DASHUSD
Looking at DASH for it to play out a pennant formation after setting a rounded top on the daily time frame
daily
A pennant can be easily drawn on the daily time frame with lots of time to retest the lower trend line. We are going to try and be more specific on dip buying if the opportunity presents itself. Alternatively, we will buy the breakout and ride the wave.
All of the technical indicators are relatively neutral after a rejection of the daily pivot. Support has been found at the 68ema, however, this candlestick that is forming and likely will be the close suggests more downside to come.
Note the downtrending RSI - this downtrend can drive the test of the pennant trendline - our preferred entry.
4 hour
The 4 hour tells a slightly different story with the RSI and stochastic RSI deep in the oversold/downtrend range. The price found support at the S1 pivot and set a double bottom for now, however, the relief bounce seems to have been relatively short lived. Bulls need buyers to step it up. Dip buyers would like to see a test of the lower trendline.
1 hour
The 1 hour time frame gives me some of that immediate term bearish bias with the stochastic rsi hovering just below uptrend and has given a bearish divergence with the MACD looking somewhat weak. Notice how the price failed to recapture any moving average support on this time frame
Bullish Above: $326 for a test of $356 .... very bullish above $360
Bearish Below: $286 for a test of $263 -- which if it hold we would look to open a position. Very bearish below $260.
RISK TRADE: Take a short position here looking for test of TL then switch bullish if it holds.
Don't forget to use stop losses!!!
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Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and it's your own fault.
