DOT formed a megaphone pattern
Updated
I'm not really in the mood to do TA but I noticed this and I don't usually find many megaphone patterns so neat and in such good position so I thought to post about it.
Current DOT situation meets all basic rules about such pattern (read about them in this summary: https://www.elearnmarkets.com/blog/wp-content/uploads/2018/03/new-piktochart_29192361-2.png ) and I think this is it.
Volume is spiking where price meets the upper border and there have been 5 touches and the bottom touches (2 and 4) touched EMA 200 which acted as support. Moreover this pattern has formed after a strong trend. The only thing which could invalidate it would be BTC dumping so take a look at it if you wanna enter now wait for confirmation which would be price going over the upper line and possibly bouncing upward. However the possible target isn't so high because of resistance and pattern's target.
Good luck and remember, take a look to BTC. If price fails to break out there's a good occasion to short
Current DOT situation meets all basic rules about such pattern (read about them in this summary: https://www.elearnmarkets.com/blog/wp-content/uploads/2018/03/new-piktochart_29192361-2.png ) and I think this is it.
Volume is spiking where price meets the upper border and there have been 5 touches and the bottom touches (2 and 4) touched EMA 200 which acted as support. Moreover this pattern has formed after a strong trend. The only thing which could invalidate it would be BTC dumping so take a look at it if you wanna enter now wait for confirmation which would be price going over the upper line and possibly bouncing upward. However the possible target isn't so high because of resistance and pattern's target.
Good luck and remember, take a look to BTC. If price fails to break out there's a good occasion to short
Comment
So far DOT has been following my TA, the retest is normal in such cases, let's see if it'll bounce upwardTrade closed: target reached
Volume is dropping, it's possible that price will follow. Might be wise to close the trade, DOT it's currently very close to the target anywayComment
I think I advised you to exit just in time
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