DOTPerp - Longterm Idea (beginners thoughts) - Crypto Market 21
The Essentials:
We are in a strong uptrend since low in July. Making higher highs and higher lows. Trading above the 200SMMA.
Since August the 21SMMa crossed the 50SMMA and is increasing the gap continuously. Trendline is strong support.
After consolidating in the second half of October, DOT reached an ATH on 01/11 ($51.6)!
However the RSI is 3 points points lower during the ATH than the most recent high of 46.4 ---> which could signal a trend reversal, a RETRACEMENT before it goes parabolic (200+ ??).
To confirm this retracement, I connected the swing-low end of September with the swing-high (ATH).
This swing-low initiated the most recent uptrend, breaking through MAJOR resistances from earlier 2021 and mid September!
It also bounced off the 50SMMA after retesting it as support twice.
The Ideas:
Prediction 1: the price drops to $45 (previous resistance, now support) due to crypto market in general moving up and BTC expected to rally in November. Bounces off from there to new ATH. This would have support from the trend line, which is accurate as support since end of September.
Prediction 2: the price drops to $38. The major resistance from early 2021 and mid- September. This would mean a FIB retracement to the 50 level. If confirmed, a good entry to buy long at around $39-$40 level.
Prediction 3: the 50SMMA continues to be the support as it was end of September. If the price drops, the 50SMMA should be a confluence to the golden ratio of .618 on the FIB chart. Strong confirmation if it does! Best possible scenario to re-enter DOT at $35.9-$36.6 levels.
Thanks for reading and please let me know your thoughts/ideas.
HAL
We are in a strong uptrend since low in July. Making higher highs and higher lows. Trading above the 200SMMA.
Since August the 21SMMa crossed the 50SMMA and is increasing the gap continuously. Trendline is strong support.
After consolidating in the second half of October, DOT reached an ATH on 01/11 ($51.6)!
However the RSI is 3 points points lower during the ATH than the most recent high of 46.4 ---> which could signal a trend reversal, a RETRACEMENT before it goes parabolic (200+ ??).
To confirm this retracement, I connected the swing-low end of September with the swing-high (ATH).
This swing-low initiated the most recent uptrend, breaking through MAJOR resistances from earlier 2021 and mid September!
It also bounced off the 50SMMA after retesting it as support twice.
The Ideas:
Prediction 1: the price drops to $45 (previous resistance, now support) due to crypto market in general moving up and BTC expected to rally in November. Bounces off from there to new ATH. This would have support from the trend line, which is accurate as support since end of September.
Prediction 2: the price drops to $38. The major resistance from early 2021 and mid- September. This would mean a FIB retracement to the 50 level. If confirmed, a good entry to buy long at around $39-$40 level.
Prediction 3: the 50SMMA continues to be the support as it was end of September. If the price drops, the 50SMMA should be a confluence to the golden ratio of .618 on the FIB chart. Strong confirmation if it does! Best possible scenario to re-enter DOT at $35.9-$36.6 levels.
Thanks for reading and please let me know your thoughts/ideas.
HAL
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