BYBIT:DOTUSDT 1H trend chart - With the strong support zone, that was formed from long-term neckline, and the upper downtrend line. Both keep price converging in a triangle formation, direction is still unknown. So just wait for a break from this triangle. If the upper downtrend line can be broken out, trading strategy as below. - Profit Targets: a) 35.320----Fib(1) b) 37.005~37.685----Fib(1.272~1.382) c) 41.510-----Fib(2)
Stop losses: a) 32.430----Redhorizontal ray - Trading is a reflection of yourself. Learn more daily and be ready for every opportunity. Have a nice trading!
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*New SL: $34.825 Congrats guys, you definitely took some profit on 1st TP. Now, whole market is facing a pullback. During this correction, DOT obviously gets support on Fib(1) around $35.3 But don't forget setting your SL up. For who have followed this trading strategy, I suggest you could move your SL upper to assure your profit. So I setup a new SL on $34.825(blue horizontal line) or you can take profit anytime after this surge.
Like this analysis and leave comment below if have any questions or ideas!
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Guys, DOT hit 2nd TP. Congrats! Don't forget to take a part of profit, and let's wait for 3rd TP
@EthanTW, thanks for this man!
Do you think the pull back is done now or it might go lower?
EthanTW
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@famousExpert39394, All crypto market are going down right now, it's normal, so just give DOT some time to make correction after surge, it's better for price to form a better pattern.
Also, you could refer to my updated idea to setup your new SL.