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Dash - Descending Triangle Pattern - 0.09 - 0.1 BTC

BITTREX:DASHBTC   Dash / Bitcoin
Hey traders! I want to share with you what I found this morning in Dash´s chart, where I identified a descending triangle pattern (If you don´t know how it works, please go to the end of this post where I explain it) in formation which might be about to consolidate. As you can see, this pattern has been forming along last two weeks and volume has been decreasing throughout that period as well, which is an important signal that supports the idea of this pattern´s existance.

If you are interested in buying some Dash and therefore enter to this market, I recommend you to wait for pattern´s breakout. This breakout must be accompained by an important volume increment at the breakout, otherwise it might be consider a "Whipsaw" or bad signal. I also want you to notice MACD development, which has started showing signals of a bullish movement.

BUYSTOP: 0.08100000

Tip: Try to set up your BuyStop order in a point you think pattern has already consolidate, and it will move upwards.

TakeProfit 1: 0.08995000
TakeProfit 2: 0.09950000

Remember numbers can vary depending on your risk profile and price expectations. The numbers I propose should be use as a reference :)

Descending Triangle Pattern - How does it works?
In first place, you have to know that this kind of pattern most of the times has to be considered a bearish pattern . It belongs to the category "Continuation patterns", which means that once the pattern has consolidate and breakout has occured, price will return to its last trend. This pattern use to appear in bearish tendencies, however, sometimes it also can appear in bullish tendencies, which is exactly what we can see in the chart. Once the breakout has occured, we can expect a price movement equal to the height of the triangle. Another important thing you have to have in consideration, is that volume always has to decrease during the formation of this kind of patterns, but, when breakout occurs, it must heavily increase.

Are you interested in Technical Analysis?
I recommend you the John Murphy´s book: Technical Analysis of Financial Markets. It is a great introductory book.

Do you want me to analyze an specific coin?
I'm all ears, please contact me :)

My Telegram Channel

If you like my work and want to support it, you can donate to the following wallets :)

BTC: 1EWAzRdyZa5DBSTnsnzNfjvxPbE3HkszzH
ETH: 0x9ca387456fed6b0f3e48e6d1388329e7ad0aa653

If you find this analysis helpful, don't forget to follow, like and comment. I use to upload new analysis every day :)
Bình luận: Triangle down breakout. Possible drop.
volume way too low for a breakout
Phản hồi
thanks for this useful information. btc is steady, what about now?
Phản hồi
According to my experience, Dash/btc will drop to 0.035-0.05 if Bitcoin is in a big bull run.
After bitcoin almost finishing it's big bull run, dash always rockets to 0.08-0.11 afterwards.
This is for your reference.
You can see this pattern on the chart too.
Phản hồi
Phản hồi
We have broken down from the triangle, any update please?
+1 Phản hồi
Sorry for the late @alfamir, I just uploaded it :)
Phản hồi
Thanks very much!!!
I have on question: It's correct to put stop loss orders in this kind of trades??
+1 Phản hồi
Juanchobanano ManInElevator
Hey @ManInElevator, thanks for your comment! :) Yes, it is always a good idea :)
Phản hồi
Thanks for another excellent chart! I really learn a lot from your explanations and charts. Looking forward to reading the John Murphy book you recommended on TA as I continue down this learning path! Keep up the awesome work!
+1 Phản hồi
Juanchobanano longlivelance
Thanks for your message @longlivelance :) !
Phản hồi
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