Cryptocurrency (Mar 09, 2021 07:30AM ET)
Polkadot price analysis
In the chart diagram of DOTUSD we are looking at the monthly, weekly, and daily chart and waiting for the right setup for an entry.
In the far left monthly chart, we see where DOTUSD begins to trade in August of 2020, it basically opens up and collapses with a high range of over 50 to a low of 2.7. Since August you can see that the September, October, and November lows held up nicely and now the price is heading back up to the August highs.
On the Weekly middle chart, we have the longer-term resistance and support prices which are the whole numbers 30 and 40. We can also look and see very clearly the support at 5, 10, 15, and 20. Volume was key on this chart and we can see the flat volume and then the large spike in late December with the breakout above.
On the far right, we have the daily chart and I like the higher lows on this rally up, but I do need to see a strong break above the 38 resistance level. We can see how we are in a flag pattern and need to take out the 38 levels as it was a previous lower high.
I am bullish on DOTUSD but until those confirmations are met I am waiting on the sidelines.