Polkadot Chart Analysis
Polkadot has been able to perform much better than other altcoins in recent days. This is partly due to the announcement that the long-awaited Parachains will be introduced. Currently, we are at around $42.00 USD.
On the 4H chart, we can see that we are struggling around the 0.786 Fibonacci retracement level. Having been above this level briefly, we have not yet been able to hold it or confirm it as support.
Additionally, we have formed a bullflag from which we have already broken out. The technical price target is around $50.00.
Polkadot vs Bitcoin (DOT/BTC)
On the daily chart, we can see well the progression of the last few weeks. After fighting our way through the resistance area and being rejected once again at the R1 monthly resistance, we have since been able to confirm the resistance as support.
Currently we are at around 0.00069 BTC and it seems that we have also used the monthly support once again as support to start a new attempt towards R1 at around 0.000825 BTC. The RSI is in neutral territory. No direction can be derived from this.