Polkadot DOT/BTC
Dots had a solid run over the last month, i only traded this on spot and was happy to ride the waves, how ever im feeling a possible retracement coming at the moment.
We have hit a level of resistance and after the run we have had and the 3 impulsive moves, I would be expecting a descent market correction over the next few weeks.
Bull case is a sharp and short term pull back met with a continuation of this current momentum, breaking the level of resistance and pushing higher for a new target.
Bear case is either a much deeper retracement or we double top at resistance and head back down to the EQ level between the 50-618 retracement of the entire run.
I would still consider that to be some what heathy market structure but not something I will hold onto.
Basically for this position im watching closely on this short term pull back, if there is a lot of selling i may take my profits early and let it cool down, if the selling is minimal and the pull back is slow, then ill hold my position and watch closely at a potential double top.
We have hit a level of resistance and after the run we have had and the 3 impulsive moves, I would be expecting a descent market correction over the next few weeks.
Bull case is a sharp and short term pull back met with a continuation of this current momentum, breaking the level of resistance and pushing higher for a new target.
Bear case is either a much deeper retracement or we double top at resistance and head back down to the EQ level between the 50-618 retracement of the entire run.
I would still consider that to be some what heathy market structure but not something I will hold onto.
Basically for this position im watching closely on this short term pull back, if there is a lot of selling i may take my profits early and let it cool down, if the selling is minimal and the pull back is slow, then ill hold my position and watch closely at a potential double top.
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