Polkadot worth units bear entice earlier than DOT returns to $82 – FXStreet

Advertisements
  • Polkadot price develops a massive bullish reversal setup on its Point and Figure chart.
  • A huge bear trap could trigger an explosive short squeeze.
  • DOT awaits bulls to enter and begin the next major spike for Polkadot.

Polkadot price could be one of the earlier and biggest movers in any broader cryptocurrency return to bull market conditions. The setup on the $2.00/3-box reversal Point and Figure chart is an epic combination of bear traps.

Polkadot price positioned for a 175% move – if it can break above near term resistance

Polkadot price continues to face significant resistance in the low $30 price ranges. On the weekly Ichimoku chart, Polkadot must cross above the Volume Point Of Control at $28.50, the 38.2% at $31.00, the Tenkan-Sen at $33.00, and the Kijun-Sen at $34.25. Once DOT closes above those levels, it’s a wide-open space bereft of any resistance.

The $2.00/3-box reversal Point and Figure chart shows one of the most potent collections of bearish rejection in the cryptocurrency space. If the theoretical entry zone is triggered, then the following conditions are confirmed:

  1. Failed triple-bottom breakout – A triple-bottom break has a high positive expectancy rate of becoming a profitable setup. The entry would deny that setup and trap a significant number of short-sellers hoping to capitalize on this very bearish pattern.
  2. Bearish Fakeout Pattern confirmed – The bearish fakeout occurs when an instrument moves one to two (no more than three) boxes below a multiple-bottom, but then a reversal column of X’s forms and generates a buy entry.
  3. Spike Pattern confirmed – a Spike Pattern is a long column of X’s or O’s representing excess in a market move; they are aggressive reversal patterns that can terminate trends.

DOT/USDT Weekly Ichimoku Kinko Hyo Chart

Typically, in a Bearish Fakeout Pattern, the entry wouldn’t occur until the new X-column move above another multiple top. But because the Spike Pattern is confirmed, the Spike Pattern’s entry fulfills the entry and completion of the Bearish Fakeout.

The theoretical long entry is a buy stop order for Polkadot price at $32, a stop loss at $24, and a profit target at $82. This trade represents a 6.25:1 reward/risk with an implied profit target of 178%. However, the probability of Polkadot price hitting $82 immediately or in a short period of time is not likely. Therefore, a three-box trailing stop would help protect any profit made post entry.

DOT/USDT $2.00/3-box Reversal Point and Figure Chart

The theoretical long entry for Polkadot price is invalidated if the current O-column moves below the $20 value area.


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Torrential slide Vs. Polkadot (2022 Edition) – Securities.io Polkadot

Torrential slide Vs. Polkadot (2022 Edition) – Securities.io

The evolution of the crypto market can be seen in today's top-performing networks. Understanding...

By wpadminsonic164
Polkadot value to dip earlier than DOT’s subsequent leg up – FXStreet Polkadot

Polkadot value to dip earlier than DOT’s subsequent leg up – FXStreet

Polkadot price has seen a reversal after retesting the weekly supply zone, extending from...

By wpadminsonic164
Alia Bhatt to Kareena Kapoor Khan: 5 divas who appeared like traditional bombshells in white and black sarees – PINKVILLA Polkadot

Alia Bhatt to Kareena Kapoor Khan: 5 divas who appeared like traditional bombshells in white and black sarees – PINKVILLA

Like it, obsess over it or hate it, the good old magic of monochrome...

By wpadminsonic164
Cryptocurrency Value Prediction: Polkadot, Bitcoin & Axie Infinity – Asian Wrap Dec 24 – FXStreet Polkadot

Cryptocurrency Value Prediction: Polkadot, Bitcoin & Axie Infinity – Asian Wrap Dec 24 – FXStreet

The Polkadot price could see an unprecedented spike in the next week and stretch...

By wpadminsonic164
AstridDAO Partners with Tech Giant Microsoft – GlobeNewswire Polkadot

AstridDAO Partners with Tech Giant Microsoft – GlobeNewswire

New York, May 25, 2022 (GLOBE NEWSWIRE) -- Exciting news from the Astar ecosystem....

By wpadminsonic164
Astar (ASTR) crypto firm joins Microsoft’s (MSFT) startup program – Kalkine Media Polkadot

Astar (ASTR) crypto firm joins Microsoft’s (MSFT) startup program – Kalkine Media

Astar (ASTR) crypto rose 36.90% to US$0.07707 at 2:22 pm ET on Tuesday after...

By wpadminsonic164
Second STATE Token Launch and Declare Occasion Announcement – Medium Polkadot

Second STATE Token Launch and Declare Occasion Announcement – Medium

ParaState is pleased to announce the release of our 2nd tranche of STATE tokens...

By wpadminsonic164
7 Bargain Cryptos to Buy After the Crash – InvestorPlace Polkadot

7 Bargain Cryptos to Buy After the Crash – InvestorPlace

While the pain in the cryptocurrency sector is tough to swallow, a bear market...

By wpadminsonic164

Latest Posts

[NEXT 6 HOURS] TIME IS TICKING for BITCOIN!!!!! BITCOIN Worth Prediction 2021 // Bitcoin Information At the moment Videos

[NEXT 6 HOURS] TIME IS TICKING for BITCOIN!!!!! BITCOIN Worth Prediction 2021 // Bitcoin Information At the moment

Bitcoin News Today - [NEXT 6 HOURS] TIME IS TICKING for BITCOIN!!!!! BITCOIN Price...

By wpadminsonic164
Raoul Pal – This Is The Bitcoin Market State of affairs Proper Now Videos

Raoul Pal – This Is The Bitcoin Market State of affairs Proper Now

We have partnered up with Delta to bring your personal investments to the next...

By wpadminsonic164
Torrential slide Vs. Polkadot (2022 Edition) – Securities.io Polkadot

Torrential slide Vs. Polkadot (2022 Edition) – Securities.io

The evolution of the crypto market can be seen in today's top-performing networks. Understanding...

By wpadminsonic164
Short-term Availability of Funds to Transform the BTM Industry – GlobeNewswire Stellar

Short-term Availability of Funds to Transform the BTM Industry – GlobeNewswire

MIAMI, May 25, 2022 (GLOBE NEWSWIRE) -- BankLine announced a Master Licensing Agreement with...

By wpadminsonic164
Goldman Sachs Executes Financial institution’s First OTC Crypto Transaction Buying and selling a Bitcoin Non-Deliverable Choice Bitcoin

Goldman Sachs Executes Financial institution’s First OTC Crypto Transaction Buying and selling a Bitcoin Non-Deliverable Choice

On Monday, the multinational investment bank and financial services company Goldman Sachs disclosed it...

By wpadminsonic164
Apex powers Firstrade’s new crypto buying and selling providing – FinanceFeeds – FinanceFeeds Stellar

Apex powers Firstrade’s new crypto buying and selling providing – FinanceFeeds – FinanceFeeds

The digital asset offering is provided by Apex Crypto LLC, which takes care of...

By wpadminsonic164
Cardano

Crypto Value Evaluation Jan-28: Ethereum, Ripple, Cardano, Solana, and Luna – CryptoPotato

This week, we take a closer look at Ethereum, Ripple, Cardano, Solana, and Luna,...

By wpadminsonic164
Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics Binance

Binance has Nigerian Idol road release on Nigerian college grounds – Nairametrics

Binance, the world's leading blockchain ecosystem and cryptocurrency infrastructure provider, has activated the street...

By wpadminsonic164