Time to look at my favourite altcoin and it's pretty dismal perfomance over the last year agaisnt BTC
I've outlined my basic outlook on the weekly chart using candle stick closes and Log fibs. Coincidentally its touched the .886 retrace to the T. Typical sign of weak altcoins to retrace all the way back to the .886 level. I'm pretty confident the bottom for DOT/BTC is in based on this and the fact that its nearly an 80% correction from ATH vs BTC
My mid term outlook is bullish (for a change) Looking at best case scenario retrace up to .618 from ATH placing it at the .0004830 sat region
I've marked out 3 different TP below and above this level respectively as I've become accustomed to DOT usually underperforming against market competitors. So my TP is more conservative vs others. With the exception of TP3 being higher as I see this as an ATH for this market cycle
Some thoughts on DOT
Personally this is my favourite altcoin of them all. Admittedly one should not have emotion when it comes to trading as we're all here to make money and not love
My bias is fundamentally based and I will probably always keep staking my DOT from my ledger for years to come
Point 1 - Its not a security, this gives institutional interest and clarity on adding it to their basket or portfolio
Point 2 - Highest DEV activity compared to other L1 : Link : www.thecoinrepublic....evelopment-activity/
Point 3 - Interoperability (future proof)
Point 4 - Staking offline (my personal favourite)
Point 5 - Gavin Wood (some food for thought for the ETH maxi's)
There are more use cases to be made however one can only consider an argument valid if you can argue from both ends, So my concern for this project is as follows:
Point 1 - Concensus mechanism too slow. One of my dear friends informed me they wanted to launch TAO on their parachain but it was too slow for their timeline, in turn they self funded the crowdloan
Point 2 - Inflation. As great as APR is with Staking this shows inflation in the ecosystem and given that DOT has no FINITE market cap it can dampen price action in future
I'll be adding my DOT/USDT analysis to this post and updating it over time. As this is afterall my favourite ))
I've outlined my basic outlook on the weekly chart using candle stick closes and Log fibs. Coincidentally its touched the .886 retrace to the T. Typical sign of weak altcoins to retrace all the way back to the .886 level. I'm pretty confident the bottom for DOT/BTC is in based on this and the fact that its nearly an 80% correction from ATH vs BTC
My mid term outlook is bullish (for a change) Looking at best case scenario retrace up to .618 from ATH placing it at the .0004830 sat region
I've marked out 3 different TP below and above this level respectively as I've become accustomed to DOT usually underperforming against market competitors. So my TP is more conservative vs others. With the exception of TP3 being higher as I see this as an ATH for this market cycle
Some thoughts on DOT
Personally this is my favourite altcoin of them all. Admittedly one should not have emotion when it comes to trading as we're all here to make money and not love
My bias is fundamentally based and I will probably always keep staking my DOT from my ledger for years to come
Point 1 - Its not a security, this gives institutional interest and clarity on adding it to their basket or portfolio
Point 2 - Highest DEV activity compared to other L1 : Link : www.thecoinrepublic....evelopment-activity/
Point 3 - Interoperability (future proof)
Point 4 - Staking offline (my personal favourite)
Point 5 - Gavin Wood (some food for thought for the ETH maxi's)
There are more use cases to be made however one can only consider an argument valid if you can argue from both ends, So my concern for this project is as follows:
Point 1 - Concensus mechanism too slow. One of my dear friends informed me they wanted to launch TAO on their parachain but it was too slow for their timeline, in turn they self funded the crowdloan
Point 2 - Inflation. As great as APR is with Staking this shows inflation in the ecosystem and given that DOT has no FINITE market cap it can dampen price action in future
I'll be adding my DOT/USDT analysis to this post and updating it over time. As this is afterall my favourite ))
Comment:
Doesnt' show much strength to be honest however there is ever so slightly an incline in the lower highs measuring 1deg from the june 22 low to the march 23 low.
Bullish divergence
Not too much history to go by however double bottom tap looks juicy