Hello everyone, I invite you to review the DOT chart as its predecessors on a one-day interval. Please see that in this situation we can use the yellow line to mark the uptrend channel in which the price is moving.
Let's start by marking the support places for the price and we see that we have first support at $6.05, but if the price goes lower, we have another support at $5.67, then at $5.33, and another support at $5.33 $4.83.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that there is a very strong resistance at $6.74, only when the price breaks it will it be able to move towards the resistance at $7.43.
The CHOP index indicates that we have a lot of energy for the upcoming move, the MACD indicates the continuation of the downtrend, while the RSI moves sideways in the middle of the range.
Let's start by marking the support places for the price and we see that we have first support at $6.05, but if the price goes lower, we have another support at $5.67, then at $5.33, and another support at $5.33 $4.83.
Looking the other way, we can similarly determine the places of resistance that the price has to face. And here we see that there is a very strong resistance at $6.74, only when the price breaks it will it be able to move towards the resistance at $7.43.
The CHOP index indicates that we have a lot of energy for the upcoming move, the MACD indicates the continuation of the downtrend, while the RSI moves sideways in the middle of the range.