DENT - Another update

I brief update to this study. A serious bounce of over 60% today provides some clarity to the potential positioning and future prospects for this token as it takes time to consolidate this gain.

Basically, I'm calling this the wave 3 peak and suggesting that we should see a correction here and then a base forming for a wave 5 rally. There are some great targets for this next rally, with intersections of the Fibonacci projection and the Fan lines of resistance providing some pretty clear targets.

However, anything could happen, particularly if Bitcoin makes an unexpected move, so fortune might favour the agile and prepared.

So what do you think will happen with DENT in the next few days? Will it moon to 0.035 USDT (up by about 1,900% from when I first looked at it), reach a more conservative 0.021 USDT target (for a gain of just over 1,000%), or maybe you think it is all done?

Good luck with your trades and best wishes to all.

Comment:

Just a clarification on this DENT chart. It is a study of the possible fractal re-occurrence of the previous rally from Jan 11 through to Feb 11. It is by no means a certainty, but poses some very interesting similarities.

Also, while it has been relatively "well behaved" so far, it is VERY UNLIKELY that DENT will be immune from any significant correction in Bitcoin and the broader crypto market.

Lastly, I don't "believe" anything, but seek understanding. If you are emotional about the potentials for DENT, then be careful not to project your excitement, or disappointments, on to others.

For people new to Crypto let me quote two common trading sayings to help provide some perspective on managing emotions:
- "Bulls make money, bears make money, pigs get slaughtered"
- "You never go broke taking profits"

I have published a study on the short-term bear case for BTC here:

Comment:

With BTC rallying back above $57k, renewed confidence in DENT has seen some very bullish formations in the 1-hr chart, with an engulfing bar signalling a trend reversal, and an Inverse Head & Shoulders formation completing that confirmed the trend reversal and projected a target price for the pending rally of 0.00719.

If we can get a bounce of the neckline, then it should be a strong rally to reclaim the fractal trend and set the path to new highs.

Comment:

This is a look at the 5-minute chart as we pause at the psychological $0.01 level. Looks bullish if price can break out of the parallel channel and complete the Flag Pole formation.

Comment:

OK, well its been an impressive rally. Thankfully Bitcoin held in the mid-$50k zone long enough for confidence in DENT to hold long enough to run through most of the target prices.

Unfortunately, with conditions deteriorating that supported that rally, the causes (trader confidence) that drove it will also diminish in time and perhaps we are seeing that starting to manifest in the 1-hour chart now.

A brief review of the indicators from the chart:
- Price Divergence signaling an incoming reversal;
- A bearish cross in the LMACD;
- A Head and Shoulders formation (unconfirmed), with price testing the neckline; and
- (not really an indicator, and very much more subjective, so not very weighty) A completed Elliott Wave count along the projected Fibonacci progression.

BTC could rally back over $57k, re-establishing the conditions for renewed confidence in DENT, and a final rally may be possible, but I am grateful for what was achieved and will leave the rest for others.

I hope you all did well.

Trade closed: target reached:

Hi All , thanks for the interest in this study. It was certainly very interesting to see the price replicate the past moves and the predicted path so closely. If you would like to buy me a coffee and have a chat about your favourite projects, and have more detail on how I put these charts together, then you can do that on my Patreon. Literally, its the price of a cup of coffee, and I need all the coffee I can get with all the late nights these days! Anyway, I hope it worked out for you all.