Polkadot looks to continue its newfound uptrend after holding its May 13’s 6.40 support levels. Bulls are regathering strength to target the 8 resistance.

I am including the 13th largest cryptocurrency in terms of market capitalization, the Polkadot - DOTUSD.

The US is set to have 3 high impact economic reports tonight and 1 more tomorrow.

The crypto markets in general have recently rallied after Bitcoin reclaimed the former $69,000 ATH level into a support.

Ethereum has also broken out after ETF rumors and a good sign for an alts season that will benefit including Polkadot.

Assessing DOTUSD’s high timeframe candles:

Monthly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Body with a Longer Tail Wick

Weekly Candle: Previous close is a Green Spinning Top current is a Green Body with a Longer Head Wick

Daily Candle: Previous close is a Red Body with a Slightly Longer Tail Wick current is a Green Shaven Bottom

Based on the 4H chart above, the Polkadot bulls have won the symmetrical triangle PoD on Tuesday.

From then a new rectangular consolidation pattern from the 7.30-7.60 range has been formed.

A 4H bullish FVG has been formed as well and with an incoming golden cross, it will be a good buy opportunity if DOTUSD’s price revisits these 2 areas first before another potential breakout towards the 8 level.

I would like to open a long position back to the said 2 area patterns with a safe stop loss just above the HL TL of the symmetrical triangle and taking profit towards the 8 resistance mark.

Hoping I can catch the DOTUSD’s pullback dip before the next upward leg rally.

All trade ideas I share are my own views and for my own trades only.

Copy trading and trading directly involve risks.

Polkadot Intraday Analysis and Trading Plan For May 23, 2024

May 23 2024

1