DOT completes ‘cycle of death’ – Here’s the next destination
Polkadot (DOT) price has fallen more than 52% from its all-time high. The recent bearish moves have marked the biggest loss since May, but the charts could soon turn bullish.
DOT completes Gann’s “cycle of death”
DOT price is for the sixth week in a row creating weekly candles with the closing price lower than the opening price. This is also the seventh weekly candle in this corrective movement. In the Gann analysis, WD Gann wrote that he regards the movement in one direction as a “death zone” for 49 to 52 days. Gann said that instruments that meet his “dead cycle” criteria have a very high probability of a trend reversal or a broader trend correction.
DOT / USDT – Ichimoku Weekly Chart
Indications of an impending bullish reversal in the DOT can be seen on the $ 0.25 / 3 box reversal point and number chart. A bullish shakeout model is available. This is one of the strongest, most bullish signals in point-and-figure analysis. The fact that it showed up on the first test of a new uptrend is a very positive sign.
The theoretical trade setup for DOT is buy stop at $ 27.25, stop loss at $ 26.25 and profit target at $ 35. This trade represents a reward-to-risk ratio of 7.55: 1. This trade is valid if the current column O does not fall below $ 25.75. A three cell stop helps protect any implied gains upon entry.
RP&F chart $ 0.25 / 3 box DOT / USDT
However, the pressure on the sell side and the downside risks remain. The reversal chart of $ 1.00 / 3-box shows a very bearish four-bottom setup. The hypothetical short term trade is a sell stop order at $ 24, a stop loss at $ 27, and a profit target of 14. This short term idea is the least likely and the downtrend can be limited to the $ 20 value zone.
RP&F diagram 1/3 box DOT / USDT
You can see the DOT prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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DOT completes ‘cycle of death’ – Here’s the next destination
Polkadot (DOT) price has fallen more than 52% from its all-time high. The recent bearish moves have marked the biggest loss since May, but the charts could soon turn bullish.
DOT completes Gann’s “cycle of death”
DOT price is for the sixth week in a row creating weekly candles with the closing price lower than the opening price. This is also the seventh weekly candle in this corrective movement. In the Gann analysis, WD Gann wrote that he regards the movement in one direction as a “death zone” for 49 to 52 days. Gann said that instruments that meet his “dead cycle” criteria have a very high probability of a trend reversal or a broader trend correction.
DOT / USDT – Ichimoku Weekly Chart
Indications of an impending bullish reversal in the DOT can be seen on the $ 0.25 / 3 box reversal point and number chart. A bullish shakeout model is available. This is one of the strongest, most bullish signals in point-and-figure analysis. The fact that it showed up on the first test of a new uptrend is a very positive sign.
The theoretical trade setup for DOT is buy stop at $ 27.25, stop loss at $ 26.25 and profit target at $ 35. This trade represents a reward-to-risk ratio of 7.55: 1. This trade is valid if the current column O does not fall below $ 25.75. A three cell stop helps protect any implied gains upon entry.
RP&F chart $ 0.25 / 3 box DOT / USDT
However, the pressure on the sell side and the downside risks remain. The reversal chart of $ 1.00 / 3-box shows a very bearish four-bottom setup. The hypothetical short term trade is a sell stop order at $ 24, a stop loss at $ 27, and a profit target of 14. This short term idea is the least likely and the downtrend can be limited to the $ 20 value zone.
RP&F diagram 1/3 box DOT / USDT
You can see the DOT prices here.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
Follow the Youtube Channel | Subscribe to telegram channel | Follow the Facebook page
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