DOT / TetherUSLong
✴️ Polkadot Analysis by Request (Name Your Altcoin)
Updated
Here is the situation we are in: Many of you are asking for an analysis on Polkadot (DOTUSDT), and you know, this thing -technical analysis, is not an exact science. At the same time I can be clouded by my own bias which for many of the TOP Altcoins and Bitcoin is bearish.
So, I can read the chart for you, the signals and the potential scenarios that can develop from this point forward or, I can tell you what I think and what I see coming or, I can do both.
We have short-term, medium-term and long-term.
Short-term all the technicals are bullish but technicals and potential are two different things.
➖ From a bearish cycle, from bottom prices starts the new phase, a bullish wave.
➖ From a bullish wave or impulse, starts a correction or retrace.
A correction or retrace doesn't mean that the growth phase is over, it is more like a break but again, let's focus on what the chart says.
This wave final target is around $20-$23, which is the price level/range that worked as resistance back in March/April 2022.
We now have the bigger picture.
Knowing this we can appreciate the fact that any retrace or correction is just part of the bigger bullish wave.
Here we have the weekly timeframe since this move is already ongoing... If I showed you something like this, does it make sense?
This one looks more proportional:
Wave 3 can continue going and we get something like this:
And we go back to square one.
We cannot and do not try to predict how exactly the market will behave, price action and wave development can be impossible to predict. The points at which the rise stop can vary wildly from pair to pair... This is what we do, we predict the reversal, pick the bottom, buy and hold long-term.
➖ Once you hit bottom, the only place left to go is up.
➖ So once we have a great entry trading is easy, no risk involved.
Never mind that, let's go back and read the chart!
Here we have Polkadot (DOTUSDT) on the daily timeframe.
The chart is bullish as the RSI has a strong reading and prices are high up above EMA10.
Volume is high and continues to rise, it would be too early to say that this pair is set to print a retrace... Things can easily change.
➖ If prices break and close daily below $6.28 we can say that a correction is on its way. Any trading above this level and we continue aiming up.
➖ If Polkadot breaks the last high, $7.769, expect the $10/$11 resistance level to be tested next.
Now, just as there was a small retrace in November before additional growth (small retrace 1), there can be another one (small retrace 2):
These are some of the possibilities of what can happen next.
➖ Strongly bullish above $7
➖ Still bullish above $6.28
If it moves below warning... But we still get long-term growth.
See the "Related Ideas" below, the article title reads:
✴️ Polkadot's Downtrend Is Over... (Name Your Altcoin)
Thanks a lot for your continued support.
Namaste.
So, I can read the chart for you, the signals and the potential scenarios that can develop from this point forward or, I can tell you what I think and what I see coming or, I can do both.
We have short-term, medium-term and long-term.
Short-term all the technicals are bullish but technicals and potential are two different things.
➖ From a bearish cycle, from bottom prices starts the new phase, a bullish wave.
➖ From a bullish wave or impulse, starts a correction or retrace.
A correction or retrace doesn't mean that the growth phase is over, it is more like a break but again, let's focus on what the chart says.
This wave final target is around $20-$23, which is the price level/range that worked as resistance back in March/April 2022.
We now have the bigger picture.
Knowing this we can appreciate the fact that any retrace or correction is just part of the bigger bullish wave.
Here we have the weekly timeframe since this move is already ongoing... If I showed you something like this, does it make sense?
This one looks more proportional:
Wave 3 can continue going and we get something like this:
And we go back to square one.
We cannot and do not try to predict how exactly the market will behave, price action and wave development can be impossible to predict. The points at which the rise stop can vary wildly from pair to pair... This is what we do, we predict the reversal, pick the bottom, buy and hold long-term.
➖ Once you hit bottom, the only place left to go is up.
➖ So once we have a great entry trading is easy, no risk involved.
Never mind that, let's go back and read the chart!
Here we have Polkadot (DOTUSDT) on the daily timeframe.
The chart is bullish as the RSI has a strong reading and prices are high up above EMA10.
Volume is high and continues to rise, it would be too early to say that this pair is set to print a retrace... Things can easily change.
➖ If prices break and close daily below $6.28 we can say that a correction is on its way. Any trading above this level and we continue aiming up.
➖ If Polkadot breaks the last high, $7.769, expect the $10/$11 resistance level to be tested next.
Now, just as there was a small retrace in November before additional growth (small retrace 1), there can be another one (small retrace 2):
These are some of the possibilities of what can happen next.
➖ Strongly bullish above $7
➖ Still bullish above $6.28
If it moves below warning... But we still get long-term growth.
See the "Related Ideas" below, the article title reads:
✴️ Polkadot's Downtrend Is Over... (Name Your Altcoin)
Thanks a lot for your continued support.
Namaste.
Note
✴️ PolkaDot Update (Straight Up To $25-$23)PolkaDot is going higher... Here is an update as requested by many.
On the main analysis above I shared 3 scenarios based on EW.
The third one has an extended third wave, this is looks like what we are seeing now.
Trading volume, especially buy volume, is the highest now it has been in years, which confirms that we are on wave 3.
The good news about wave 3 is that even though a correction (wave 4) is set to develop after the next target, we still have wave 5 which can push prices beyond our calculations.
The fifth wave is the speculative wave so anything can happen.
PolkaDot can be seen trading above EMA300, grey line on the chart —so all good.
A minor stop is still possible, one final resistance to conquer is $9.68.
Above this level, DOTUSDT can move straight up to $13, followed by $19.5 and finally ~$25 (can be $23 or higher as well).
There is room for additional growth.
Once the action is ongoing, it is impossible to predict exactly how the candles will behave. So, allow room for retraces and corrections to show up at anytime, at any point. The way to get rid of this is by focusing on the long-term.
Buy very low near support, sell when prices are high up.
Once it is moving, we just let it go.
If you missed this one, remember that I share new charts everyday that are still trading near support.
FOMO, excitement and hype can be understood but do not let them move you.
You need a cool head and a calm mind to make decisions that will lead towards profits, towards success.
If you feel like you need to move fast, speed things up... It is likely that the decision you are about to make is wrong.
The market offers endless opportunity and there is always a second chance to either buy-in or to sell if you missed the first one.
Namaste.
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