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)
DOT/USD Elliott Wave technical analysis
Function: Follow trend.
Mode: Motive.
Structure: Impulse.
Position: Wave ((1)).
Direction next higher degrees: Wave I of impulse.
Details: The five-wave increase of wave ((1)).
DOT/USD trading strategy
Polkadot's outlook looks like the wave 1 rally is likely to end. The price is entering a correction in wave 2, likely to test the 61.8%(0.365) level of wave 1 before rising again in wave 3, so wait for the correction to complete for an opportunity to join the trend again.
DOT/USD technical indicators
The price is below the MA200 indicating a downtrend, the wave oscillator is a bullish momentum.
DOT/USD Elliott Wave technical analysis
Function: Follow trend.
Mode: Motive.
Structure: Impulse.
Position: Wave ((1)).
Direction next higher degrees: Wave I of impulse.
Details: The five-wave increase of wave ((1)).
DOT/USD trading strategy
Polkadot's outlook looks like the wave 1 rally is likely to end. The price is entering a correction in wave 2, likely to test the 61.8%(0.365) level of wave 1 before rising again in wave 3, so wait for the correction to complete for an opportunity to join the trend again.
DOT/USD technical indicators
The price is below the MA200 indicating a downtrend, 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.
