Polkadot is Primed

13 Apr 2021

Polkadot is primed to explode, as we have been consolidating in a larger ascending wedge, and now a smaller symmetrical triangle. The direction in which the symmetrical triangle breaks will decide the immediate direction of DOT, and a symmetrical triangle in a bull market is a usually a trend continuation pattern (we have an up trend). Technical price target of the smaller triangle is around $47, the top resistance of the larger ascending wedge. You can ladder in your longs now or wait to see if we break the triangle upside. Take profits around $45.50 to be safe and again at the top of the wedge ($47). Can long again if the wedge is also broken to the upside on a 4 hour or , better, a daily candle. If the triangle does break to the downside, we have the purple box territory that’s has been massive support, and should give us an bounce, and an opportunity to re-evaluate the trade, as this will all also depend slightly on bitcoins movements .

Stay safe out there guys