Description
⋅ We are looking at Dash vs Bitcoin (DASHBTC) since the older major altcoins are preparing for a nice bullish wave.
Here we can see a strong breakout around 13-June with really high volume.
After the 24-June peak a retrace took place and now DASHBTC is trading within an accumulation range.
We can see high volume on 30-June and 11-July (Yesterday).
Just as we mentioned with ETCBTC (see Related Ideas below), the Fib. retracement levels work as support.
We have the 0.5 Fib. but also the 0.618 which is normally the stronger one.
The market can bounce at any of these levels or continue lower...
While above these levels, we stay bullish though.
If prices move below our support, then the chart setup is lost and we have to find a new one or wait for a new setup to develop...
We don't buy/trade nor recommend buying/trading all the charts we share here.
We share many different charts because we have many different readers.
We focus on the bottomed out altcoins, near support which translates into low risk and high potential rewards.
There is always risks involved...
We just make sure that the risk is low with a tight stop-loss.
We aim high to go higher.
Thanks for the support.
Namaste.