Position: Proceed with Caution!
Dash has seen a lot of movement these past weeks moving from a low $270 to a high $663!
For this reason I wanted to look at the charts and see what they were telling us.
Initial Analysis:
Triangles on top of Triangles!
At first glance it was evident that the movement was foreseen by the formation of two triangle patterns. Triangle patterns usually follow the trend and in this case made DASH incredibly bullish.
BUT! At second glance:
When zoomed out on the daily chart I found evidence of a potential Bearish H&S (Head & Shoulders) formation. For these reasons I suggest you use caution when long and set your stop losses to protect your profits. The RSI indicator is also riding high along the 70 mark. This is a sign that the coin has been Over-Bought and will most likely see a correction.
Let me know what you guys think will happen in the comments below!
I wish you massive profits in your trades,
CryptoTA
Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.