The second chart is a way to approach larger position trading. The description is on the chart. TLDR, the first Confirmed Reversal print on the Weekly chart should rally into a green bar print.
Daily chart is coming into support zones, and way off its all time high. If a selloff happens then buying any accelerated selling under the channel is a good technical trade. If that does not present itself then momentum buys above the channel and above the black line & above the blue line will be times other traders conditional orders will create upwards momentum.
DASH has been the undisputed king of MasterNode coins for years. Because of that it often signals what is to be expected of the altcoin sector. We are only looking at the BTC pair as that’s all that matters for getting the best price when trying to accumulate enough for a node.
Chart #1 shows that when there is a long legged wick to the downside price almost always retests the bottom of the wick, and then turns up into a strong bounce or even bull market. That formation seems to be coming to completion.
Chart #2 shows that when price drops 63%, or greater, from the last swing high that a bounce and/or bull market is coming soon. The 2 structural bear markets both had a grand total of roughly 90% decline. The current conditions show that the current leg down is due for a bounce AND the structural bear market has almost finished it’s downward trend.
The question becomes, “now what?” It is very possible that the price could cut in half again. Or we could be on the cusp of a new bull market. That’s a lot of uncertainty.
The charts we reviewed are all the 1W time frame. On the 1D price needs to be breaking 0.0098 to begin leaving the sideways range it’s currently in. Bulls start getting curious at 0.00925 and 0.0098 respectively. Anything under 0.0085 will start to attract the bears again.
This idea started on my Twitter account and then I added to it. Here it is archived for the blog. As you can see DASH, like ETH, has been bound to certain key dates. It is now time for it to start making its seasonal pivot if BTC price action cooperates.
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The volume profile on DASH is not looking too hot right now and warrants caution. Even if the price does breaks upwards the chance of a hard retrace is very real at this point. If the price continues to go sideways and more buys show up then the conditions change. As of now the sell volume is in charge and needs to be respected.
Due to the current location of daily candles the plays seem to be, LONG above the yellow horizontal support & above the green sloping downtrend. SHORT position is triggered below the yellow horizontal line with targets around 0.015 ish and if lower then about 0.0126 ish should provide strong support.
DASH is having a very nice technical set-up and breakout, so let’s look at the chart and explain why. Price had been falling in a descending wedge for a very long time and this pattern in a previous bull market almost always bounces back up. After moving sideways out of the wedge it made a hard bottom showing horizontal price support with the red moving average. Price continued to build support sideways and has broken upwards today and for now a Confirmed Reversal has printed on the daily.
The trade will need to be monitored as the upside potential is large. But before getting ahead of oneself look at the more logical short term trade first. After examining the all time chart it looks like the price is going to move up until the SCMR daily prints green, the StochRSI hits oversold, and at least a couple more FIB levels need to be tagged. After that the trade will need to be looked at again for strength. Happy trading.