DASH exploded to the upside during the session on Wednesday, touching the $249 level at one point. However, we gave back most of that impulsive move, and now as I write this it is sitting near the $225 level.
Ultimately, I think we now should see significant support in the region of $210, and if we can stay above there I think that the buyers will continue to jump into this market.
However, today comes with a bit of a caveat as the FOMC Meeting minutes come out, and that will give directionality for the US dollar.
It is because of this that I would caution jumping in with both feet, but it certainly looks like the market is going to favour the upside.
The Meeting Minutes of the last session could give us an idea.
All things being equal, I believe the pullbacks offer value in a market that looks ready to go much higher. I think that the $250 level above will cause a bit of resistance, but ultimately it will be too tempting of a target to ignore.
Adding slowly on pullbacks allows you to build a much larger position, which is probably one of the things that you will have to do in this market as it does tend to chop around and go sideways for long periods of time.
Ultimately, I think that breaking above the $250 level should see this market go much higher in more of a “buy-and-hold sense”, but until then I think it’s a lot of short-term bursts to the upside. I have no interest in shorting, unless we break below the $192 level underneath, which looks unlikely.