Based on our previous idea Dash broke above both resistance levels and continued to move higher. Now the question is how far up it can go?
Based on Fibonacci study applied to the corrective wave after the downtrend trendline breakout, DASH/USD moved above the 227.2% resistance level at $560, and now the next logical target would be 327.2% level at $700 area. At the same time, it is very likely that this will be just the very first resistance, with the second being at $830 area that corresponds with two Fibs levels, 327.2% and $427.2%.
The $830 area appears to be the key resistance which will not necessarily be rejected, although should be watched closely as to how the market will react there. Break above should push Dash much higher, while rejection should result in a corrective wave down.
The overall trend is very bullish and should be just picking up the pace. But on a downside, break below the $400 key support area should invalidate this idea.
Previous Idea:
Based on Fibonacci study applied to the corrective wave after the downtrend trendline breakout, DASH/USD moved above the 227.2% resistance level at $560, and now the next logical target would be 327.2% level at $700 area. At the same time, it is very likely that this will be just the very first resistance, with the second being at $830 area that corresponds with two Fibs levels, 327.2% and $427.2%.
The $830 area appears to be the key resistance which will not necessarily be rejected, although should be watched closely as to how the market will react there. Break above should push Dash much higher, while rejection should result in a corrective wave down.
The overall trend is very bullish and should be just picking up the pace. But on a downside, break below the $400 key support area should invalidate this idea.
Previous Idea:
Comment:
Getting close to the target
Trade closed: target reached