(DOT) POLKADOT - Cup and Handle

Hello everyone !


Today the Black Cat Trader is analyzing DOT based on a weekly chart. 



What we can see :

- A nice Cup and Handle pattern has been printed on the weekly chart. We can see that prices recently broke the neckline at 37.80 $
- Using the pitchfork (low : 3,60 high : 49,78 Low : 10,37) we can see that prices are stuck between the median line and the intermediary lower line of the pitchfork.



What we can expect :

- The ideal scenario would be for prices to make a pullback on the neckline of the C&H pattern at approximately 36,50$ and then take off to go even higher. You can see that the expected pullback area is located exactly where the intermediary lower line of the pitchfork is.

- Using the trend-based fib extension we can mathematically expect prices to reach two targets that match with our C&H objective too (208,25$).


Take profit 1 : 85$ (1.618)
Take profit 2 : 131$ (2.618)
Take profit 3 : 177$ (3.618)
Take profit 4 : 208 $ (C&H objective) 



Support 1 : Neckline of the C&H / Intermediary lower line of the PF
Support 2 : Mid-term ascending trendline
Support 3 : Lower line of the PF



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