Polkadot Dotted a New High!

I made an article about Polkadot with a technical analysis attached to it at 2nd January!

If you read the article I say that it's price will go higher but we have to wait for a better entry after the weekly candle closes.

This is what charts of Polkadot looked like back than, but as I always say there is an imminent need to do a retest of the support areas before we move higher or vice versa. Good traders don't have a secret tool that makes them so! All they have is Discipline and Patience.

Check this out!

Price dropped to the 7.15 area (check also the previous post to verify the zones I drew) before it pushed another bullish move.

Let's get into details!

The importance of 7.15 area is shown back at 30 and 31st of December 2020! Price found a good support there and moved to a resistance zone at 10.17.

But at 11th of January price gave us a Hammer Candle which indicates a bullish market! Let's confirm look for more confirmation and we can do that by dropping in 4h TF.

You can see where the arrow is pointed!

The red (bearish candles) had a lot of wicks (indicating a support on the 7.15 area) which then was followed by a strong bullish candle which closed above the 8.20 zone which also is a very significant zone! Check the history on the left... This would be enough for a trader that knows where to enter.

What's next on Polkadot!
A even higher price? Yeap you are right! But....

We are reaching new highs, price went as high as 15...but I do think that before we move any higher we have to come back to 10.8 area for another retest! Remember, price doesn't move just Up or Down, it also goes Sideways (that is called ranging). And I really think that Dot will go even higher but first we need to tap that 10.8 before we go anywhere else.

What's your thoughts on Dot?

theatdhe!

Posted Using LeoFinance ^Beta