Good morning traders.
DOT/USDT the pair for today, lets begin.
In light of the recent Bitcoin dump, a lot of alts have found themselves at strong support, some below it and stables depegging from the dollar.
Question is, are we at the bottom now?
While i may not be able to clarify if we are at the bottom or not, it doesn't feel like it, I can however say this is a very good buying opportunity for many alts.
From the chart above we have the DOT price back at July 2021 levels, very strong support area. It could however make it's way down to our worst case scenario region which is also in line with the 1.236 fib support level dependng on Bitcoin's price action.
So far we have a Regular flat formed on the chart which in theory has it's C wave to be 61.8%-123.6% of wave AB.
Whether or not this is the bottom it is still a very good buying opportunity (but don't take my word for it).
If the Elliott wave theory is correct (and has been so far), targets for our wave 3 range from $175-$240 dollars(red zone) depending on where the bottom will be.
In the blue zone we have our Take profit region just to ensure we take some of the table in the case of exhaustion.
I expect this to fulfil over a lengthy timeframe given the state of the market but, you never know.
If you agree with this Idea pls like, share and comment your thoughts below.
As always feedback is appreciated!
DOT/USDT the pair for today, lets begin.
In light of the recent Bitcoin dump, a lot of alts have found themselves at strong support, some below it and stables depegging from the dollar.
Question is, are we at the bottom now?
While i may not be able to clarify if we are at the bottom or not, it doesn't feel like it, I can however say this is a very good buying opportunity for many alts.
From the chart above we have the DOT price back at July 2021 levels, very strong support area. It could however make it's way down to our worst case scenario region which is also in line with the 1.236 fib support level dependng on Bitcoin's price action.
So far we have a Regular flat formed on the chart which in theory has it's C wave to be 61.8%-123.6% of wave AB.
Whether or not this is the bottom it is still a very good buying opportunity (but don't take my word for it).
If the Elliott wave theory is correct (and has been so far), targets for our wave 3 range from $175-$240 dollars(red zone) depending on where the bottom will be.
In the blue zone we have our Take profit region just to ensure we take some of the table in the case of exhaustion.
I expect this to fulfil over a lengthy timeframe given the state of the market but, you never know.
If you agree with this Idea pls like, share and comment your thoughts below.
As always feedback is appreciated!
Comment:
ignore the short position, forgot to get rid of and didn't notice
