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Elliott Wave Analysis TradingLounge Daily Chart, 17 July 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: Polkadot recovered well from the 4.266 level and was able to form a strong five-wave structure, giving Polkadot the opportunity to form a new uptrend. But even so, the price is still below the MA200 line, giving the price a chance to face selling pressure. So watch out for resistance at the MA200 line.

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

Analyst: Kittiampon Somboonsod, CEWA

Elliott Wave Analysis TradingLounge 4H Chart, 17 July 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: Polkadot recovered well from the 4.266 level and was able to form a strong five-wave structure, giving Polkadot the opportunity to form a new uptrend. The price is currently in a phase of correction in wave 2. Wait for wave 2 to complete to join the trend again.

Polkadot/U.S. Dollar(DOTUSD) Technical Indicators: The price is above the MA200 indicating an uptrend. Wave oscillators are bullish momentum.

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