DOTUSD - Still Early to get in for recovery rally

2021年7月6日

Dot is still currently accumulating inside an ascending triangle.

It needs to push up, and establish support above $16.44 - do a S/R flip there, which it probably will.

Then there is the big downtrend (in red) and also resistance at $20.00 (in yellow.) I would say that would probably be a good first profit taking area.

If we can do a Support/Resistance flip there, all should be good to go to finish a sizable recovery rally. 30-36$ looks quite feasible, and I will post updates if I see any confluence developing as I look for targets.

So I say take your position within this ascending triangle, or wait for confirmation of a S/R flip above $16.44. Still early for this one if you ask me.

Thanks!

2021年7月7日

交易進行

Break-out!

2021年7月7日

交易進行

these are ambitious targets, but if we can make it up into the $31-$38 zone, that is a great place to sell IMO. Good fib confluence up there, and that is a strong S/R zone. I will look for more conservative targets, too.

2021年7月8日

交易進行

not looking good out there - BTC may go for its next capitulation event. The ascending triangle may actually act as continuation to the downside for DOT.

2021年7月8日

交易進行

We had a fake out break out - formed a new lower trendline for the ascending triangle. This could still be a good one if they allow us to have some real recovery rallies here.

2021年7月9日

交易進行

just hugging the bottom trendline right now.

2021年7月10日

手動結束交易

We have 4 hour candle closes below the trendline of the ascending triangle, so for me that is a temporary at least exit position.

2021年7月10日

手動結束交易

Waiting to see if the back test of this trendline gets rejected or if we get an S/R flip.

2021年7月11日

註釋

Actually, the trendline should look like this I think - so we need to establish support above $16.00 it looks like.

2021年7月13日

手動結束交易

that was the right decision to close this position with the break down below the triangle. We also had a backtest and downward continuation.