DASHBTC Appears to be retesting the neckline of an inverse H&S
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Dash has been one of my favorite projects for a while. Right now it appears to be in a multi month long rising wedge that I suspect will break to the upside. But first it has to get off the wedge support and it appears to be doing such with an inverse head and shoulders centered at the 0.0050 level.
The support of the wedge is in part defined by the head and right shoulder. I expect that once this retest is done we will see a quick move to the 1.618 fib level of the hight of the head, but from there the main thing to observe will be the splitter on the wedge. For price action to behave more bullishly it will have to stay in the upper half of the wedge.
On the 4 hour chart it seems our situation in the purple circles resembles the black circles.
I entered my position on DASHUSD when DASHBTC was on the upward slope of the right shoulder and have a stop loss below the valley of the right shoulder. I want to let this ride a bit more before I move my stop to break even or slight profit. From my entry I hope to be patent and wait for it to pop out of the wedge.
If I see DASHBTC start to make a bull trap like it did against the purple line below that will be a sign for me to close my dashusd trade. Right now things are going smoothly with the initial ascent shown by the blue trendline. As of right now there isn't even the price action to draw a new purple line for that phase of the uptrend.
As you can see, DASHUSD also appears to be in a inverse head and shoulders and price action appears to be testing the neckline on that as well.
A zoom in:
I hope to take some profit of my margin trades at major fib levels and use some surplus on dip buying. A zoom out of dashusd
And just for giggles, here is DASHETH with what appears to be a falling wedge on a flag pole. Lots of volatility all over the place.
The support of the wedge is in part defined by the head and right shoulder. I expect that once this retest is done we will see a quick move to the 1.618 fib level of the hight of the head, but from there the main thing to observe will be the splitter on the wedge. For price action to behave more bullishly it will have to stay in the upper half of the wedge.
On the 4 hour chart it seems our situation in the purple circles resembles the black circles.
I entered my position on DASHUSD when DASHBTC was on the upward slope of the right shoulder and have a stop loss below the valley of the right shoulder. I want to let this ride a bit more before I move my stop to break even or slight profit. From my entry I hope to be patent and wait for it to pop out of the wedge.
If I see DASHBTC start to make a bull trap like it did against the purple line below that will be a sign for me to close my dashusd trade. Right now things are going smoothly with the initial ascent shown by the blue trendline. As of right now there isn't even the price action to draw a new purple line for that phase of the uptrend.
As you can see, DASHUSD also appears to be in a inverse head and shoulders and price action appears to be testing the neckline on that as well.
A zoom in:
I hope to take some profit of my margin trades at major fib levels and use some surplus on dip buying. A zoom out of dashusd
And just for giggles, here is DASHETH with what appears to be a falling wedge on a flag pole. Lots of volatility all over the place.
Ghi chú
Very powerful move. DASHBTC completed the retest of the neckline then consolidated right under the 1.272 and now is beginning its impulse to target. I would expect some technical traders taking profits between the 1.618 and 1.786 but my broader target is based off the wedge structure showed in my original post. And I still expect DASHBTC to break up out of that wedge.
Likewise I expect DASHETH to break out of the falling wedge I posted. and that is also going well.
Ghi chú
I dare say it went to target perfectly.
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