The DOT price continues to consolidate between $ 26 and $ 31. However, a breakout is developing and the upside is huge.
DOT can go up 178%
DOT price action continues to follow an uptrend when looking at a point and finger (P&F) chart pattern known as a spike pattern – a pattern made up of any column of Xs or Os with ten five or more boxes. The entry is always made in inverted 3 cells. The most recent turnaround came on December 20 at $ 32, just above the current range of $ 27.
The previously discussed hypothetical long entry is still valid and offers the option of adding to an existing position or opening a new one. Entry is a buy stop at $ 32, a stop loss at $ 24, and a profit target at $ 82. The expected profit target is derived from the vertical profit target method in the P&F analysis.
The trade setup has a reward-to-risk ratio of 6.25: 1, with an implicit increase of over 178% from entry. Given the range of the entry profit target, it makes sense to break it down into three or four trades. In addition, trailing stops of two to three boxes protect all profits after entry.
P&F chart reversal $ 2.00 / 3 box
Traders should expect some resistance near the $ 40 area where the weekly Tenkan-Sen and Daily Senkou Span B exist in the Ichimoku-Kinko-Hyo system.
The hypothetical long setup will be invalidated if the polkadot price drops below $ 20.
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DOT is about to explode into a new ATH
The DOT price continues to consolidate between $ 26 and $ 31. However, a breakout is developing and the upside is huge.
DOT can go up 178%
DOT price action continues to follow an uptrend when looking at a point and finger (P&F) chart pattern known as a spike pattern – a pattern made up of any column of Xs or Os with ten five or more boxes. The entry is always made in inverted 3 cells. The most recent turnaround came on December 20 at $ 32, just above the current range of $ 27.
The previously discussed hypothetical long entry is still valid and offers the option of adding to an existing position or opening a new one. Entry is a buy stop at $ 32, a stop loss at $ 24, and a profit target at $ 82. The expected profit target is derived from the vertical profit target method in the P&F analysis.
The trade setup has a reward-to-risk ratio of 6.25: 1, with an implicit increase of over 178% from entry. Given the range of the entry profit target, it makes sense to break it down into three or four trades. In addition, trailing stops of two to three boxes protect all profits after entry.
P&F chart reversal $ 2.00 / 3 box
Traders should expect some resistance near the $ 40 area where the weekly Tenkan-Sen and Daily Senkou Span B exist in the Ichimoku-Kinko-Hyo system.
The hypothetical long setup will be invalidated if the polkadot price drops below $ 20.
Join Bitcoin Magazine Telegram to keep track of news and comment on this article: https://t.me/coincunews
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