Hello Crypto traders, today we will talk about Polkadot (DOTUSD) cryptocurrency. From technical point of view and from Elliott Wave perspective, we actually see it finishing a correction and approaching strong support zone.
DOTUSD is trading impulsively bearish since last year and from Elliott wave perspective we are tracking higher degree wave (C) of a bigger (A)-(B)-(C) flat correction from the highs.
Wave (C) is a motive wave and it should be completed by a five-wave cycle of the lower degree. As you can see, we are now tracking final wave 5 of (C) that can ideally stop around strong projected 5 support area.
Just keep in mind that we will need sharp or impulsive five-wave recovery back to 11 area to confirm support in place and bulls back in the game.
DAX can be supportive for Cryptos. Is this is a failure breakdown? Check our DAX chart HERE