Polkadot’s 8 resistance level was never even retested in its May’s peak at least and got more blurred out from last week’s epic dump!

As a result, my May 23 long trade call has exited in a loss after holding for 15 days and 5 hours:

https://www.finlogix.com/analysis/20240523/polkadot-intraday-analysis-and-trading-plan-for-may-23-2024

The US is set to have 11 high impact economic reports starting tonight.

The crypto markets in general including DOTUSD are trying to fight for their new lower support levels from Friday’s dump aftermath.

With another heavy data week in the US, we are expecting a high volatility trading in a few hours this evening!

Re-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 bears have tricked the bull after the latter have initially won the symmetrical triangle pattern during May’s peak.

The then bullish 4H FVG mentioned in my previous analysis is now acting a very bearish order block and has given a clear PoD for this symmetrical pattern!

The PoD got confirmed convincingly and strongly from the brutal 4H bearish candle with a long tail scam wick.

DOTUSD’s price right now is trading in a bearish flag and pole pattern that will soon proceed to a new PoD starting tonight!

In my previous failed long trade plan, I have enjoyed as much as 40% open PnL gains during the short lived May peak and the protective stop loss was immediately caught during last Friday’s epic crypto wide market dump!

Even if DOTUSD is now in a decisive flag and pole pattern which has higher odds of further sell-off, I’m still going to open for a long position.

I’m betting for an overall weaker results of the upcoming heavy US Data till Friday.

I’m simply buying instead of selling to nullify the bearish flag and pole pattern taking profit towards the complete retracing of the bearish order block above.

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 June 12, 2024

Jun 12 2024

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