Hey everyone!
I'm super stoked to share with you this chart. I have shown this trend channel in my other numerous trading view ideas because of how important it is, but I am going to be giving more perspective to it.
If possible, be sure to look back in time on the price chart in accordance to the TSI support and resistance levels, just so you can see how strong these levels are.
Now for the meat:
This is a 12 hour DASH Chart. On April 30th, we reached the trend channel around $330. Looking at our TSI (which is an even better Stochastic RSI), we are hitting resistance to two different green trend lines.
The important thing I want to illustrate in this chart, is that, if you look at any price peak where we hit an important trend channel, we also subsequently were at a resistance level on the TSI. This has been the same for buying opportunities. Whenever we hit the bottom of a price trend channel, we were also bottomed out on a key support level on the TSI.
Because of where we are in relation to the TSI acting as resistance, and having hit resistance on our price channel, I am personally expecting that a good buy opportunity will come about in the $280-$295 Zone, depending on time.
Another thing to note, is how there is bearish divergence:
- On April 6th, price had a close of $275, with the TSI at 27.7701
- On May 1st, price had a close of $322, with the TSI currently at 9.2065.
This is because, price made a higher high, but our indicator (TSI) made a lower high.
To me, this gives more reassurance to be patient and try to line up a good buy in this $280-$295 range. I think this would be healthy as well, because we really struggled to break above the $280-$295 area, even after the break above of our symmetrical triangle- and confirming this level as support would give DASH that much more strength to push higher.
However, we always have to remain level headed. On April 11th, there was also bearish divergence, while price had simultaneously hit a trend channel resistance, and was a little bit above the TSI Resistance. It did make a small retracement, but it was not able to reach the lower trend line. We could very well face the same dilemma where we currently stand.
If you are bullish, you would want to see the TSI make a move upwards above our current resistance line, as well as price being able to get above its trend channel resistance.
I hope you guys enjoyed this idea, if so, be sure to give it a LIKE and SUBSCRIBE. I hope you all have an Awesome rest of your day, and as always, be sure to do your own due diligence.
I'm super stoked to share with you this chart. I have shown this trend channel in my other numerous trading view ideas because of how important it is, but I am going to be giving more perspective to it.
If possible, be sure to look back in time on the price chart in accordance to the TSI support and resistance levels, just so you can see how strong these levels are.
Now for the meat:
This is a 12 hour DASH Chart. On April 30th, we reached the trend channel around $330. Looking at our TSI (which is an even better Stochastic RSI), we are hitting resistance to two different green trend lines.
The important thing I want to illustrate in this chart, is that, if you look at any price peak where we hit an important trend channel, we also subsequently were at a resistance level on the TSI. This has been the same for buying opportunities. Whenever we hit the bottom of a price trend channel, we were also bottomed out on a key support level on the TSI.
Because of where we are in relation to the TSI acting as resistance, and having hit resistance on our price channel, I am personally expecting that a good buy opportunity will come about in the $280-$295 Zone, depending on time.
Another thing to note, is how there is bearish divergence:
- On April 6th, price had a close of $275, with the TSI at 27.7701
- On May 1st, price had a close of $322, with the TSI currently at 9.2065.
This is because, price made a higher high, but our indicator (TSI) made a lower high.
To me, this gives more reassurance to be patient and try to line up a good buy in this $280-$295 range. I think this would be healthy as well, because we really struggled to break above the $280-$295 area, even after the break above of our symmetrical triangle- and confirming this level as support would give DASH that much more strength to push higher.
However, we always have to remain level headed. On April 11th, there was also bearish divergence, while price had simultaneously hit a trend channel resistance, and was a little bit above the TSI Resistance. It did make a small retracement, but it was not able to reach the lower trend line. We could very well face the same dilemma where we currently stand.
If you are bullish, you would want to see the TSI make a move upwards above our current resistance line, as well as price being able to get above its trend channel resistance.
I hope you guys enjoyed this idea, if so, be sure to give it a LIKE and SUBSCRIBE. I hope you all have an Awesome rest of your day, and as always, be sure to do your own due diligence.
