DOT price is important weekly close coming up that will determine the momentum of the prevailing bullish trend. Price action is to close in resemblance to a bullish hammer which will indicate strong momentum to the upside.
- Price Action Equilibrium Bull Break
- Weekly S/R Established and respected
- Strong Bullish Volatility Expansion
DOT Price Analysis: Weekly Chart
Observing the chart we can see price action forming equilibrium where supply and demand balances before an impulsive break. Evidently being the case this break was a bullish one that followed suite after a Doji Candle Close. The expansion was backed with increasing volume as reflected in the volume profile; this indicated a true break in nature. Follow through was evident that led to an initial bullish volatility expansion.
A Weekly S/R was established successfully as price action held a base for two consecutive candle closes, this base associated around the $9.50 region.
Holding this level was crucial for a bullish bias as volume indicated strength with follow-though being imminent, again evidently being the case. The providential fact that this level got respected was a tail sign of further upside.
A strong bullish volatility expansion followed suit as price action continued to rise with increasing volume. DOT price managed to put in a swing high at $19.40, marking the all-time high and the current objective for a continuation. A well-established weekly range has now come to fruition, with a weekly close in the coming days, will determine the likely-hood of taking out swing high. As of current there has been a strong buy back in price action resembling a bullish hammer. How this next weekly candle closes will determine the momentum of the prevailing bullish weekly volatility expansion.
Hope this article helps when making discretionary decisions.