Well, here it is folks. Out in the open. DOT has a bottom line of support and if you are honest with yourself it looks like we're on our way to test it.
There is a big probability that we are in a similar scenario as in the summer o 2021 were with effectively another month of downside to retest this bottom line of support before we change trajectory. Technically we would still be putting in a higher low which would keep us in a bullish structure. But let's face it, another 40% drop to around $16 does not feel like a bull market.
I also used a fixed range volume profile to see where the point of control as of the break out back in Dec 2020. It's sitting at around $17. This is another reason why I think it's very possible we head down there to retest these levels.
On a bullish note we could have put in a double bottom and could be forming a W-reversal pattern. We need to see a solid break above the $33 in order to validate it.
There is a big probability that we are in a similar scenario as in the summer o 2021 were with effectively another month of downside to retest this bottom line of support before we change trajectory. Technically we would still be putting in a higher low which would keep us in a bullish structure. But let's face it, another 40% drop to around $16 does not feel like a bull market.
I also used a fixed range volume profile to see where the point of control as of the break out back in Dec 2020. It's sitting at around $17. This is another reason why I think it's very possible we head down there to retest these levels.
On a bullish note we could have put in a double bottom and could be forming a W-reversal pattern. We need to see a solid break above the $33 in order to validate it.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.