DASH has come a long away since it was re branded as DASH from the more ominous name of “Darkcoin”. It is currently rank 7th in the cryptocurrency in terms of market capitalization (according to coinmarketcap.com). Its latest marketcap is $72,712,837. We will get into DASH information or guides in other articles. Now let just focus on how the prices are doing against the Bitcoin.
DASH Technical Outlook
I compiled the commencement trading date from June 25 this year as reliable price data older than this date was scarce. It kicked off on a low at 0.00977BTC and peaked on August 14 of the amazing speculative price of 0.03112BTC. A bloated gained of 218.5% during this bubble period. Since then, the volatilit was cooled and stabilized to a more human-acceptable level. The current consolidating pattern can be traced back from mid November.
That smashed support price level is currently rendered as the major resistance zone that DSHBTC attempting to overcome. DASH just stepped up and made a massive jump against BTC but rejected at 0.01361. At the time of the writing, the prices still leaping to making a big move on 0.01328 (well above 0.238 fibonacci retracement based on floor price recorded on early this month). On the 4-hours chart, DASH rally passed the double tops and recovered from the valley formed on slack Thursday sold-off. At the same time, this massive rally topped Bitcoin the best performing currency of the year. The bull is in good shapre to extend its run into the holiday. But the 14 Stochastic is rising entering the overbought condition. This warning signal revealed seller would be ready step in to the mix. Although i am still bull bias in the medium term, but the sharp buying could be overdone. Consolidation would be inevitable.
OK, let’s try my maiden attempt on DSHBTC trade idea,
Try on short on sharp upsurge, sell at 0.01362 cut lose and take profit ratio of 1:4
Remember : i am bull in the medium term. Trade with care!
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Remember: The author is a trader who is subject to all manner of error in judgement. Do your own research, and be prepared to take full responsibility for your own trades.