FX.co ★ DOTUSD Potential For Bullish Continuation | 28th July 2022

On the H4, with price breaking the descending channel, and showing a bullish flag pattern, we have a bullish bias that price might rise from our 1st support at 7.52, which is in line with pullback resistance to the 1st resistance at 8.48, which is in line with overlap resistance. Alternatively, price may drop to our 2nd support at 6.51, which is in line with the swing low support.

Trading Recommendation

Entry: 7.52

Reason for Entry:Pullback resistance

Take Profit: 8.48

Reason for Take Profit:Overlap resistanceStop Loss: 6.51

Reason for Stop Loss:

Swing low support