Just yesterday, amid panic, Hong Kong approved the first spot BTC-ETFs$BTC and$ETH ETH-ETF.
Now the market already has 2 large sources of new liquidity.
This only confirms that the rally is only in the initial stage and during this correction it is necessary to buy, especially in alts.
For example, consider a fundamentally strong coin$DOT from a technical point of view.
🕯 Technical analysis
The coin fell from local peaks by -55%!!!
The price was kept from further falling by the long-term moving average MA200d and the zone of the highest profile volume.
As a result, the price was unable to consolidate below the long-term moving average and returned back higher.
The coin is forming a bullish Expanding Tops pattern, with the volume inside the pattern being U-shaped, which is positive for working out the pattern.
The volumes themselves continue to enter the coin.
💡 Entry price: Current
🦌 Stop loss: better without a stop, potential drawdown -24%
🎯 Goals: $14.4 $18,854 $30,951
The coin definitely needs to be bought, since in fact it is still trading somewhere near the bottom.
There is no point in setting a stop, since the coin is very undervalued.
In theory, we can drop by -24% from the current ones, but this is only a theory and such a drawdown is justified by the potential profit.
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