At the start of the week, DOT began trading at $18.56. As the week progressed, the price started falling and closed at $16.11, as of 31st January. A steep bear-run was looking imminent on 29th January, as the price had dropped below the first Fibonacci support level of $16.17. However, after reaching a price of $15.88, the price saw an upswing. It did not go below the second Fibonacci support level of $15.81 and managed to close the day at $16.78. However, the past two days have witnessed a downtrend. But, the magnitude of the downtick was not very high. https://ift.tt/3pBcGhm Day-Ahead and Tomorrow (1st and 2nd February) Today, DOT started trading at $16.12. Currently, it is trading at $16.02. The price has dropped, even though the fall isn’t steep. Both the SMA (Simple Moving Average) and EMA(Exponential Moving Average) are just slightly above the current DOT price. Thus, an uptrend cannot be confirmed. Since the start of the day, the OBV indicator is rising. But, the price is falling. This indicates positive divergence. So a downtrend will fail. If we look at the A/D indicator, it is also rising steadily. Both the OBV and A/D indicators are confirming that buying pressures are slightly more than the selling pressures. In short, there is more accumulation. So, a downtrend unlikely. The current price pullback is temporary and merely a part of the price correction process. Both the MACD and ‘signal’ lines are very close to the zero line. The MACD line is still positive whereas the signal line is negative, implying a bullish sentiment. The AO is also very close to the zero line but still positive. Until the oscillators change signs and move into the negative territory, we can be assured that buying pressures are more. Thus, the DOT price will rise. However, the RSI indicator is painting a slightly different picture. The price faced a bearish swing rejection at 70% and has steadily fallen to 51%. The RSI value closer to 50% is a strong indicator for going short. In other words, the RSI indicator is pointing towards an impending price downtick. DOT Trading Below the Fibonacci Pivot Point of $16.18 Currently, DOT is trading below the Fibonacci pivot point of $16.18. The price is moving closer to the Fibonacci pivot point. Hence, with positive signs from most of the indicators, we can expect the price to break out of the first Fibonacci resistance level of $16.61 by end of the day. If the subsequent resistance levels of $16.87 and $17.31 are breached by tomorrow, the uptrend will sustain.
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