Did Polkadot’s last week’s sell side liquidation last week enough to finally reverse its downward price engine?

As a result, my June 26’s long trade call has exited in another loss after holding for 8 days and 12 hours:

https://www.finlogix.com/analysis/20240626/polkadot-intraday-analysis-and-trading-plan-for-june-26-2024

The US is set to have 9 scheduled high impact economic reports starting this Tuesday with key highlights on Fed Chair Powell’s speeches.

The crypto markets in general including Polkadot have printed out new lower lows extending their respective downturn since June 7.

Re-assessing DOTUSD’s high timeframe candles:

Yearly Candle: Still Red Long Upper Shadow since last check but with a Grown Body

Monthly Candle: Previous close is a Red Long Lower Shadow current is a Red Semi Long-Legged Doji

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

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

In today’s analysis, I’m using the July 2 swing high to July 5 swing low move as the retracement points of view.

Based on these retracements, Polkadot’s price behavior is in its final downtrend form.

I’m seeing an expanding triangle pattern in which I drew out the HH and LL trend lines that can probably reverse Polkadot’s June 7 downtrend given the condition that its bulls regain control.

From here, my views are still to the upside only.

Unless last week’s lows fail to hold, then another price rock dropping towards the 4 level commences.

After 4 straight losses which I keep trading against the downtrend, I insist on opening another long position.

Price has rebounded on the 50% fib level in today’s open but currently facing some problems with the 61.80%.

I like to enter through the 61.80% fib level hoping for a sustenance targeting a swing trade profit towards 7.50 level while putting the stop loss at 4.60 only.

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

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

Polkadot Intraday Analysis and Trading Plan For July 8, 2024

Jul 08 2024

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