DASH Analysis August 18, 2017
DASH exploded to the upside during the day on Thursday, reaching the $256 level. The market is getting a bit parabolic, so I think that although it’s an obvious uptrend, we may need to look for a short-term pullback to take advantage of value.
As we get pullbacks, I would be interested in looking at the $250 level for support, and the $245 level after that. I suspect that the largest support though, is probably closer to the $240 level. With this being said, I think that it’s probably wise to add slowly on dips, and let the market build up the position for you.
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When we pull back, it’s time to pick up a little bit of value in what is obviously a very strong move.
US dollar weakness
The US dollar has been soft over the last couple of sessions, and that of course helps the cryptocurrencies. I think that the longer-term target is probably closer to the $275 level, if not the $300 level.
We are bit parabolic, so don’t let pullback scare you, they should be thought of as DASH “going on sale.” Impulsive moves like this can regularly give up half of the gains before turning back around, so keep that in mind as well.
As far as selling is concerned or even the idea of getting out, I would need to see this market break down below the $225 level. If we can stay above there, I think that there should be plenty of buying opportunities going forward, and that the buyers will remain vigilant in a market that has seen a sudden explosion and breakout of what had been a rather dull trading environment around the $200 level.
Explosions like this don’t happen all the time, and they typically stick for the longer-term move.