Polkadot is now stabilising after the latest drop this week. The question now is will there be another price fall?

As a result, my June 19’s long trade call has exited in another loss after holding for 4 days and 21 hours:

https://www.finlogix.com/analysis/20240619/polkadot-intraday-analysis-and-trading-plan-for-june-19-2024

The US is set to have 5 high impact economic reports starting tonight.

Re-assessing DOTUSD’s high timeframe candles:

Yearly Candle: Last check is a Red Body with a Longer Head Wick now a Red Long Upper Shadow

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

Weekly Candle: Previous close is a Red Body with a Longer Tail Wick current is a Green Long Lower Shadow

Daily Candle: Previous close is a Green Long Upper Shadow current is a Green Doji

I’m using the June 18-19 swing low to high move as the retracement points of view.

Based on these retracements, Polkadot’s price is in a range bound trading thus staying above June 18’s low after some sell side liquidity pick ups on Monday maintaining the course.

As the 4H 50-SMA offers nearby support, bid orders are preferred during potential pullbacks towards the 38.20%, 50% and 61.80% fib retracement levels respectively.

With a few days left in June, Polkadot buyers need to hold the crucial support levels of the range.

Price can reverse upward from here but failure to do so can lead to another big drop.

My previous long trade’s quick stop loss got hit swiftly during Monday’s liquidity pickups.

Even so, I like to open another long position right now with a take profit target towards the nearby 4H 200-SMA and a stop loss set just a few points below from Monday’s lows for a potential new weekly lower low that can nullify the odds for a recovery.

Note: Finlogix pricing is set from the ACY Securities price feed, with liquidity being sourced by top tier banks via ACY Connect.

Hoping to end my 3 straight losses soon so good luck again.

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

Polkadot Intraday Analysis and Trading Plan For June 26, 2024

Jun 26 2024

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