Well, here it is folks. Out in the open. DOT has a bottom line of support and if you are honest with yourself it looks like we're on our way to test it.
There is a big probability that we are in a similar scenario as in the summer o 2021 were with effectively another month of downside to retest this bottom line of support before we change trajectory. Technically we would still be putting in a higher low which would keep us in a bullish structure. But let's face it, another 40% drop to around $16 does not feel like a bull market.
I also used a fixed range volume profile to see where the point of control as of the break out back in Dec 2020. It's sitting at around $17. This is another reason why I think it's very possible we head down there to retest these levels.
On a bullish note we could have put in a double bottom and could be forming a W-reversal pattern. We need to see a solid break above the $33 in order to validate it.
There is a big probability that we are in a similar scenario as in the summer o 2021 were with effectively another month of downside to retest this bottom line of support before we change trajectory. Technically we would still be putting in a higher low which would keep us in a bullish structure. But let's face it, another 40% drop to around $16 does not feel like a bull market.
I also used a fixed range volume profile to see where the point of control as of the break out back in Dec 2020. It's sitting at around $17. This is another reason why I think it's very possible we head down there to retest these levels.
On a bullish note we could have put in a double bottom and could be forming a W-reversal pattern. We need to see a solid break above the $33 in order to validate it.