Hey, I am back with another Crypto Analysis, focused on Polkadot.
Intro.
Last time I was making an analysis on DOT, I was pretty bullish on it and bought at $4.35, which is not the best entry, but remember the point of making money is about to be, able to take your profit at a good level!
Today I took profit at $6.5 and rebought at $5.8, which is again not the best entry, but at least I know when I want to sell this coin.
Technical Analysis.
- The price is currently sitting at the bottom of 4. Elliott wave. - Price found support at 50 EMA, healthy trend. - RSI is not below 40, it has made new lower low. but still not lower than previous lows. - MACD is on a selling wave, but the size of selling volume is finding a top. - Resistance levels are on the chart - Price is still on uptrend line.
hmm, my suggestion in hindsight would be to avoid spending too much time on working out Elliot Wave patterns, these are usually time-consuming to accurately analyse, and often don't work out in the end...