DOT is about to make a decision on a large triange - tightening up significantly here and should pop within 2-3 day time frame at most. Trading at the bottom of the channel with strong support. Likely bullish to stay with the trend but we'll see. To look over at the BTC pair, price movement of DOTBTC looks like it could move either way, but it looks like it has found bottom and may break out of a bullish downward wedge.
Note the arrows I've paced on the chart. The first arrow around feb 1st shows where DOT broke above the MA200. Big price movement after that. If you note the current support resistance levels, we just traded MA200 resistance for support. DOT is likely to continue trading above the MA200 until the next correction.
DOT should easily hit the .236 extension ($50ish) and likely .382 ($56) - Note how well these levels match with the current channel top. Look for DOT to keep trading in this tight channel. If it breaks support all bets are off, but I also do think DOT has the potential to go parabolic this bullrun, especially if there's an add to coinbase. With lots of active development on the project, I would guess we see $100 DOT in the next 2-3 months as long as BTC stays up.
Note the arrows I've paced on the chart. The first arrow around feb 1st shows where DOT broke above the MA200. Big price movement after that. If you note the current support resistance levels, we just traded MA200 resistance for support. DOT is likely to continue trading above the MA200 until the next correction.
DOT should easily hit the .236 extension ($50ish) and likely .382 ($56) - Note how well these levels match with the current channel top. Look for DOT to keep trading in this tight channel. If it breaks support all bets are off, but I also do think DOT has the potential to go parabolic this bullrun, especially if there's an add to coinbase. With lots of active development on the project, I would guess we see $100 DOT in the next 2-3 months as long as BTC stays up.