Hi friends, hope you are well and welcome to the new update on the Dash coin.
Falling wedge and the volume profile:
On the monthly time frame chart, the price action has formed a falling wedge pattern that is considered a bullish reversal pattern.
And if the volume profile is placed on the complete price action moving within this falling wedge, then it can be seen that the point of control of the volume profile is above the resistance of this wedge.
Strong support of the EMAs:
On the monthly timeframe chart, the price action is at EMA 10 and EMA 21.
Previously, when the price action hit EMA 10 and 21, there was a bullish bounce. But this time, we are expecting a bigger bounce, because the price action has formed a bullish cypher move here above the EMA21, we will discuss this bullish cypher move later in this article.
Bullish BAT formation:
While Priceline is moving in a falling wedge pattern, at the same time on the daily time frame chart, the price action of the Dash coin has formed a bullish BAT and just entered the buying zone. As per the Fibonacci sequence, this BAT has the potential to produce up to 51.5% bullish move.
Huge Cypher pattern:
On the long-term monthly time frame chart, the price action of Dash has formed a big bullish Cypher pattern. There is also 25 simple moving average support below the buying zone.
Buy and sell targets:
Buy between: $196.25 to $123.72
Sell between: $253.34 to $390.43
Stop loss:
The maximum extent of the potential reversal zone $123.72 can be used as a stop loss.
Possible profit and loss ratio:
As per the above targets, this trade has a big profit possibility of 215%, and the high loss possibility is 37%, however at this time the risk is low as the price action is already close to the end of the buying zone.
Conclusion:
The price action of the Dash coin has completed a long-term bullish setup. The falling wedge and the harmonic moves are also supporting the upcoming big bullish divergence for the Dash.
Note: Above idea is for educational purposes only. It is advised to diversify and strictly follow the stop loss, and don't get stuck with trade.
For more harmonic trading ideas you can join:
https://www.patreon.com/moon333
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