Image Source: Pixabay

Elliott Wave Analysis TradingLounge Daily Chart

Polkadot/ U.S. dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave C

Direction Next higher Degrees: wave (II) of Impulse

Wave Cancel invalid level: 

Details: Wave II Is equal to 61.8% of Wave I at 5.225

Polkadot/ U.S. dollar(DOTUSD)Trading Strategy:
Polkadot overall is still in the period of correction. In the position of wave (II) with a double corrective pattern, the view is for a short-term pullback before rising again in wave (III), waiting for the correction to complete to rejoin the uptrend.

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

Elliott Wave Analysis TradingLounge H4 Chart

Polkadot/ U.S. dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Counter Trend

Mode: Corrective

Structure: Flat

Position: Wave C

Direction Next higher Degrees: wave (II) of Impulse

Wave Cancel invalid level:

Details: Wave II Is equal to 61.8% of Wave I at 5.225

Polkadot/ U.S. dollar(DOTUSD)Trading Strategy:
Polkadot overall is still in the period of correction. In the position of wave (II) with a double corrective pattern, the view is for a short-term pullback before rising again in wave (III), waiting for the correction to complete to rejoin the uptrend.

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

Technical Analyst: Kittiampon Somboonsod

Source: Tradinglounge.com

More By This Author:

Elliott Wave Technical Analysis: S&P 500 Index
Elliott Wave Technical Analysis: Alphabet Inc. - Monday, July 8
Unlocking ASX Trading Success: Woolworths Group Limited