17Jul

DOTUSD Elliott Wave Technical Analysis July 17 2023

Crypto_Splash-DOT

DOTUSD Elliott Wave Technical Analysis July 17 2023

4Hour

Polkadot/U.S.dollar(DOTUSD)
DOTUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Flat
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 4.26


Polkadot/U.S.dollar(DOTUSD)Trading Strategy: Polkadot recovered well from the 4.266 level and was able to form a strong five-wave structure, giving Polkadot the opportunity to form a new uptrend. The price is currently in a phase of correction in wave 2. Wait for wave 2 to complete to join the trend again.


Polkadot/U.S.dollar(DOTUSD)Technical Indicators: The price is above the MA200 indicating an uptrend, Wave Oscillator are  bullish momentum


Daily

Polkadot/U.S.dollar(DOTUSD)
DOTUSD Elliott Wave Technical Analysis
Function: Reactionary(Counter Trend)
Mode: Corrective
Structure: Flat
Position: Wave (C)
Direction Next higher Degrees: wave ((2)) of Motive
Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))
Wave Cancel invalid level: 4.26


Polkadot/U.S.dollar(DOTUSD)Trading Strategy: Polkadot recovered well from the 4.266 level and was able to form a strong five-wave structure, giving Polkadot the opportunity to form a new uptrend. But even so, the price is still below the MA200 line, giving the price a chance to face selling pressure. So watch out for resistance at the MA200 line


Polkadot/U.S.dollar(DOTUSD)Technical Indicators: The price is below the MA200 indicating a downtrend, Wave Oscillator are  bullish momentum

 

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