DASH (DASH/USD) Analysis December 15, 2017
Like all other BTC alternatives, DASH is at record levels. Well, after August highs were cleared, bulls were buoyed and as it is, DASH has more than doubled in value.
We can always begin with how stochastics are to gauge the strength of this rally. Our deduction is that the current bull momentum is not very strong. In fact, they have been mixed. Despite that, DASH prices continue to inch higher.
Price action wise, the weekly candlesticks are banding along the upper BB after bouncing off $660. This set up is by itself rare especially in this time frame.
$660 is our immediate support and was the first take profit level as marked by Fibonacci extension levels drawn from January-August high lows.
I will also reiterate that if this week’s candlestick continues to band along the upper BB and close with small or no upper wick then chances of DASH crossing above the $1000 and following the likes of BCH is high.
After all, the hurdle is only $50 away and $125 from our ultimate take profit level.
In the daily chart, the script is the same. DASH prices are moving within a narrow ascending channel accompanied by a stochastic buy signal.
After that correction between December 1 and 8, DASH bulls picked up from support spelled by the 20 period MA and continued with the initial bullish trend.
On December 13, a bear candlestick formed but every dip was a buying opportunity since the correction happened within a strong bullish run. Bulls were on the sidelines waiting for the confirmation of December 12 bullish candlestick after bouncing off from the lower limit of the ascending channel.
Trading in our entry chart is easy.
Even if the weekly chart seems to be settled within the normal trade range, there is some room for a little upside in the coming days.
There is a buy signal.
At current set up, we should be watching December 3 highs of $820-previous resistance now support and the 20 period MA just in case bears take charge and drive prices lower.
Either way, we remain bullish. If the current candlestick close above December 12 highs of $950 then buyers should look to buy.
