Hey, friends hope you are well and welcome the new update on Polkadot (DOT). In this video you will watch how:
On a daily chart, the price action of DOT is moving in a down channel and making a powerful attempt the breakout the resistance of this channel.
On the small-time period 4-hour chart the price action has broken out all simple moving averages with the time period of 25, 50, and 100.
Now I would like to draw your attention towards a powerful bullish move of the Polkadot coin that it has formed a bullish Gartley pattern in the US Dollar market and the Bitcoin markets as well. The patterns and targets are as below:
Polkadot with US Dollar pair Gartley move:
The priceline of Polkadot (DOT) with USDT pair has formed bullish Gartley on the 2-day chart.
The targets as per the Fibonacci sequence of Gartley are:
Potential reversal or buying zone: $3.85 to $3.03 (this is stop loss as well)
Fibonacci projection or sell zone: $4.49 to $6.04
Polkadot with Bitcoin pair Gartley move:
The priceline of Polkadot (DOT) with the Bitcoin pair has formed bullish Gartley the same as with US Dollar pair on the 2-day chart.
The targets as per Fibonacci sequence of Gartley are:
Potential reversal or buying zone: 0.00037629 to 0.00031935 btc
Fibonacci projection or sell zone: 0.00042099 to 0.00052901 btc
Conclusion:
The price action of Polkadot is showing a very positive gesture as it has broken out all SMAs with a time period of 25, 50, and 100 on a 4-hour chart and likely to breakout the resistance of the channel soon. However, we should use the potential reversal zone as stop-loss because if this PRZ level will be broken down then the price action of DOT may move more down for the completion of the Butterfly move.