crypto_trends

DASH/BTC Cup & Handle Breakout!

Long
COINBASE:DASHBTC   DASH/BTC
About a month ago, I mentioned how DASH had broken out of a descending wedge for DASH/ BTC that had been forming since around the beginning of 2020. Now it looks as though a cup and handle pattern has been forming since Valentine's Day 2021 (how lovely) with the handle formation completed (nicely outside of the wedge ) and an additional retracement back to the point of the breakout now completing as well.

If the cup and handle pattern continues and does not break further below into the handle, there is a potential upside to near the length of the cup (dashed green line) based on the rules of the cup & handle pattern.

However, as no pattern is guaranteed, there is of course the possibility that the trend could head further below the breakout, but at least so far the pattern looks fairly consistent with the appearance of a cup and handle pattern with potential upward in my opinion based on a continuation of the aforementioned descending wedge breakout as well.

As always, this is solely my opinion and should not be taken as financial advice. But please like or comment if you agree or see anything differently.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.