Technical analysis

    PolkaDot – A huge breakout or a trap?

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    DOT on the 3D chart.
    • Please do not buy DOT. There are many, many better coins. This analysis is for you if you want to get out of DOT or if you want to buy DOT.
    • This altcoin looks really bad. I would not buy it. But, it looks like we will have a relief uptrend.
    • I think we can definitely reach at least the 0.382 FIB retracement of this downtrend wave. This wave should be completed and we are looking for a bullish correction.
    • We have a descending parallel channel that has been destroyed by the bulls recently. So the bears should pause for a while.
    • As per my Elliott Wave analysis, there is an impulse wave, which is a great sign of weakness. This is probably not the bottom!
    • I expect a huge bear market after the retracement, so be careful with this altcoin.
    • Look at my ideas about APT, ETH, BTC , and inflation in the related section down below.
    • https://www.tradingview.com/chart/DOTUSDT/6wdklafd-PolkaDot-A-huge-breakout-or-a-trap/
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    Professional trader and analyst. My specialization is in Elliott Wave Theory, Fibonacci tools, chart patterns, candlesticks, and price action. To analyze market structure, I use market profile and volume profile in my trading system. To analyze trends, I use trendlines, VWAP, and simple moving averages.