Hello Everyone!
Today I wanted to share a simple DASH chart on the 1 Hour Time frame. As you can see in the chart, DASH is trading in a descending trend channel. In total, it has now made 3 touch points on the top resistance line, and 3-5 touch points on the bottom support line- depending on how you want to count them. It's also used the midline as resistance multiple times, as well as using it as support before reaching the top of the channel.
Currently, we are trading around the top of the channel, and price has respected it fairly well, with some nice wicks.
If you are able to swipe the chart to the left or zoom out, we also have the TSI indicator- but from the 6hr time frame perspective. On the TSI, we've also got a trend channel, and, it was able to make a drop below the mid line of the channel.
There's been two previous times where the TSI went from the midline to the bottom support line.
The first time, price went from around the $220-230 range, down to $180.
The second time, price went from around the $310 area, with a drop down to $232.
There have been a couple times where the TSI dipped below the midline without a fall to the bottom support.
Being level headed, if you are bullish, you would want to see price being able to confirm several candles above the top of the price trend channel, and regain its footing on the TSI trend channel, otherwise, I expect that price will use it as resistance and trade downwards- reaching a midline price around $370, and the bottom of the channel price around $340 or lower in the short term with the potential to eventually break below the channel.
I hope you guys enjoyed this idea, if so, be sure to give it a LIKE and SUBSCRIBE! Have an awesome day, and as always, be sure to do your own due diligence.
Today I wanted to share a simple DASH chart on the 1 Hour Time frame. As you can see in the chart, DASH is trading in a descending trend channel. In total, it has now made 3 touch points on the top resistance line, and 3-5 touch points on the bottom support line- depending on how you want to count them. It's also used the midline as resistance multiple times, as well as using it as support before reaching the top of the channel.
Currently, we are trading around the top of the channel, and price has respected it fairly well, with some nice wicks.
If you are able to swipe the chart to the left or zoom out, we also have the TSI indicator- but from the 6hr time frame perspective. On the TSI, we've also got a trend channel, and, it was able to make a drop below the mid line of the channel.
There's been two previous times where the TSI went from the midline to the bottom support line.
The first time, price went from around the $220-230 range, down to $180.
The second time, price went from around the $310 area, with a drop down to $232.
There have been a couple times where the TSI dipped below the midline without a fall to the bottom support.
Being level headed, if you are bullish, you would want to see price being able to confirm several candles above the top of the price trend channel, and regain its footing on the TSI trend channel, otherwise, I expect that price will use it as resistance and trade downwards- reaching a midline price around $370, and the bottom of the channel price around $340 or lower in the short term with the potential to eventually break below the channel.
I hope you guys enjoyed this idea, if so, be sure to give it a LIKE and SUBSCRIBE! Have an awesome day, and as always, be sure to do your own due diligence.
Comment:
I updated the trend channel so that the top resistance band is higher to include the wicks. This is the most you could possibly try to "manipulate" the channel. If price closes above this new channel, then it is a better long confirmation than the previous channel. If bearish, you would really want price to close under the top end of the channel, and if it doesn't, potentially be patient and see how it closes on larger time frames like the 4hr.
