DASH Bounced Off of the Symmetrical Triangle to Confirm Support
What's up everyone!
Today, I am going to be showing two possibilities for DASH. Recently, DASH was able to break above the Symmetrical Triangle, and later that same night, it bounced off of the Top Purple triangle, twice!
One thing that I want to illustrate is, you can draw this symmetrical two different ways, each giving different price targets, which is crucial information when planning a sell to confirm profits.
In my earlier posts, I used the dotted white line as the top of my triangle, as it embodied ALL of the price action until DASH finally broke above it. Using this as the basis, DASH entered the triangle at $272, with the low of the triangle being $232, making for a $40 Triangle Height. This would also make the TP around $292, as it would have broken out at around $252.
Part of me likes the dotted line as the basis for the triangle, but when price broke above it, it did not retrace to the dotted white line, however, it did embody all price action for the entirety of the triangle.
Using the purple line as the top of the triangle, Price entered the triangle around $265 with a breakout at $254, and a triangle height of $33. This would make the TP at around $287.
The Pros of using the purple line as the top of the triangle is that, when price broke above it, price bounced off of this purple line twice, whereas it didn't bounce off the dotted white line. Another Pro in my eyes is that, being that $287 is the TP- it makes it less risky to take profits, and you'd have a better chance at Confirming you profit from this symmetrical triangle pattern. It would suck to have gotten this triangle pattern spot on, but price went to $287 instead of $292, and you didn't end up taking profit.
The Con of using the purple line as the top is that, there were two price bubbles, so not all of the data fit within this triangle perfectly. But price did bounce off of it twice, which I find appealing.
Another important thing I want to add is that, looking back on price action, it seems that the $287 line has had more hits, using it as support and resistance more times than the $292 number. The $292 number has still been important, but I've found that price has made bigger moves around $287.
I myself, regardless of either outcome, have my TP set at $285, as I can ensure it is under both key levels.
If you enjoyed this idea, be sure to give a LIKE and SUBSCRIBE. I hope everyone has an awesome day, and as always, be sure to do your own due diligence.
Today, I am going to be showing two possibilities for DASH. Recently, DASH was able to break above the Symmetrical Triangle, and later that same night, it bounced off of the Top Purple triangle, twice!
One thing that I want to illustrate is, you can draw this symmetrical two different ways, each giving different price targets, which is crucial information when planning a sell to confirm profits.
In my earlier posts, I used the dotted white line as the top of my triangle, as it embodied ALL of the price action until DASH finally broke above it. Using this as the basis, DASH entered the triangle at $272, with the low of the triangle being $232, making for a $40 Triangle Height. This would also make the TP around $292, as it would have broken out at around $252.
Part of me likes the dotted line as the basis for the triangle, but when price broke above it, it did not retrace to the dotted white line, however, it did embody all price action for the entirety of the triangle.
Using the purple line as the top of the triangle, Price entered the triangle around $265 with a breakout at $254, and a triangle height of $33. This would make the TP at around $287.
The Pros of using the purple line as the top of the triangle is that, when price broke above it, price bounced off of this purple line twice, whereas it didn't bounce off the dotted white line. Another Pro in my eyes is that, being that $287 is the TP- it makes it less risky to take profits, and you'd have a better chance at Confirming you profit from this symmetrical triangle pattern. It would suck to have gotten this triangle pattern spot on, but price went to $287 instead of $292, and you didn't end up taking profit.
The Con of using the purple line as the top is that, there were two price bubbles, so not all of the data fit within this triangle perfectly. But price did bounce off of it twice, which I find appealing.
Another important thing I want to add is that, looking back on price action, it seems that the $287 line has had more hits, using it as support and resistance more times than the $292 number. The $292 number has still been important, but I've found that price has made bigger moves around $287.
I myself, regardless of either outcome, have my TP set at $285, as I can ensure it is under both key levels.
If you enjoyed this idea, be sure to give a LIKE and SUBSCRIBE. I hope everyone has an awesome day, and as always, be sure to do your own due diligence.
This is a 2 Week Chart that closes in roughly 7 hours 20 minutes. Our current 2 Week Candle opened at $287.93. If the triangle is able to push price towards this $287 number and close just under the candle open in 7 hours 20 minutes, we will have a Doji Candle on the 2 Week AND, DASH still wouldn't have been able to close above this white line.
I will provide an update as to how DASH closes on the 2 Week Chart after the candle closes. If it isn't able to close above the white line, I'm thinking it may just be a retest to confirm rejection, before going down further to the lower blue lines.