Elliott Wave Analysis TradingLounge Daily Chart,
DOT/ U.S. dollar(DOTUSD).
DOTUSD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Double Corrective.
Position: Wave ((Y)).
Direction Next higher Degrees: Wave IV.
Wave cancel invalid level:
Details: Wave IV is likely to be completed and price is likely to drop at 2.406.
DOT/ U.S. dollar(DOTUSD)Trading Strategy:
This is a V wave retracement of wave (C), where we are in the final stages of wave C, which is likely to test the 2.406 level, so the overall picture is a short-term retracement before another rally.
DOT/ U.S. dollar(DOTUSD)Technical Indicators: The price is below the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.
DOT/ U.S. dollar(DOTUSD)
DOTUSD Elliott Wave technical analysis
Function: Counter Trend.
Mode: Corrective.
Structure: Double Corrective.
Position: Wave ((Y)).
Direction next higher degrees: Wave IV.
Wave cancel invalid level:
Details: Wave IV is likely to be completed and price is likely to drop at 2.406.
DOT/ U.S. dollar(DOTUSD)Trading Strategy:
This is a V wave retracement of wave (C), where we are in the final stages of wave C, which is likely to test the 2.406 level, so the overall picture is a short-term retracement before another rally.
DOT/ U.S. dollar(DOTUSD)Technical Indicators: The price is below the MA200 indicating a Downtrend, The Wave Oscillator is a Bearish Momentum.
Technical analyst: Kittiampon Somboonsod.
DOTUSD Elliott Wave technical analysis [Video]
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended Content
Editors’ Picks
Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut
Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory. Ethereum and Solana also retained gains of 7% and 4%, respectively, following the rate cut.
XRP sees bullish momentum following $123 million increase in open interest
XRP exchange reserves in Binance and Upbit have declined by nearly $13 million. In the past three days, investors opened over $123 million worth of XRP positions. XRP needs to overcome key descending trendline resistance to stage a rally to $0.6640.
Coinbase launches wrapped Bitcoin token on Solana network
Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral.
Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak
Buoyed by Donald Trump's victory at the polls, the global crypto market entered its third consecutive day on an uptrend on November 7, 2024. Amid the ongoing rally, Solana emerged one of the biggest gainers on Thursday, as demand for native memecoins further propelled market demand for SOL.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.