If you like crypto trading. If you want to diversify your risks in crypto trading. If you want to trade in an interesting market - Dashcoin is the right choice for you. We can discuss how strong this coin is based on Fundamental Analysis, and I won't be a fan of this coin, but as for Technical Analysis, the market provides really good opportunities for buying.
The price broke the downtrend line, and it gave us a trend reversal signal. Also, the price reached the bottom at 60.00 level. Just remind you that in 2018, this support could stop and reverse the falling market.
Probably we can see an iH&S chart pattern that belongs to a reversal group of patterns.
If the price moves upward and breaks the local swing highs, the market will confirm the upward movement and strength of buyers. The estimated entry should be above 78.00 with stop orders at 58.00 - it is below the local swing low. The profit targets should be placed at 100.00 and 140.00 resistance levels.
As Dashcoin is correlated with Bitcoin, we should take into consideration the movements from that market. If BTC moves upward, it will be another bullish signal for Dashcoin. But if BTC falls to its bottom, we should be ready to see the following in this market too. That's why it is very important to use proper risk and money management strategies. I think investing 5-10% of the capital in this market can be a good idea. But if you are not sure about fundamental reasons which can push the market upward, of course, it will be better to skip this opportunity and search for other markets.
The price broke the downtrend line, and it gave us a trend reversal signal. Also, the price reached the bottom at 60.00 level. Just remind you that in 2018, this support could stop and reverse the falling market.
Probably we can see an iH&S chart pattern that belongs to a reversal group of patterns.
If the price moves upward and breaks the local swing highs, the market will confirm the upward movement and strength of buyers. The estimated entry should be above 78.00 with stop orders at 58.00 - it is below the local swing low. The profit targets should be placed at 100.00 and 140.00 resistance levels.
As Dashcoin is correlated with Bitcoin, we should take into consideration the movements from that market. If BTC moves upward, it will be another bullish signal for Dashcoin. But if BTC falls to its bottom, we should be ready to see the following in this market too. That's why it is very important to use proper risk and money management strategies. I think investing 5-10% of the capital in this market can be a good idea. But if you are not sure about fundamental reasons which can push the market upward, of course, it will be better to skip this opportunity and search for other markets.
Note
The trading plan is workable in spite of the downward movement. We use pending orders for buy above the local swing high.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
💰COPY MY TRADES FOR FREE! Join 👉 bit.ly/41DKDBD
📣 Get Welcome Bonuses for 1st Trade 👉 bit.ly/bonus_bybit
💎 Share My BEST Trades here 👉 bit.ly/wubits
📣 Get Welcome Bonuses for 1st Trade 👉 bit.ly/bonus_bybit
💎 Share My BEST Trades here 👉 bit.ly/wubits
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.