DOT: Bullish Momentum Supported by Breakouts and Patterns
💎 DOT has found support within the support zone marked by the 0.618 Fibonacci level and has broken out of a descending channel pattern, forming a W pattern supported by the 200 EMA. Additionally, the price is displaying a Break Of Structure(BOS), further increasing the likelihood of bullish momentum.
💎If the price manages to break above the first resistance area, we can anticipate further bullish movement towards subsequent resistance levels.
💎In the event of a pullback, we may see a bounce from the bullish order block (OB) levels.
💎However, if the price declines below the support level, it could signal a bearish movement for DOT. Nonetheless, given the current bullish sentiment in the overall market, it would be prudent to align with the prevailing trend.
💎If the price manages to break above the first resistance area, we can anticipate further bullish movement towards subsequent resistance levels.
💎In the event of a pullback, we may see a bounce from the bullish order block (OB) levels.
💎However, if the price declines below the support level, it could signal a bearish movement for DOT. Nonetheless, given the current bullish sentiment in the overall market, it would be prudent to align with the prevailing trend.
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