DOTUSD - Update to Long-Term Channel with Battling Arcs
In my last analysis, I said that if DOT breaks back into the smaller bearish arc after breaking out and then retesting, it would invalidate my target of $95-120 by year's end.
That invalidation happened in the last dip, and today we see a possible second break to the upside of the smaller bearish arc, putting the original bullish scenario back into play.
I extended the parabolic arc out a bit, and both scenarios are still in play. I would look for $50+ as a confirmation of the upside target, and a failure to regain $50 in November as a confirmation to the downside.
My bias is still bullish on the crypto market and DOT in particular. I'm looking for a break of $50 by the end of the month and a fast move upwards towards $95+ thereafter.
Good luck and enjoy.
That invalidation happened in the last dip, and today we see a possible second break to the upside of the smaller bearish arc, putting the original bullish scenario back into play.
I extended the parabolic arc out a bit, and both scenarios are still in play. I would look for $50+ as a confirmation of the upside target, and a failure to regain $50 in November as a confirmation to the downside.
My bias is still bullish on the crypto market and DOT in particular. I'm looking for a break of $50 by the end of the month and a fast move upwards towards $95+ thereafter.
Good luck and enjoy.
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