DASH (DASH/USD) Analysis December 22, 2017

on Dec 21, 2017
Updated: Sep 19, 2019

Recently I was browsing the web and decided to login to my YouTube, a couple of blockchain video and then boom! A DASH ad, pretty nice though but the graphics are basic… and the video fast and well, average quality.

At the end of it all, I got to know how fast transactions are in DASH, thanks Google for collecting all my browsing data. Anyhow, transactions are settled fast and while at it, DASH is sky rocketing and every time you buy you fuel the gas and earn an impressive ROI in return. I like that just like you do.

In the weekly chart, it is no doubt that the rally has been impressive. Yes, three levels of resistance broken in the past 5 weeks and the bull is still thirst.

 The way price action is set up especially with those buy candlestick banding along the upper BB and the gap between it and the middle BB hints a lot.

Then again, this week candlestick might end up as a normal candlestick with almost equal lower and upper wicks. You know what? I’m net bull and if you planning to enter now, I want you to hold your horses and wait for better prices in the daily or 4HR chart.

After all, nothing goes up forever, we expect some correction in a week or two unless this is a very extra ordinary rally.

Remember before this spike to over $1500, DASH prices were moving within an ascending channel before that strong close above the upper limit on December 20.

Buyers are definitely in charge and as long as prices align along the upper BB just like in the weekly chart, we should have no reason to sell.

Stochastics maybe a cause of concern because they look overbought but as always technical set up in the higher time frame takes precedence.

In the 4HR chart where we base our trading from, the short term take profit level as projected by Fibonacci extension has been hit.

 In fact prices are oscillating around the 61.8% extension level after reversing from 23.6% retracement-a region which I don’t usually trade from. The thing is, momentum in the daily and weekly charts is high but stochastics here is bearish and at overbought territory.

$1500 is a round number and an area of strong resistance and I want to see a strong candlestick break across this barrier for me to be convinced of bull pressure. If it does then swing traders should aim at $2100 which is the second Fibonacci extension level.