Hello traders! Today we will talk about cryptocurrencies, specifically DASH in which we potentially see the bottom and bullish reversal.
Well, what we have noticed in the Crypto market is that we usually see some trend changes at the end of the year. Let's take Bitcoin for example; BTC topped at 20k at the end of 2017, then bottomed at 3k at the end of 2018 and now at the end of 2019, we may see another trend change, ideally to the upside after a complex corrective decline in the second half of 2019.
Anyway, let's talk about Dash. Dash was not so strong like BTCUSD in the beginning of 2019, which has later, in the second half of 2019 caused bigger and much more impulsive decline back to 2018 lows, mainly because of BTC dominance, while BTCUSD was trading just in a corrective downtrend. But now, at the end of 2019 and in the beginning of 2020 seems like we may see a bullish reversal once again, so let's go through some evidences.
The first evidence is that DASH might have completed a big five-wave decline from June 2019 highs. The second evidence is that DASH formed a big an ending diagonal (wedge pattern) into the final wave 5. And the third, the most important evidence is that we can see a five-wave bullish turn from the 38.00 psychological target level, which confirms more upside at least for wave "c"or "iii" after pullback in wave "b" or "ii".
That being said, we believe that DASH can see at least a bigger recovery in three waves towards 80 area, but there's also a high probability that we may see even higher prices towards within wave "iii" this year.
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Disclosure: Please be informed that information we provide is NOT a trading recommendation or investment advice. All of our work is for educational purposes only.