Image Source: Pixabay

Elliott Wave Analysis TradingLounge Daily Chart

Polkadot / U.S. dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave ((1))

Direction Next higher Degrees: wave I of Impulse

Wave Cancel invalid level: 

Details: the five-wave Increase of wave ((1))

Polkadot / U.S. dollar(DOTUSD)Trading Strategy:
Polkadot's outlook looks like the Wave 1 rally is likely to end. The price is entering a correction in Wave 2, likely to test the 61.8%(0.365) level of Wave 1 before rising again in Wave 3. So wait for the correction to complete for an opportunity to join the trend again.

Polkadot / U.S. dollar(DOTUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bullish Momentum.

Elliott Wave Analysis TradingLounge H4 Chart

Polkadot / U.S. dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Follow Trend

Mode: Motive

Structure: Impulse

Position: Wave ((1))

Direction Next higher Degrees: wave I of Impulse

Wave Cancel invalid level: 

Details: the five-wave Increase of wave ((1))

Polkadot / U.S. dollar(DOTUSD)Trading Strategy:
Polkadot's outlook looks like the Wave 1 rally is likely to end. The price is entering a correction in Wave 2, likely to test the 61.8%(0.365) level of Wave 1 before rising again in Wave 3. So wait for the correction to complete for an opportunity to join the trend again.

Polkadot / U.S. dollar(DOTUSD)Technical Indicators:
The price is below the MA200 indicating a Downtrend. The Wave Oscillator is a Bullish Momentum.

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Elliott Wave Analysis: Bullish Outlook On SP500 & Nasdaq Post-AMZN Earnings & FOMC
Elliott Wave Technical Analysis: MicroStrategy Inc. - Wednesday, July 31
Unlocking ASX Trading Success: Scentre Group - Wednesday, July 31