Dash / BitcoinLong
DASH - triangles
High traded volume for DASH at the lower price levels recently between 43k and 50k sats. Price has settled on the 23.6 fib of the big down move (which incidentally coincides with the 61.8 fib of the much longer term up move shown on the bittrex chart). RSI and ADX show the price is still ranging.
On the close up we see we are coming to few possible decision point triangles, the MACD has just crossed (bullish), the short EMA (7) has crossed the medium (77) and the price seems to be supported by the medium at present (bullish). The price is wicking off the lower short term trend line showing buyers' support here, however so far the price isn't being pushed as strongly upward to the upper trend line as I like, with most of the action to the bottom of the triangle and seemingly strong resistance around the current price area (although the current/next candle may change this!)
There are buy walls in the order books for both bittrex and binance at around 52.5k sats which may pose a risk to positions right now.
While I like the chart and the growth in traded volume, I would take care in getting into a position on this because of those walls, keep watch to see if the price breaks up from the triangle with an increase in volume, and perhaps wait for a retest of the triangle trend line for confirmation of the breakout before buying.
The fibs line up well with prior support and resistance prices, and can be used as take profit targets if the break out happens.
Follow my TV charts here: twitter.com/Elisa_crypto
On the close up we see we are coming to few possible decision point triangles, the MACD has just crossed (bullish), the short EMA (7) has crossed the medium (77) and the price seems to be supported by the medium at present (bullish). The price is wicking off the lower short term trend line showing buyers' support here, however so far the price isn't being pushed as strongly upward to the upper trend line as I like, with most of the action to the bottom of the triangle and seemingly strong resistance around the current price area (although the current/next candle may change this!)
There are buy walls in the order books for both bittrex and binance at around 52.5k sats which may pose a risk to positions right now.
While I like the chart and the growth in traded volume, I would take care in getting into a position on this because of those walls, keep watch to see if the price breaks up from the triangle with an increase in volume, and perhaps wait for a retest of the triangle trend line for confirmation of the breakout before buying.
The fibs line up well with prior support and resistance prices, and can be used as take profit targets if the break out happens.
Follow my TV charts here: twitter.com/Elisa_crypto
Come say hi @elisa_crypto on twitter!
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