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In the volatile and challenging world of cryptocurrencies, many investors wonder when is the right time to buy or sell. Often, investors fall into the trap of panic due to price fluctuations, leading to ill-informed decisions that can cost them huge losses. But when it comes to investing, patience is gold.

Technical Analysis for DOT/USDT (1-Day Chart)

The chart shows a descending triangle pattern, typically a bearish continuation setup, with prices consolidating near the support level around $6.69. Here’s a breakdown of the key observations:

1. Resistance Levels:

• Primary Resistance: $6.90 (near the downward-sloping trendline).

• Secondary Resistance: $7.15 (recent swing high if the triangle breaks upward).

2. Support Levels:

• Primary Support: $6.65 (horizontal line of the descending triangle).

• Secondary Support: $6.35 (historical level from previous lows).

3. Indicators:

• Parabolic SAR: Bearish (yellow dots above the price).

• RSI (Relative Strength Index): Around 35-40, indicating weak momentum but not yet oversold.

• Volume: Appears low, signaling a potential breakout soon.

4. Pattern Implication:

• A breakout from the triangle, either upward or downward, will likely dictate the next move. The pattern generally favors a bearish breakout unless strong buying volume emerges.

Trading Signal for Intraday

1. Entry Points:

• Bullish Scenario: Enter a long position if the price breaks above $6.90 with strong volume.

• Bearish Scenario: Enter a short position if the price breaks below $6.65 with strong volume.

2. Stop-Loss Placement:

• Bullish: Place a stop-loss below $6.65 (key support level).

• Bearish: Place a stop-loss above $6.90 (triangle resistance).

3. Take-Profit Targets:

• Bullish Targets:

• Target 1: $7.15 (swing high resistance).

• Target 2: $7.45 (next significant resistance zone).

• Bearish Targets:

• Target 1: $6.35 (historical support).

• Target 2: $6.00 (psychological level and support).

Suggested Trades:

Bullish Trade:

• Buy: Above $6.90 (confirmation of breakout).

• Stop-Loss: $6.65.

• Targets: $7.15, $7.45.

Bearish Trade:

• Sell: Below $6.65 (confirmation of breakdown).

• Stop-Loss: $6.90.

• Targets: $6.35, $6.00.

Caution: Wait for confirmation (volume spike and candle close above/below key levels) before entering a trade. Monitor the RSI and Parabolic SAR for trend changes.
$DOT $BNB
#DOT #BNB #Binance #Write2Earn #Analysis

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