Polkadot is a must cryptocurrency to be in one’s portfolio. The prices dipped staggeringly from 52 to 16. This dip is considered as the retracement. Market has now landed at the support level of H4. This support will and can act as a catalyst for the continuation of the bullish structure. It needs to be noticed that on higher time frames, we are still bullish on DOT. The formation of HH and HL’s confirms it.

Descending trendline is forming for breakout buys. Market needs to validate the buys by opening and closing above the trendline. Now, we will look for a breakout buy to confirm the buys. Until the resistance is breached, we cannot ascertain the bullish pressure being formed.

The 75-78.6% retracement level is in confluence with the support. The price of the retracement level is 16. This confluence will be strong enough for the market to start moving up.

Both the EMA’a are bearish, with the bearish death cross. Once market starts to move up, there is a high probability that the EMA’s will be broken. This will ascertain the higher pressure once its broken out.

Currently, RSI and CCI, both are in a neutral range. We have drawn an ascending trendline, which taps both the lower pivots of the oscillators, indicating an upward move. Having both the oscillators with trendlines, we have a higher potential for the DOT to continue going up.

Although we are already in a position, we can hop on to scale up the positions at the support level. It will be attractive long position to enter once again at the support.

1 loss on Polkadot?

Jan 27 2022

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