DASH-USD Gearing Up for Another Test of $15
DASH-USD has surged today as the reversal into an upward trend starts to gain momentum. On today’s open, the price against both the US Dollar and bitcoin is up over 10 percent so far on the Poloniex exchange. The market is currently testing resistance provided around $12.79 and looks to be on a march towards the $15-$16 zone.
The daily price action is shown below and illustrates that the price has broken out of the Ichimoku cloud to the upside, signalling the start of an upward trend for DASH-USD. Notice that the market found a floor around the $11.00 psychological level over the past four days, corresponding nicely with the support zone provided by the green Ichimoku cloud. Moreover, after looking as if the Ichimoku cloud was changing colour, it has started to fan out again and trend upward, indicating the resumption of the longer-term uptrend.
Also notice that after ranging over the past few days, the conversion line has started to trend higher and has a steep gradient, indicating strong bullish momentum. Moreover, the Awesome Oscillator remains negative, however, the bars are increasing, suggesting sellers have lost control.
The upward move today is supported by higher volume which also signals a strong probability of further appreciation in Dash. A daily close above the fractal level $11.865 looks to be certain today whereas a close above the base (red) line at the end of today’s trading session will give an even strong bullish signal with DASH-USD looking to breach above $15.00. The base line provides resistance at $12.7975. A daily close above the base line will indicate a switch to long-term bullish momentum and support a rise in the value of Dash over the next week or so.
The next fractal resistance lies at $14.55, which would provide a good initial target for buy positions in DASH-USD, whereas further fractal resistance lies at $15.25.
The 4-hour Renko chart below more clearly shows the critical support at the $11.00 level. Since we are currently within a bullish Renko, only buy positions are suggested for DASH-USD. The upward trend may face some resistance around $14.517 as indicated below which held as resistance twice in the previous bull run. However, a breakout of the $14.517 will see additional gains, so market participants should be on alert when DASH-USD approaches this level to gauge for the direction and strength of momentum.
The chart below indicates that sell positions in DASH-USD should only be considered if the market manages to break below $11.8364, which would mean that a bearish Renko candlestick would form and signal the start of a downward trend. Therefore,the $11.80 level serves as a good stop loss for buy positions.
The chart below shows the daily price action for DASH-BTC on the Poloniex exchange and the market seems to be gearing up for another shot at 0.0280 with the price bouncing from the Ichimoku support zone. Again, the move in DASH-BTC is supported by higher volume, however, the price needs to break and sustain above the Ichimoku cloud to confirm further gains.
Nevertheless, the Awesome Oscillator has today indicated a shift toward bullish momentum as the bar has changed colour to green and is higher than yesterday’s bar. Therefore, we should see more of an appetite for DASH-BTC and will look to test resistance provided by the base line at 0.02170. Next, we look for a daily close above the base line, that is above 0.02170, to provide further bullish confirmation.