Hey people!
After an extremly bullish leg up with alot of hype around the project in Q1 21, DOT consolidated nicely for 2 months now and is forming a bullish pennant. We are still early in the pattern at the second impulse down and with sitting around the 61,8 Fibonacci retracement at 63.000 Sats, the entry point is quite good.
If it brakes the resistance around 78.000 Sats, the measured move price target should be at around 103.500 Sats. From its current price point that would mean a 63,5% move to the upside, with a tendency to overshoot the target considering the current bullish sentiment for altcoins. In case of a bearish turn my Stop-Loss would be around 51.500 Sats. This would equal to a Risk/Reward Ratio of 3.42.
Enjoy!
DOTBTC
After an extremly bullish leg up with alot of hype around the project in Q1 21, DOT consolidated nicely for 2 months now and is forming a bullish pennant. We are still early in the pattern at the second impulse down and with sitting around the 61,8 Fibonacci retracement at 63.000 Sats, the entry point is quite good.
If it brakes the resistance around 78.000 Sats, the measured move price target should be at around 103.500 Sats. From its current price point that would mean a 63,5% move to the upside, with a tendency to overshoot the target considering the current bullish sentiment for altcoins. In case of a bearish turn my Stop-Loss would be around 51.500 Sats. This would equal to a Risk/Reward Ratio of 3.42.
Enjoy!
DOTBTC