Will the bullish momentum commence in DOT market?
DOTUSD Price Analysis – September 05
Polkadot may continue the bullish movement provided the resistance level at $7.6 does not hold and it may increase to $8.3 and $8.6 price level. In case the bears oppose the bulls, the price may decrease to the support level of $6.7, $5.9 and $4.0.
Resistance levels 7.6, $8.3, $8.6
Support levels: 6.7, $5.9, $4.0
DOTUSD Long-term Trend: Bullish
DOTUSD is gaining momentum for uptrend; in other words Polkadot is bullish in the daily chart. The coin has been soaring towards south and the support level of $6.7 was reached. The price gradually repelling from the support level of $6.7. Critically looking at the daily chart is the formation of “W” chart pattern at the mentioned support level. At the moment, the price is breaking up the dynamic resistance level.
The fast Moving Average (9 periods EMA) is crossing the slow Moving Average (21 periods EMA) and the price is trading above the two EMAs as a sign of bullish movement. The price may continue the bullish movement provided the resistance level at $7.6 does not hold and it may increase to $8.3 and $8.6 price level. In case the bears oppose the bulls, the price may decrease to the support level of $6.7, $5.9 and $4.0.
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DOTUSD medium-term Trend: Bullish, Tamadoge Obeying Bulls’ Control
DOTUSD is bullish in the 4-hour chart. The coin was decreasing last two weeks. Polkadot reaches the support level of $6.7 to form double bottom chart pattern. The pattern formed is a bullish signal to the Polkadot market. The crypto may reach the resistance level of $8.3 provided the $7.6 level does not hold.
The 9 periods EMA is crossing the 21 periods EMA upside and the coin is trading above the two EMAs which indicates that buyers are getting ready to take over the Polkadot market. The relative strength index period 14 is at 61 levels and the signal lines pointing up to indicate buy signal.
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Image and article originally from insidebitcoins.com. Read the original article here.