Hello all and thanks for your continuous support.
As the entire market, so does polkadot headed south today.
Currently trading inside a falling wedge pattern, the chances for breaking bullish out of this pattern are very little. As such, my bearish price target for this pattern formation is $4.70. This is our 161.8% fibonacci retracement level.
The $4.7 is the lowest horizontal support level since December 2020.
Keep an eye on the descending line of support of this falling wedge pattern sitting at $6. If we loose this level we are going to $4.7. This will be another 22% drop. If the price successfully breaks above the fib golden pocket we have a chance of retesting the $7.
Thanks for reading, and stay tuned. Enjoy.
As the entire market, so does polkadot headed south today.
Currently trading inside a falling wedge pattern, the chances for breaking bullish out of this pattern are very little. As such, my bearish price target for this pattern formation is $4.70. This is our 161.8% fibonacci retracement level.
The $4.7 is the lowest horizontal support level since December 2020.
Keep an eye on the descending line of support of this falling wedge pattern sitting at $6. If we loose this level we are going to $4.7. This will be another 22% drop. If the price successfully breaks above the fib golden pocket we have a chance of retesting the $7.
Thanks for reading, and stay tuned. Enjoy.