In the past 24 hours, DOT has been trading between $15.94 – $17.49. The previous high and low were $16.63 and $15.03 respectively. The closing price on 28th January was $16.86. Even though the market closed at a higher price, a bull cannot be confirmed. The closing price did not breach the first resistance level (23.6% FIB retracement level) of $17.01, calculated as per the previous 24 hour high and low prices. https://ift.tt/3iWhqM9 What to Expect Ahead Today, DOT started trading at an opening price of $16.87. Currently, it is trading at $16.46. The OBV line is falling. The price was falling too but is showing an upswing now. This upswing may not be sustainable as a negative divergence is occurring. The A/D line is also falling. This indicates higher distributions. In other words, selling pressures are high. Thus, prices are likely to fall. The minor price upswing is just a part of the price correction process. Both the OBV and A/D indicators are pointing towards an impending downtrend. Even though, both the MACD and signal lines are in the positive region, a ‘bearish crossover’ by the MACD line over the signal line indicates that DOT price may start declining. The RSI indicator is currently at 52%. A bearish swing rejection has occurred at 70% even though the DOT price treaded into the ‘overbought’ territory for some time. RSI is also near the 50% level. Thus, there are chances of a downtrend. However, the AO is giving ‘buy’ signals indicating an uptrend. However, since most of the indicators discussed here gave credence to a price pullback, we can expect a price downswing. Currently, the DOT price is below the Fibonacci pivot level of $16.76. If it goes below the first Fibonacci pivot support level of $16.17, then this is a strong sign of a bearish trend. Then, by today or tomorrow, we can expect the price levels to go below the 2nd and 3rd Fibonacci pivot support levels of $15.81 and $15.21 respectively. Thus, a bear-run is on the horizon.
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