DASHBTC 3D long setup after breakout of two parallel channels
TA Explained
DASH broke bullish against BTC! As can be seen in the chart it broke out of two parallel channels. The first is a local channel which was broken and retested successfully as can be seen on the 12H chart.
The second channel goes back to January of this year where is was formed as the flag of the first big impulse of this year. Actually that one on this higher time frame could be considered a falling wedge.
Targets align with previous resistance zones. SL is positioned just below the bottom trend line of the falling wedge. If prices reached there. The breakout would have been invalidated.
In Binance Margin this pair can be traded with up to 10x leverage. For this setup with the given SL i'd recommend not to use a higher leverage than 3x.
Trade setup
Best entries: 0.007650 - 0.008400
TP1: 0.011364
TP2: 0.14171
TP3: 0.017850
SL: 0.006486
RR: 6.38
Max leverage: 3x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)
DASH broke bullish against BTC! As can be seen in the chart it broke out of two parallel channels. The first is a local channel which was broken and retested successfully as can be seen on the 12H chart.
The second channel goes back to January of this year where is was formed as the flag of the first big impulse of this year. Actually that one on this higher time frame could be considered a falling wedge.
Targets align with previous resistance zones. SL is positioned just below the bottom trend line of the falling wedge. If prices reached there. The breakout would have been invalidated.
In Binance Margin this pair can be traded with up to 10x leverage. For this setup with the given SL i'd recommend not to use a higher leverage than 3x.
Trade setup
Best entries: 0.007650 - 0.008400
TP1: 0.011364
TP2: 0.14171
TP3: 0.017850
SL: 0.006486
RR: 6.38
Max leverage: 3x
—————
Do Your Own Research (of course)
Trade at own risk (of course)
Only trade what you can afford to lose (of course)