DOT/USD - Correcting to support at $6-7, good place to buy

DOT has pumped hard to $10 and now it is in correction mode. We briefly touched the $7 level at Fib. 61.8% which may be retested again in the future unless we break the resistance line.

We have very good support areas between $7 - $6 levels as indicated by the Fib levels which also represent opportunities to buy for a longer term play. If for any reason we lose support at $7, we should find support around $6 which is also the previous DOT top.

MACD is also bearish with a bearish cross taking place two days ago. Wait for the correction to conclude and have some bullish signs (bullish divergence) at least on 4h charts either in MACD or RSI. That is your signal to buy.

Like and follow if you like this analysis. Also check the BTC charts as they will lead this market.