Update on my previous idea for DOT.
Polkadot has broken up from the Descending Channel and confirmed.
Right now it is facing major resistance at 39-40 USD area.
This might be key moment for DOT's move as we will either see it breaking up and confirming, or going back down.
In the first scenario, it should be heading to retest previous ath.
In case of the second scenario, looks liek it can be forming Head and Shoulders on bigger time frame, which is a bearish pattern.
As always, a lot will depend on Bitcoin and the sentiment it gives to the market.
Polkadot has broken up from the Descending Channel and confirmed.
Right now it is facing major resistance at 39-40 USD area.
This might be key moment for DOT's move as we will either see it breaking up and confirming, or going back down.
In the first scenario, it should be heading to retest previous ath.
In case of the second scenario, looks liek it can be forming Head and Shoulders on bigger time frame, which is a bearish pattern.
As always, a lot will depend on Bitcoin and the sentiment it gives to the market.
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Apr 24 Chart:
