This is a 4hr Point and Figure Chart for DASH/USD.
In the same time that the RSI will go the bottom of its trend channel, the Stochastic RSI will bottom in the middle line of the trend channel, with the SMIIO confirming support on the top of its trend channel, as this is the 2nd time it has ever gone above this channel (the first was when it made its massive bull run in 2017).
My area of support can range anywhere from around $134 to $176.
I included $134, as it touched down once, but this was an anomaly. Price may very well end up at around $134, but this is not where I will place my buy order as it is just too much risk versus reward. There is a plentiful amount of support at the $144.95 level, and I think this is a reasonable place to place a buy order, although a little bit above to ensure my buy order gets fulfilled.
This region also happens to be where the top level of the price channel is, and has been for the entire bear market. The rally in February of this year was the first time that price has gone above this INTENSELY strong resistance level since December of 2017. It makes sense that price is correcting and will confirm support on this level.
Something to keep in mind is that the 100 day moving average is at $161 right now, which is still a good area in terms of the overall big picture. The 200 day moving average is currently at $119.
NOTE: The UP arrow in my chart is not signifying a certain price or indicator level it will reach, this was just showing that it will go up after it contacts these support levels.
Feel free to check out my previous analysis of DASH/USDT from March 17th, when everyone was expecting a bullish run-up:
Follow and Hit like for more DASH charts
In the same time that the RSI will go the bottom of its trend channel, the Stochastic RSI will bottom in the middle line of the trend channel, with the SMIIO confirming support on the top of its trend channel, as this is the 2nd time it has ever gone above this channel (the first was when it made its massive bull run in 2017).
My area of support can range anywhere from around $134 to $176.
I included $134, as it touched down once, but this was an anomaly. Price may very well end up at around $134, but this is not where I will place my buy order as it is just too much risk versus reward. There is a plentiful amount of support at the $144.95 level, and I think this is a reasonable place to place a buy order, although a little bit above to ensure my buy order gets fulfilled.
This region also happens to be where the top level of the price channel is, and has been for the entire bear market. The rally in February of this year was the first time that price has gone above this INTENSELY strong resistance level since December of 2017. It makes sense that price is correcting and will confirm support on this level.
Something to keep in mind is that the 100 day moving average is at $161 right now, which is still a good area in terms of the overall big picture. The 200 day moving average is currently at $119.
NOTE: The UP arrow in my chart is not signifying a certain price or indicator level it will reach, this was just showing that it will go up after it contacts these support levels.
Feel free to check out my previous analysis of DASH/USDT from March 17th, when everyone was expecting a bullish run-up:
Follow and Hit like for more DASH charts
Comment:
UPDATE: Please look at my new DASH Chart as I will be updating this one from now on, and it is more simple, concise, and accurate:
