Image Source: Unsplash
 

Elliott Wave Analysis TradingLounge Daily Chart, 15 August 2023.

Polkadot/U.S. Dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Flat

Position: Wave (C)

Direction Next higher Degrees: wave ((2)) of Motive

Details: Retracement of wave ((2)) usually .50 or .618 x Length wave ((1))

Wave Cancel invalid level: 4.26

Polkadot/U.S. Dollar(DOTUSD) Trading Strategy: We considering the Corrective of wave ((2)) green which usually retracement between 50 - 61.8% of Wave ((1)), When wave ((2)) End the price increase again in wave ((3)) and the price rising above 5.219 is a signal for the new uptrend.

Polkadot/U.S. Dollar(DOTUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. Wave oscillator is bearish momentum.

Analyst: Kittiampon Somboonsod, CEWA

​Elliott Wave Analysis TradingLounge 4H Chart, 15 August 2023. 

Polkadot/U.S. Dollar(DOTUSD)

DOTUSD Elliott Wave Technical Analysis

Function: Reactionary(Counter Trend)

Mode: Corrective

Structure: Flat

Position: Wave (C)

Direction Next higher Degrees: wave ((2)) of Motive

Details: We are considering ending wave ((2)) from rising above 5.219 level.

Wave Cancel invalid level: 4.842

Polkadot/U.S. Dollar(DOTUSD) Trading Strategy: We considering the Corrective of wave ((2)) green which usually retracement between 50 - 61.8% of Wave ((1)), When wave ((2)) End the price increase again in wave ((3)) and the price rising above 5.219 is a signal for the new uptrend

Polkadot/U.S. Dollar(DOTUSD) Technical Indicators: The price is below the MA200 indicating a downtrend. Wave oscillator is bearish momentum.

More By This Author:

S&P500 Trading Strategy - Elliott Wave Technical Analysis
Elliott Wave Technical Analysis: Vechain/U.S. Dollar - Monday, Aug. 14
Elliott Wave Technical Analysis Lam Research Corp - Monday, August 14