DASH/BTC analysis: Up the Mountains Under the Sun

DASHBTC
Dear friends,
A number of altcoins has recently featured almost a vertical price surge, like a rocket flight, and one of these astronauts is DASH.
Earlier, in my forecast dated July 20, I wrote that DASHBTC was very weak and was likely to continue falling down (see the chart above).
In fact, the price reached the target and went even further; however, Dash returned under the level, marked, at the end of the month.
You see in the chart above that DASHBTC was 35% up just in a day.
Now, many are asking me about what is going next? Will the DASHBTC continue falling down, or it has already taught the bottom?
First, let’s try to find out the reasons forsuch a high surge.
One of the headlines, associated with DASH, was the launch of KRIP smartphone, with the originally installed Dash wallet and Bitrefill application that enables you to pay the phone bills in the cryptocurrency.

Do I need to note that all that hype was created around a usual Chinese branded Android phone, where they originally installed applications from Google Play. However, this marketing ploy just strikes by its elegance and novelty.
I’m not 100% sure that the product will be much demanded and will attract much attention to the coin, but it will obviously support Dash rate in future.
I won’t be surprised if in some time there will be similar phones by EOS, Verge, Bitcoin Cash and other altcoins, whose teams apply aggressive marketing technologies.
Another interesting news bit that encouraged speculators to buy the Dash was the Bitmain announcement that there would be Wi Fi routers capable of mining Dash.

It is surprising that the two events occurred in the same day. Well, let leave idea for the conspiracy theory fans.
As a trained economist with the degree in business management, I can only suggest that these two news bits destroy bearish ideas about the altcoin, being a scam. Moreover, the product of great fundamental and strategic importance for the altcoin, as these gadgets will introduce the cryptocurrency to the wide audience, creating a steady link between the buyers and the coin; which, finally, will increase the trust in the coin itself and remove all the fears about converting the money into the cryptocurrency.
Of course, the cryptocurrency, whose brand will enter the mass market the first, will profit the most; and, here, Dash is the first of all.
I’m sure, that fundamentally, if the information is not fake, the news will continue to influence the coins, being the strong support for the Dash long-term price growth.
In the DASH monthly chart above, you see that the last August candlestick is looking like a pin bar with a long downward tail, and so, the candlestick looks like a bearish hammer.
Although the candlestick itself has broken out the lows of March,2017, bears couldn’t draw the Dash down to the next support level at 0.01589. The last bar’s tail only punctured Keltner channel’s bottom border, thus working out the major target of the bearish trend.
Even though the DASH is trading in the global downtrend, the current ticker position suggests the main scenario of bullish correction up to 0.0441, Keltner channel’s centre line, on the middle-term scope.
In the DASH weekly chart above, DASHBTC meets the strong resistance from the low of March, 2017 at 0.273 BTC. So, before we can count on a fundamental change in the market sentiment, the ticker must, first of all, break through this key level.
The next key level combines the lows of November, 2017 and December, 2017. They together build the strong resistance zone (I marked it with the red box), that can if not stop bulls, then keep them off for a couple of weeks. The same zone is matched by Keltner channel’s bottom and centre lines, making the zone stronger and harder to break through.
The consolidation in the oscillators is the indirect evidence of the bullish market sentiment. You see, MACD moving averages and RSI stochastic look like a string. The pattern ends quite often with spring jump that creates a strong upward momentum for the price chart.
To complete the analysis, let’s look at the hourly charts.
As a part of my experiment, I suggest checking the Renko and the Line Break charts.
On the left, in the Japanese candlestick chart, and in the middle, in the Line Break chart, the situation is similar. Both chart paint bullish convergence on MACD and the bullish signal, sent by both moving averages in the price chart itself and the moving averages of the oscillator.
Renko is the only to warn us that the bearish trend hasn’t yet finished and we must be careful. On the right chart, you see that the moving averages of the price are still directed downward, but the MACD has already indicating the bullish intersection.

Summary:
Fundamentally, the recent news about the launch of smartphones and routers, applying the Dash technologies, much eases the general negative, associated with the widespread bans of the privacy-based cryptocurrencies. Of course, such marketing campaigns can well draw the altcoin up to the impressive levels in the short term and even in the long term; but you must always remember that this cryptocurrency is always targeted by the regulators; and each new negative statement can change the market sentiment; so, you must be extremely careful.

In the DASH daily timeframe, there is the bullish convergence in the bearish trend. However, this signal is not sufficient to affirm the global reversal. The sentiment will be proved if the Dash price breaks out level 0.0273 and goes up beyond the bearish channel. Only provided this, I can certainly set the next target at about 0.034 BTC -0.0365 BTC.
In general, after so long dive, such bullish correction would quite good. However, don’t be too carried away! The DASHBTC real target, currently, for the next month is in the zone of 0.034 -0.0365 BTC
Only if the ticker breaks through these levels, it can go up to 0.0441 BTC, otherwise, it will return down to the support level at 0.0273 BTC.
That is my DASHBTC trading scenario. Go on following the rate and staying informed. I wish my Dashcoin price predictions are useful for you!

I wish you good luck and good profits!
PS. If you agree with the forecast write “+” in the comments, if you don’t agree, put “-”. If you liked the post, just write thank you, and don’t forget to share the post. It is easy for you and I will be very pleased :)
Stay informed on the latest cryptocurrency news, follow my posts on the blog.