Dash is a fork from Bitcoin, which has been designed to address the issues faced by it’s predecessor, such as, transaction speed, gas fees, privacy, etc. On their website, you can see that the token’s plan for world domination is written on their walls: “Dash is Digital Cash you can spend anywhere”.
DASH had previously entered into partnership with Wall of Coins, a web-based platform back in 2017, which greatly boosted their usage by traditional institutions such as Wells Fargo, Chase, MoneyGram and Western Union.
Currently, DASH is the 24th token ranking in terms of MarCap, according to CoinMarketCap.
- 17&50 EMAs are widening, indicating strong bullish momentum.
- Based on the latest AB wave, which we’re taking Fibonacci from the highs and lows of that long-wicked red candle as it formed a new high, price has rejected EXACTLY off the -61.8 level extension.
- We can see that a major zone that has previously acted as a support-turned-resistance, has now become a resistance-turned-support.
- Looks like trace is forming a Bullish flag or Triangle, will confirm it on a lower timeframe.
- A Triangle is formed and price is converging as we speak, indicating a big price action movement soon. (Price tends to move from a high volatility state to low volatility state, and vice-versa)
- 17&50 EMAs indicates bullish momentum, but seems to be weakening.
This is the Bullish scenario that I will be expecting to see based on the H4 timeframe:
Using the linechart trick, we see that there is a crucial level to look out for at 94.8.
- Strong break of upper trendline of triangle (preferably a big bullish candle).
- We can speculate that if the scenario of the strong bullish breakout happens, a retest could happen whereby the price makes a retracement and confluences with the intersection point of the
1) Triangle upper trendline
2) Crucial level 94.8
3) 38.2 Fibo level
- Target will be -27.2 Fibo extension level which is exactly 111.5. However, do monitor the trade closely once it goes in our direction and move stoploss to entry point, as anything could happen in the Crypto markets.
Do implement the necessary risk-management, and remember that here at BiKinSights, we only take trades with a minimum risk-reward ration of 1:3.
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Disclaimer: The above does not constitute as investment advice. Do note that trading cryptocurrencies (or any other financial market) involves substantial risk, and there will be a potential for loss. Your trading results may vary. Please practice the proper risk management to avoid risks of approaching account zeroing and liquidation.