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Trade Recommendation: Dash

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Trade Recommendation: Dash

The Dash/Bitcoin (DASH/BTC) pair started its uptrend on December 20, 2017 when it broke out of a bullish reversal pattern after taking out 0.075 resistance. The next day, it went as high as 0.09199600, but at this point, the market was near overbought territory. The 40% growth from December 20th’s opening of 0.06541019 was enough for market participants to take profits.

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With increased selling pressure, the market broke below 0.075 and went as low as 0.06270017 on January 6, 2018. As market participants sensed a higher low was in place, the pair bounced and went as high as 0.07830842 on January 13. From then on, the market’s trading range narrowed by the day until the price suddenly surged on February 8.

Technical analysis show that the market has broken out of a bullish continuation pattern on February 8 when it went as high as 0.07329890. While the market is currently taking a slight dip, this is your chance to enter while the break out is still at its early stages. Looking at the volume, it is way below its average, which suggests that sellers are losing ammo.

The strategy is to buy as close to 0.068 support as possible. After sellers take profits, the market will likely resume its ascent to our target of 0.1. The process might take about a month.

Daily Chart of Dash/Bitcoin on Poloniex

As of this writing, the Dash/Bitcoin pair is trading at 0.06879842 on Poloniex.

 >> How to Start Trading on Binance Exchange 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.


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