Apart from Bitcoin, Gold and Silver I also love Dash. So heres a look at Dash today as I see it. My last Dash post was when I congratulated Dash for overtaking one ounce of silver in price. A lot has happened since then, most notably huge new all time highs for Dash versus bitcoin reaching 0.12 of a bitcoin, and versus US dollar, 117ish USDT on the Poloniex exchange. Although those all time highs already seem a long time ago.
So heres a look on a 1 day chart. This is Dash priced in bitcoin on a log price scale.
As I am becoming more and more familiar over my time since starting this blog, it has to be said this looks a bit like a bubble shape on the chart. Big rise getting steeper, ending in spike. Followed by crash, and then less steep rise and falls.
For the last few days Dash has appeared to be quite stable trading around 0.05 in bitcoin and about 90 dollars US. But has it bottomed or is there a way to go down yet?
You may notice a pink channel and a larger channel with virtually identical slope which I’ve drawn on my chart. The middle of the large channel might provide some good support. The middle of the pink channel might be some resistance as Dash is currently below it. There is also a bearish trendline coming down from the all time high, forming a kind of wedge with the bottom of that pink channel. I expect Dash could be constrained in this wedge for the coming few months.
A bullish move is in progress as I write but it will have to be strong if it is to get past those areas of resistance.
Heres a look at all the Dash trading data available on Poloniex, this time with 1 week candles but again, priced in bitcoin and shown with log price scale.
On this view you can see where the large channel has come from. Interesting how the peak of the recent all time high corresponded quite closely to that top trendline of the channel.
On this timescale I’m finding it hard to be bullish on Dash from this technical picture. * Fundamentals are as great as ever. However previous peaks have been followed by long bear periods. Could we be in for another of those? while waiting for evolution perhaps? MACD indicator also not looking very great and crossed down sharply.
On the flip side though, with money seemingly pouring into crypto and rival coins reaching 1 billions market cap in short order maybe anything is possible for Dash.
I’ll finish with a quick look at Dash versus the US dollar tether, this is 1 day chart but this time without the log scale.
Due to the huge rise of bitcoin versus the US dollar this chart looks strikingly different to the Dash vs bitcoin charts above, while Dash has failed to get close to its high in bitcoin terms, in US dollar terms Dash has spiked up above 100$ twice. One obvious potential pattern to watch out for is a double top. If Dash drops below 60$ watch out below! However there is also a bull pattern there too, could that be a bullish cup and handle?
Once again I lament not knowing the future.