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DOT/USD is still searching for the support – Elliott Wave forecast

DOT/USD is still searching for the support – Elliott Wave forecast
Gregor HorvatGregor HorvatWavetraders

Today we will talk about Polkadot (DOTUSD) cryptocurrency. From technical point of view and from Elliott Wave perspective, we actually see it finishing a correction and approaching strong support zone.

DOTUSD

DOT/USD daily chart

DOTUSD is trading impulsively bearish since last year and from Elliott Wave perspective we are tracking higher degree wave (C) of a bigger (A)-(B)-(C) flat correction from the highs.
Wave (C) is a motive wave and it should be completed by a five-wave cycle of the lower degree. As you can see, we are now tracking final wave 5 of (C) that can ideally stop around strong projected 5 support area.

Just keep in mind that we will need sharp or impulsive five-wave recovery back to 11 area to confirm support in place and bulls back in the game.

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Author

Gregor Horvat

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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