Polkadot Elliott Wave technical analysis [Video]
![Polkadot Elliott Wave technical analysis [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Polkadot/polkadot-150x150logo-637399979978734311_XtraLarge.png)
Elliott Wave analysis TradingLounge daily chart.
Polkadot/U.S. dollar (DOT/USD)
DOT/USD Elliott Wave technical analysis
Function: Counter trend.
Mode: Corrective.
Structure: Flat.
Position: Wave C.
Direction next higher degrees: Wave (II) of impulse.
Wave cancel invalid level.
Details: Wave II is equal to 61.8% of wave I at 5.225.
Polkadot/US Dollar trading strategy
Second wave correction before rising again in the third wave with a flat pattern. The current status is a short-term pullback in wave B before falling again in wave C, so wait for the correction to complete to join the uptrend again.
Polkadot/US Dollar technical indicators
The price is above the MA200 indicating an uptrend, The wave oscillator is a bullish momentum.
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Elliott Wave Analysis TradingLounge H4 chart
Polkadot/ U.S. dollar (DOT/USD)
DOT/USD Elliott Wave technical analysis
Function: Follow trend.
Mode: Motive.
Structure: Impulse.
Position: Wave 4.
Direction next higher degrees: Wave C of flat.
Wave cancel invalid level.
Details: A short-term pullback in wave 4 before falling again in wave 5.
Polkadot/US Dollar trading strategy
Second wave correction before rising again in the third wave with a flat pattern. The current status is a short-term pullback in wave B before falling again in wave C, so wait for the correction to complete to join the uptrend again.
Polkadot/US Dollar technical indicators
The price is above the MA200 indicating an uptrend, The wave oscillator is a bullish momentum.
DOT/USD Elliott Wave technical analysis [Video]
Author
Peter Mathers
TradingLounge
Peter Mathers started actively trading in 1982. He began his career at Hoei and Shoin, a Japanese futures trading company.
