DASH:BTC - Day Trade
DASH:BTC
daily
Short term trade looking for approximately 5% gains. Dash on the daily time frame, like all cryptos took a beating but for 3 days has managed to hold the pivot as support and recently setting a higher high after the steep decline. That steep decline is yet again a v bottom, and now being back tested. There is a possibility however that an oblong Head and Shoulders pattern forms and the trade here is to grab any gains off the right shoulder and continue to hold if the formation is negated with a break higher.
1 note - in a broader sense, DASH has managed to maintain this upper range and do some longer term consolidation, this would appear as a bull flag on the weekly chart (it's possible to have more gains than just 5% but we will stay modest).
4 hour
On the 4 hour time frame we see some bullish moving average crosses and the price of DASH:BTC has bounced off of S1 pivot support during low volume consolidation. This is indicates fewer sellers and fewer buyers - dash is very illiquid right now. The upside target is a retest of the pivot, approximately 0.079 btc and on volume a retest of the previous pivot area 0.082 btc
1 hour
The one hour time frame is what caught my attention with the obvious inver H&S pattern with a break above the neckline that is now being backtested.
TRADE: Take a position here, set 1-2% stoploss or according to your risk tolerance
ALTERNATIVE: Scale half a position here, read to sell if we drop below the neckline and add on a breakout.
RISK TRADE: It is a bit of a risk trade.
Previous Articles:
Trading Vs. Investing
Bitcoin
Weekly Overview
ETHUSD
bullish setups
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
