Polkadot Showing Perfect 1-2,i-ii Setup! Perhaps a Little Too Perfect?!
Published at : November 27, 2021
Polkadot (DOTUSD) is one of the few cryptos along with BTC, ETH, DASH and SOL that has hit its standard 1st wave target and thus, continues to maintain its potential to hit 583 and eventually 1779!
In the near-term, we have pulled back again in not only DOT but across the crypto sector. But with this pullback, DOT appears to have a very clean 1-2,i-ii setup on the logarithmic chart that follows standard EW Fibonacci Pinball targets with the Subwave-i reaching the 0.618 extension of the larger Subwave-(i), a very bullish sign.
Alas, this structure can easily be interpreted as a clean 5-wave impulse, and the short history of Polkadot can make a convincing case that this IS the final larger 5th wave top of the entire impulsive structure of DOT since its conception! That would make for a very scary bear-case, so we will have to remain vigilant. I would like us to hold support at 36.92 to maintain immediate near-term bullishness, but if that breaks, support becomes 25.61. Breaking 25.61 could mean we're following the bearish red pattern!
As the rally continues, it will become more and more important to focus more on dollar-cost-averaging (DCA) to purchase DOT as opposed to buying in large lump sum amounts. The risk-level increases as the price rises, so your window is closing on deploying larger amounts of cash. Remember to diversify not only what you purchase but also the TIME of the purchases; that's where DCA can help!
See the previous Polkadot update here:
https://youtu.be/zLvZZY8nzdE
I use Elliott Wave analysis to project price levels for different assets and asset classes. EW is a form a technical analysis that is absolutely NOT based on fundamentals. Please be aware that this video is not intended to act as financial advice. I am not a trained or certified financial professional. You may invest based on a strategy tailored to your own skill and risk-tolerance levels.
#polkdadot #dot #polka #crypto
In the near-term, we have pulled back again in not only DOT but across the crypto sector. But with this pullback, DOT appears to have a very clean 1-2,i-ii setup on the logarithmic chart that follows standard EW Fibonacci Pinball targets with the Subwave-i reaching the 0.618 extension of the larger Subwave-(i), a very bullish sign.
Alas, this structure can easily be interpreted as a clean 5-wave impulse, and the short history of Polkadot can make a convincing case that this IS the final larger 5th wave top of the entire impulsive structure of DOT since its conception! That would make for a very scary bear-case, so we will have to remain vigilant. I would like us to hold support at 36.92 to maintain immediate near-term bullishness, but if that breaks, support becomes 25.61. Breaking 25.61 could mean we're following the bearish red pattern!
As the rally continues, it will become more and more important to focus more on dollar-cost-averaging (DCA) to purchase DOT as opposed to buying in large lump sum amounts. The risk-level increases as the price rises, so your window is closing on deploying larger amounts of cash. Remember to diversify not only what you purchase but also the TIME of the purchases; that's where DCA can help!
See the previous Polkadot update here:
https://youtu.be/zLvZZY8nzdE
I use Elliott Wave analysis to project price levels for different assets and asset classes. EW is a form a technical analysis that is absolutely NOT based on fundamentals. Please be aware that this video is not intended to act as financial advice. I am not a trained or certified financial professional. You may invest based on a strategy tailored to your own skill and risk-tolerance levels.
#polkdadot #dot #polka #crypto
cryptocryptocurrencyinvesting