Short DOTUSDT at 21.4192
What looks like a long on the shorter timeframe, seems like a false breakout and a great shorting opportunity on the longer timeframes.
On the 15 min timeframe, it looks like DOTUSDT is breaking out and has converted the 20.0 level from resistance into support. On its own, this would suggest going long at this price.
However, when we zoom out to the 75 min timeframe, we see that 20.0 is part of a larger resistance that hasn't actually been broken. Additionally, here EMA50 is going to be weighing down on DOTUSDT as it climbs any higher and will provide significant further resistance. To make matters worse, it looks like MACD is ripe for a small selloff from these price levels.
When we zoom out a bit further to the 375 min timeframe, we see that 21.5 is just the MA(9) resistance. We also see a consistent, strong downtrend on this chart. Regardless of how good the shorter timeframes look, it is hard to fight against such a strong selloff.
What looks like a long on the shorter timeframe, seems like a false breakout and a great shorting opportunity on the longer timeframes.
On the 15 min timeframe, it looks like DOTUSDT is breaking out and has converted the 20.0 level from resistance into support. On its own, this would suggest going long at this price.
However, when we zoom out to the 75 min timeframe, we see that 20.0 is part of a larger resistance that hasn't actually been broken. Additionally, here EMA50 is going to be weighing down on DOTUSDT as it climbs any higher and will provide significant further resistance. To make matters worse, it looks like MACD is ripe for a small selloff from these price levels.
When we zoom out a bit further to the 375 min timeframe, we see that 21.5 is just the MA(9) resistance. We also see a consistent, strong downtrend on this chart. Regardless of how good the shorter timeframes look, it is hard to fight against such a strong selloff.
Trade active:
Short at 21.62770
Trade closed manually:
Closed at 21.4420