DASH - Signs of Reversal Showing?
DASH has seen a steep decline in value since it's high at almost $190. Feels like a lifetime ago...
It's been trading in a steady downchannel. Big picture, we can see signs of a consolidation triangle forming, with the tip being relatively soon.
INDICATORS:
Overall Thoughts:
We're seeing a trend across the markets right now of big price corrections across the board since BTC has been relatively stable the past few days: SXP, LINK, XMR, YFI, etc., etc. DASH tends to trade in that class of cryptocurrency. I sense there's a high probability this will take off soon.
Indicators are pointing towards shrinking downtrend, we had a bounce off some solid support, and overall trends are pointing towards long term price consolidation for DASH.
Look for a short term dip you might be able to buy, SL under previous low as long term triangle makes it unlikely we'll dip below there.
TP's on the chart.
Remember it's a 1D chart: It might not move all at once. Be patient.
--
"Perceive that which cannot be seen with the eye." - Miyomoto Musashi
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
It's been trading in a steady downchannel. Big picture, we can see signs of a consolidation triangle forming, with the tip being relatively soon.
INDICATORS:
- MACD divergence shrinking. could be a good cross coming.
- Stoch on the uptick but not overbought.
- Volume big spike on the recent resistance retest and bounce down. Since then, big drop.
Also decreasing sell volume on red days. last 3 green candles in a row have all posted higher buy volume.
- EMA we're well below all major EMA's. This is often a sign of a reversal.
- Trading on a hard fib level right now.
Overall Thoughts:
We're seeing a trend across the markets right now of big price corrections across the board since BTC has been relatively stable the past few days: SXP, LINK, XMR, YFI, etc., etc. DASH tends to trade in that class of cryptocurrency. I sense there's a high probability this will take off soon.
Indicators are pointing towards shrinking downtrend, we had a bounce off some solid support, and overall trends are pointing towards long term price consolidation for DASH.
Look for a short term dip you might be able to buy, SL under previous low as long term triangle makes it unlikely we'll dip below there.
TP's on the chart.
Remember it's a 1D chart: It might not move all at once. Be patient.
--
"Perceive that which cannot be seen with the eye." - Miyomoto Musashi
--
I'm a guy that you don't know posting his ideas on the internet for the sake of improving as a human being. If you take this as financial advice, that's on you.
If you like my analysis, then leave a like and feel free to follow for more free content. Feedback, criticism and crude humor are welcome :)
Comment:
TP #1 Hit
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