🔴 DOT - Are You Patient?

Hello TradingView Family / Fellow Traders. This is Richard, as known as theSignalyst.

DOT has been overall bearish for a while and it is now approaching a strong weekly support and round number 5.0 in green.

DOT is forming a channel in red but the upper trendline is not valid yet, so we are waiting for a new swing low to form around it to consider it our trigger swing.

For the bulls to take over from a long-term perspective, we need a break above the channel and last major high in gray.

Meanwhile, until the buy is activated, DOT would be overall bearish and can still trade lower inside the 4.0 - 5.0 support.

In this case, as price approaches the support again, we will be looking for short-term buy setups.

From a short-term perspective, for the bulls to take over, we need a break above the previous minor resistance in orange.

Always follow your trading plan regarding entry, risk management, and trade management.

Good luck!

All Strategies Are Good; If Managed Properly!
~Rich