DASH Analysis September 29 , 2017
DASH fell a bit during the session on Thursday, as most crypto currencies took a bit of a loss. We have been consolidating for some time, with the $335 level underneath offering support, while the $355 level above offers resistance. At this point, I am not anticipating any type of breakdown, I believe we are just seeing more of the same. Other crypto currencies are starting to show signs of support as I record this, so I suspect that DASH won’t be any different. I don’t know that we can break above the $355 level today or even tomorrow, but I do think it will happen. Overall, crypto currencies look as if they are starting to regain their luster, and that of course helps move a market that is so highly driven by passions.
I believe in incremental positioning when it comes to the crypto currencies, because they do move so quickly. Most crypto currencies are down roughly 5% during the day, with the DASH markets losing 4%. That is an extreme amount of volatility, especially for larger positions. However, I think that if you build your position up solely over time, you can get rid of a lot of the psychological battle that crypto currency certainly bring on.
Even if we did breakdown, I anticipate that there is a bit of a “hard floor” close to the $325 level underneath. In other words, there’s no way to sell this market, simply buy it over the longer term. The question then becomes when do you do it? By adding slowly, you take a lot of those questions out of the equation, and can trade with more confidence and of course more profits down the road. Longer-term, I anticipate that we will revisit the $375 region that was recently tested.