Technical Analysis - $DOT

Pair: DOT/USDT

Timeframe: 4H

Hello! I'm here to assist you with your trading analysis on DOT/USDT. Please note that trading decisions should be based on your own evaluation and analysis.

There are two probable scenarios that I will outline: a bearish one and a bullish one.

Bearish Scenario:

Currently, DOT has been in a downtrend since it reached $9.593 on December 26. The descending trendline of this trend has not been broken. Without a breakout and a break of structure (BOS), this bearish trend may continue. There is a possibility of a 14.3% price drop or more.

If you decide to trade based on this scenario, you could consider entering at $6.45, placing your stop-loss at $6.9, and setting a take profit target at $5.858.

Bullish Scenario:

If the price does not follow the bearish pattern described above, there is a possibility of a bullish trend for DOT. If the price breaks out of the descending resistance and eventually makes a pullback, it may present an opportunity for a long position.

Apart from these short-term scenarios, I also see another long-term analysis on this chart. If you are interested, I can provide more information.

Remember to carefully assess the market conditions and consider risk management strategies before making any trading decisions.

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