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.