Dash is stuck between strong resistance and support. It will likely bounce between those until it is forced by the blue support trendline to move either strongly upwards or strongly downwards. I recommend setting stoplosses at 945 usd for the moment, and once dash bounced off the blue support line, raising your stoplosses to 1050 usd to protect us in a more favourable position.
To prevent using fake breakouts as a buy signal, make sure to wait until the candle closes above resistance. You could also use the green entry line as an entry level in case there is a large volume breakout going on. This is however more risky.
RSI supports upwards movement. The first target is about 1533 usd. The second target, which will likely take a long time to reach, if at all, is 2000 usd. Important to note is that there will likely be pullbacks around the fibonacci lines, so keep that in mind while trading.
If I made you money, please consider buying me a beer to make my day: LTC: LfbKuDHZaDTRUV9pXJuWCUcG14XLrGtBcs
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Be careful, triangle is close to being broken. Wait for the candle to close below it to fully signal a drop. Expect a drop to 781 usd at the very least in that case.
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Triangle held for now. Keep a look out though!
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Bounced off succesfully, get ready for 1245 usd!
Trade closed: stop reached
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Broke through support. Will go to 960 usd, perhaps it'll bounce off that to go back to the blue support line, perhaps it'll crash through. Keep in mind that BTC acting out is dangerous for all trades. Always set stoplosses and alerts!
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It bounced off lowest support line at 600. My chart is still relevant indeed :) Nice to see that happening, hope some of you had an offer open.
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It'll likely test support once more at 787 before going to 960 in likely a week or so. Provided that BTC will stay up of course. If BTC falls, all long positions on any coin will go down.
To reiterate @CRYPSY, thanks for your clear and concise analysis... and more importantly for keeping us up to date. - I've only started to trade across various altcoins recently and still have a lot to learn... could you maybe help me with this please?: -you mentioned in a previous post that if bitcoin sneezes, altcoins catch a cold - Why is that? I'd expect altcoins to perform better? (P.S I still owe you a beer for XMR ;) )
Woolhead
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@eugenegous, Hi, thank you for the kind words.
The cryptomarket reacts this way because most people trade in btc-to-alt pairs. When BTC crashes, the btc-to-alt ratio stays the same, but since the value of btc is lowering, the alt value in usd is also lowering. You could say BTC is the pilot and alt coins are the plane: if the pilot jumps down, so does the plane. Only when an alt-coin overtakes BTC, will this change.
Hope this helps!
GeneralGous
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@Woolhead, It makes perfect sense; it just never occurred to me to look at it from that perspective - thanks a lot.
So, I was looking at LTC to buy you that beer. Seems like LTC might be making a move soon - What is your opinion? Do you think it is worth buying now? maybe we can turn that beer into a bottle of whiskey?
Woolhead
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@eugenegous, It recently touched support, so yes I do think it's going to make a move upwards. If you check my chart on LTC you can see that it keeps bouncing between 230 and 255 at the moment. I expect another test at 255 soon. If we're lucky it goes up beyond that to 277. Remember to set your stoplosses at around 220 though, if BTC takes a nosedive it may hurt your profit.
Woolhead
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@eugenegous, I hope you had your stoplosses set. BTC indeed took a hard nosedive. I lost 40%, but made back 20% already. How did you fare?
GeneralGous
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@Woolhead, kind of you for checking up - thank you. I was very reluctant to buy LTC because of what you taught me about BTC's influence on alts. I slowly started selling my alts as I saw BTC was approaching its lower 12K support. Fortunately I got everything out as soon as it broke. Since then I've been sitting back watching how this situation unfold. Just a pity I missed today's little rally... learning a lot from you thank you. Studying your latest ideas atm.
Woolhead
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@eugenegous, Glad to hear that. If you want an analysis on a certain coin let me know.
CRYPSY
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Thanks for the clear and concise analysis! Points of entry suggested will certainly be of a good help. I am considering putting a stop-buy above the green line to enter when the momentum takes off.
Woolhead
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@CRYPSY, Thank you for your kind words! Check out my other charts for more trading ideas. Diversifying is always a good idea.