Welcome to this analysis about Polkadot, we are looking at the 4-hour timeframe perspectives. Polkadot is in a constellation where it will show up with important decisive determinations in the upcoming times and in this case, I discovered an important formation Polkadot is forming here with the main conclusions giving the indications for Polkadot upcoming perspectives. Therefore, when looking at my chart we can watch there how Polkadot is within this main ascending-channel-formation marked in my chart with the blue boundaries, within this channel Polkadot has the coherent wave-count with the waves A and B already completed and wave C upcoming which will emerge once the local bull-flag marked in my chart has been completed however it is necessary to acknowledge that there is a strong resistance still within the structure both horizontally and descending marked in dashed red this means that Polkadot has a high possibility to reverse there.
Taking these factors into the consideration Polkadot when pulling back from the highly possible reversal zone and also the will firstly continue to test the lower levels in the ascending-channel and when these do not hold a further continuation will emerge below the lower boundary as it is marked in my chart. Although there is a higher possibility given that Polkadot reverses in the marked zone it is also possible that it shoots little above and creates the main bull-trap, in any case, the perspective should not be underestimated here and we should be prepared on such upcoming volatilities to take the right actions when appropriate and do not get overwhelmed by circumstances when they happen. For now we should expect the breakout out of the local bull-flag and after that the further determinations as suggested, it will be an important development ahead.
In this manner, thank you for watching my analysis about POLKADOT and the major ascending-channel-formation, support the analysis with a like and follow or comment for more market insight!
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