Technical Analysis: Polkadot 18/11/2020

Technical Analysis: Polkadot 18/11/2020


Polkadot have been ranging since yesterday around a strong resistance area of 4.84$, failing to hold above these levels for more than 4 hours. Currently Polkadot is trading around 4.7$, few cents away from the resistance level, the recent pullback of Bitcoin caused the pullback of all major coins, and right now they are recovering to their previous price action.

On daily chart, the uptrend is still intact, aiming to cross first resistance level, and it may range around 5$ if it passes resistance before another big move. The daily chart shown above in the thumbnail, shows the 3 major resistance levels of Polkadot since it started trading on Binance Platform.

On the other hand, in the chart shown below, you can see the strong resistance Polkadot is facing before reaching 5$, and a strong support line around 4.5$. If DOT fails to pass the resistance, it is estimated that we are going to range between 4.4$-4.8$ for the next few days.

A perfect long entry in these moments is indicated whenever DOT passes the resistance level, and closes a 4 hour candle above the resistance, placing stop loss around 4.70, using the average true range indicator, which indicates 0.14 right now.

A short entry is only recommended if DOT retraces back to 4.4$ levels with a bearish MACD indicator.

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Thanks for your attention, please remember that this is not a financial advice, always do your own research and trade wisely.

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Crypto Army


Crypto Army
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