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DASH Cryptocurrency Analysis

Currencies / BlockChain May 05, 2018 - 11:12 PM GMT

By: MarketsToday

Currencies

Following Breakout of Bull Pennant Dash Pulls Back to Second Entry Zone

Dash (DASH/USD) breaks out of a bullish pennant and subsequently pulls back to test the top trend line of the pattern and the 50-period moving average as support. Note that the 50 period line was an exact match with the trend line at the breakout point. So far it has held thereby providing a possible second entry zone in anticipation of further strengthening following the breakout.


Further confirmation of strength is now needed. That first occurs on a move above the recent minor swing high of $516.93, and then on a rally above the more significant $547.27 peak (top of pennant). A rally above the higher price level confirms the breakout of the pennant and continuation of the uptrend. Until then it’s still possible that the pennant consolidation will evolve into a larger consolidation pattern.

Potential targets are highlighted in red in the accompanying 4-hour chart of Dash. Price levels are identified via a combination of Fibonacci levels from a variety measurements and the measuring objective of the symmetrical triangle pennant and then including the pole of the pennant. A conservative measurement is used for the pole.

The first target zone comes in around $570 to $593 and includes a target from the triangle at around $581.10. That potential resistance zone is followed by a large price zone from around $613 (pennant target) to $649, and then finally the third and higher target from $754 to $770, which includes the February peaks.

Initial Target Zones:

$570 - $593

$613 - $649

$754 - $770

A drop below the bottom of the pennant around $450 would invalidate the bullish outlook discussed above.

Also, note on the following daily chart of Dash that the 200-day simple moving average (brown line), currently at $605.76, is in between the first two price zone. This should be watched closely as well. Dash has been below its 200-day line since early March and a breakout above it would be an important bullish indicator for the intermediate and long-term.

Bruce Powers, CMT
Chief Technical Analyst
http://www.marketstoday.net/

© 2018 Copyright Bruce Powers- All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2018 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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