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DOT/USDTPERP Potential Downward Movement

DOT/USDTPERP Long-Term Trend: Bearish

Key Resistance Levels: 11.77, 10.56, 10.00

Key Support Levels: 12.96, 13.60, 14.66

Daily Chart:

The price on the higher time frame succeeded to break the bearish pennant formation to the downside which shows that the sellers are in clear control. The market managed to break the strong daily support around the 12.96 where we expect further movement to the downside after this move.

DOT/USDTPERP Medium-Term Trend: Bearish

1-Hour Chart:

On the lower time frame, the pair succeeded to break the bearish pennant formation as well to the downside after finding bears around the 61.80 % Fibonacci retracement. We expect a higher correction to the highlighted zone before a new selloff toward the target profit.

Signal Idea:

Sell Limit Order @ 12.707

TP 1 @ 11.799

TP 2 @ 10.568

Stop Loss @ 13.007

Trade Safely 🙂

About Joe Damien

Joe is a proven Forex analyst and manual trader with 6 years of full-time trading experience. He is a swing trader that relies on price action, market structure and Fibonacci retracement. His two most successful pairs are CHF/JPY, CAD/JPY, but his expertise allows him to profit on any asset or pair.

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