DOT ready to explode to $100DOT/USDT looks very bullish on the daily timeframe as it looks to breakout from a 3 month long consolidation zone spanning all the way back to February.
My targets for taking profits are highlighted on the chart and are situated at the following respective fib levels:
TP 1 at the 1.618 fib ($61)
TP 2 at the 2.618 fib ($82)
TP 3 at our final target just below the 3.618 fib ($100)
The % profits you take at each level is entirely up to you, however I will personally be looking to close between 25-33% of my long position at each TP target.
SL (Stop Loss) will be adjusted accordingly as targets are hit. I expect this trade to starting play out over the coming few weeks and hit the mentioned targets over the next few months leading us towards the end of August.
Please note, caution should be exercised if BTC closes a weekly candle below the 21 EMA , which would indicate a shift in trend from bullish to bearish for the short-med term. In this scenario alt coins would most likely dump alongside BTC. In the event the aforementioned scenario plays out, I would advise to close this trade and look for lower re-entry to DCA your position.
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Disclaimer: This is only my opinion and should not act as financial advice, always DYOR (Do your own research).
