Hi traders,
I will focus each month on DASHUSDT, to give several possible targets, and scenario, for this time frame.
Please feel free to comment !
1-day candlesticks
SITUATION
We seem to be in a global recovery process for lot of the main cryptocurrencies, initiated on 6th of january. For DASHUSDT, we may recover here from the overall bearish pattern initiated from ATH around 20th of december, defined by :
- the dotted descending pink line, as the resistance (dotted as we broked it 3 days ago)
- the lowest plain ascending pink line, as the support level, defined by beginning of november, and 6th of february.
Inside this pattern, an other ascending pink line (begining of november + 16th of january), that first act as a possible support for the bearsih pattern but broke on 1st of februray, is kept here as it can now become the resistance of the current bullish pattern.
TARGETS
In case of recovery confirmed, current targets are :
- Upper ascending pink line as Resistance of the current pattern ;
- Previous horizontal S/R : 735, 815, 946, 1255 $ as horizontal previous S/R
- Fibonacci retracement : 793 (1.618) and 1131 (2.618) $ ;
- Fibonacci speed fan : I just kept band between 0.618 and 0.75 levels : the thin plain blue lines.
If not confirmed, targets are :
- Lower ascengind pink line as Support of the current pattern ;
- Previous horizontal S/R : 585, 450, 381 $
- Fib retracement : 584 (1), 512 (0.786), 455 (0.618), 415 (0.5), 375 (0.382) ;
- Fib span : the fine plain blue lines.
EACH of these values will be "questionning area" : once reached, trend may reverse, or be confirmed. Once here, just follow the next targets, based on signal (up or down).
Think these targets as bands, and focus on converging ones. For example, 584 is a previous horizontal S/R + 585, Fib retracement at 1. A band of 575-600 $ could then be a good probable area support when reached. Idem for 780 - 820 $.
Scenario
1. The current situation is testing the recovery :
- Dash is currently testing SMMA70 (orange), at 669 $
- SMMA20 (blue) is also close to SMMA70, above ;
- SMMA7 (yellow) is probably about to test SMMA70, in uptrend.
--> we are close to a turning point : successfull cross of SMMA 7/SMMA70 + rebound of SMMA20 on SMMA70 will confirm the recovery.
2. MACD sends positive signal for the uptrend : a low that is recovering, with next downswing possible around end of february/beginning of march - thus if 1 confirmed, this could make us reach 735 or even 780-820 levels for first half, or during march ; and then, downswing.
3. RSI shows there is fuel for 1. and 2. ;
4. ADX still needs to confirm this, but looks good too.
5. In case of retracements, 575-600 is the curent strongest level. This slight retracement after 735 or 780-820 is probable due to 1, and downswing of 2 ; but this is also the current strongest support for any retracement from now (i.e., even if 1. and/or 2. fails).
6. If rebound at 5., we will be able to look for the Resistance of the current pattern (upper ascending pink line). This is possible thanks to 2 (once next downswing will be made, rebound of MACD) and 3.
5. BUT Looks like the main driver is the overall cryptocurrency (in USDT) behavior : for a lot of players, and particularly big ones, the huge downtrend from december has been recently broken, but it is still not unclear for how healthy we get out of it.
We could for example enter a second-order of this massive downtrend : we broke the first, huge big descending wave, building now an ascending one ; but "resonating downtrend waves”, replica, of lighter amplitude could arise. Look there for 512, 455, etc... levels.
Conclusions
Next days will give us better view as signals seem good for recovery, potential for pushing us to > 750 $ ; but things are still unclear now, due to the recent overall massive crypto-USDT behavior.
575-600 $ is our current best support, and overall crypto-USDT market, our best guide.
I will focus each month on DASHUSDT, to give several possible targets, and scenario, for this time frame.
Please feel free to comment !
1-day candlesticks
SITUATION
We seem to be in a global recovery process for lot of the main cryptocurrencies, initiated on 6th of january. For DASHUSDT, we may recover here from the overall bearish pattern initiated from ATH around 20th of december, defined by :
- the dotted descending pink line, as the resistance (dotted as we broked it 3 days ago)
- the lowest plain ascending pink line, as the support level, defined by beginning of november, and 6th of february.
Inside this pattern, an other ascending pink line (begining of november + 16th of january), that first act as a possible support for the bearsih pattern but broke on 1st of februray, is kept here as it can now become the resistance of the current bullish pattern.
TARGETS
In case of recovery confirmed, current targets are :
- Upper ascending pink line as Resistance of the current pattern ;
- Previous horizontal S/R : 735, 815, 946, 1255 $ as horizontal previous S/R
- Fibonacci retracement : 793 (1.618) and 1131 (2.618) $ ;
- Fibonacci speed fan : I just kept band between 0.618 and 0.75 levels : the thin plain blue lines.
If not confirmed, targets are :
- Lower ascengind pink line as Support of the current pattern ;
- Previous horizontal S/R : 585, 450, 381 $
- Fib retracement : 584 (1), 512 (0.786), 455 (0.618), 415 (0.5), 375 (0.382) ;
- Fib span : the fine plain blue lines.
EACH of these values will be "questionning area" : once reached, trend may reverse, or be confirmed. Once here, just follow the next targets, based on signal (up or down).
Think these targets as bands, and focus on converging ones. For example, 584 is a previous horizontal S/R + 585, Fib retracement at 1. A band of 575-600 $ could then be a good probable area support when reached. Idem for 780 - 820 $.
Scenario
1. The current situation is testing the recovery :
- Dash is currently testing SMMA70 (orange), at 669 $
- SMMA20 (blue) is also close to SMMA70, above ;
- SMMA7 (yellow) is probably about to test SMMA70, in uptrend.
--> we are close to a turning point : successfull cross of SMMA 7/SMMA70 + rebound of SMMA20 on SMMA70 will confirm the recovery.
2. MACD sends positive signal for the uptrend : a low that is recovering, with next downswing possible around end of february/beginning of march - thus if 1 confirmed, this could make us reach 735 or even 780-820 levels for first half, or during march ; and then, downswing.
3. RSI shows there is fuel for 1. and 2. ;
4. ADX still needs to confirm this, but looks good too.
5. In case of retracements, 575-600 is the curent strongest level. This slight retracement after 735 or 780-820 is probable due to 1, and downswing of 2 ; but this is also the current strongest support for any retracement from now (i.e., even if 1. and/or 2. fails).
6. If rebound at 5., we will be able to look for the Resistance of the current pattern (upper ascending pink line). This is possible thanks to 2 (once next downswing will be made, rebound of MACD) and 3.
5. BUT Looks like the main driver is the overall cryptocurrency (in USDT) behavior : for a lot of players, and particularly big ones, the huge downtrend from december has been recently broken, but it is still not unclear for how healthy we get out of it.
We could for example enter a second-order of this massive downtrend : we broke the first, huge big descending wave, building now an ascending one ; but "resonating downtrend waves”, replica, of lighter amplitude could arise. Look there for 512, 455, etc... levels.
Conclusions
Next days will give us better view as signals seem good for recovery, potential for pushing us to > 750 $ ; but things are still unclear now, due to the recent overall massive crypto-USDT behavior.
575-600 $ is our current best support, and overall crypto-USDT market, our best guide.
Comment:
sorry for some "light speaking redudancies/mistakes", such as "Previous horizontal S/R : xxx as horizontal previous S/R", or "as it is still not unclear for how healthy we get out of it... :) I can't edit my post.
Trade active:
735 $ acted as a resistance, new retracement to 635 (0.78 span Fib) possible. If reached, and descending trend further confirmed, follow the descending targets in the idea (585, 450...). In case of trend reversal, look for 735, and then intermediate pink ascending trend line, as your next resistance.
Trade active:
585 $ failed as a support, now at Fib 0.786 = 512 $ as a new support. In case of bearish confirmed, pink bottom line is our support ; trend reversal would lead us back to 585 $.