Polkadot’s June 7 corrective wave seems finished from yesterday's liquidity grab. Is it time for an up wave?

As a result, my June 12 long trade call has exited in another loss after holding for 2 days and 6 hours:

https://www.finlogix.com/analysis/20240612/polkadot-intraday-analysis-and-trading-plan-for-june-12-2024

The US is set to have 3 remaining high impact economic reports starting on Thursday.

The crypto markets in general including Polkadot just have recovered from yesterday’s selling volatility.

Re-assessing DOTUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Long-Legged Spinning Top now a Red Body with a Longer Head Wick

Monthly Candle: Still a Red Body since last check but with a Longer Tail Wick

Weekly Candle: Previous close is a Red Long-Legged Spinning Top current is a Red Long Lower Shadow

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

Note: I’m using Tradingview.com under the DOTUSD pair in Bitstamp Exchange to thoroughly re-assess these high timeframe candles.

A 3 straight frustrating weeks after the initial June 7 dump followed by last week’s dump then a weak intraweek opening till Tuesday.

The crypto markets have been saved by the bell from last night’s weaker US Retail Sales figures but not yet of the woods yet as bears are looking for the 3 remaining high impact reports till Friday.

Assuming that the aggressive and sharp corrective down wave has been completed yesterday, therefore the June 7 swing high to June 18 swing low are our retracement points of view.

Current weekly candle manifests a red inverted hammer trying to reverse the 3 week decline.

If bulls are able to close this weekly candle in green, then a new up wave has just started.

However, a retest and break of the intraweek lows shall commence further price sliding.

We have a similar scam wick this week that mimics the price action at the start of the June 7 dump.

Either bears or bulls can win the situation.

Now that Polkadot has just breached above the 23.60% fib level from the mentioned retracement points of view, I like to open another long position.

I will enter through a backtest of the 23.60% fib level with a stop loss set at 5.40 while setting the taking profit mark at 6.40.

Here are the new long orders to play this pattern:

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 19, 2024

Jun 19 2024

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