### DOTUSD SHORT
I've been closely monitoring DOTUSD on the 15-minute chart, and it seems poised for a significant correction. The Elliott Wave pattern is indicating a completed five-wave impulse, which typically precedes a retracement.
Currently, DOTUSD has reached the 0.382 Fibonacci level at 6.053, suggesting a potential resistance area where the price might begin to decline. The key levels I am targeting for this short trade are:
- The 0.5 Fibonacci retracement level at 5.973, which often acts as a strong support in corrective waves.
- The 0.618 Fibonacci retracement level at 5.892, another critical support level that could provide a more substantial bounce.
These levels are derived from the Fibonacci retracement tool, which is commonly used in conjunction with Elliott Wave theory to predict potential reversal points. I am anticipating that the price will react at these levels, providing an opportunity for a short trade on DOTUSD.
I've been closely monitoring DOTUSD on the 15-minute chart, and it seems poised for a significant correction. The Elliott Wave pattern is indicating a completed five-wave impulse, which typically precedes a retracement.
Currently, DOTUSD has reached the 0.382 Fibonacci level at 6.053, suggesting a potential resistance area where the price might begin to decline. The key levels I am targeting for this short trade are:
- The 0.5 Fibonacci retracement level at 5.973, which often acts as a strong support in corrective waves.
- The 0.618 Fibonacci retracement level at 5.892, another critical support level that could provide a more substantial bounce.
These levels are derived from the Fibonacci retracement tool, which is commonly used in conjunction with Elliott Wave theory to predict potential reversal points. I am anticipating that the price will react at these levels, providing an opportunity for a short trade on DOTUSD.
Trade closed: target reached
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.