RSI is giving us confirmation of Hidden Bullish Divergence which is supporting the idea of that DASH will continue moving further upwards. The price has formed two patterns: Ascending Triangle and Pennant. Both are considered continuation patterns. To get confirmation of bullish movement we need to set Buy orders at 440 level.
EDUCATIONAL PART The idea behind of this chart is to show Profit Targets and how to get these Profit targets. Remember one color presents one pattern + target.
Draw vertically a line from the highest point of the pattern next to the lowest point. The line we just draw gives us the length of the target. Move this line to the break out point. Where the price has breached top line of the pattern. Where this line ends is giving pointers where the price might be heading to.
Things to remember: -> To trade safely we need to use stop losses in case something goes wrong. -> Note this is a long term trade! Requires patience and flexibility to adjust the sails of the market movement. -> Always be aware of things, trends and events what's happening around the current crypto you are trading. They may have big impact on the price movement!
Any questions or need help? Feel free to leave comments and feedback!
Yarr!
Dagangan aktif
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Broke upwards and hit very close to our target. New support level is forming.
There was a similar DASH/USDT pattern on Poloniex 4-hr chart in early March 2017. There was a week-long narrowing trading range prior to a 10-day climb to a new all time high. Will history repeat?