and have enough room till the over bought area. There is currently no divergence or extended regions on the oscillators.

The best long position would be formed at the 24 price area of support. Hoping on to the train right now will be vulnerable to drawdown. Its better to mitigate risk by taking a position at a strong level.

Polkadot Longs from 24

Aug 28 2021

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