Revisiting Polkadot - DOT/USDT Channel Crab
Updated
DOTUSDT - 4HI've been staking gains from a recent DOT trade but haven't paid much attention to its chart. After a short review, two things stand out. First is that it's been crabbing along in a channel since Jan 16. Second would be the potential price action marked in the blue box towards the upper channel line.
The upper white channel line marks ATH - which was swiftly rejected as noted by the candle stick. It took 8 days for DOT to challenge ATH again, which was denied. We're now 10 days past its most recent challenge and the market is marked by bullish activity all over the place. EMA7 is cranking up, as the BBands start to fan outward. This would indicate a swift move up, but I don't care about catching that as it could drop within the channel at any point. Ideally we'll see an uptick in volume as this uptrend approaches the blue box, followed by a thick tall candle blowing through the upper channel line - similar to what we saw from ETH today. Once there is an hourly candle confirmation above the blue box, I'll move into a long and ride to price discovery.
This is not investment advice and trading cryptocurrency is high risk.
Note
We can see the first 4H candle closed right at the white channel line. Didn't expect this move to happen so quick, but here we are.
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