DOT downwards channel breakout

23 mar 2022

DOT has completed a 5 wave correction sequence in a downward channel from its highs into a weekly demand zone. Its had a high volume bottom as it come into the zone and closed with a rejection wick and pinball close on weekly. The trend has started to reverse and put in a HH on the 3D having reset on the RSI from being oversold and now trading above the MA and looking like it could be the beginning of a new uptrend. Swing structure on weekly looks good, HH and HL formation so id expect the high to get taken and DOT to put in a new ATH from here based upon HTF analysis. MACD also converging showing momentum coming into the market on buyer side coinciding with new wave the the upside.