The DASHUSD market scenario on September 21, 2017
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- DASH continues to trend higher in the higher time frame charts with major resistance expected at 412.20
- Price action broke above minor resistance at 330.00 on Monday signaling increasing bull momentum
- At 362.00, chances of a break above immediate resistance at 412 is likely
Beginning mid-September, price action reversed sharply from major support zone of 218-220 and has since continued to trend higher. It is indicative because at this zone a double bar reversal pattern was formed with price rejection at 220 which is also a region of support as shown by the 50-period moving average. A stochastic buy signal was also printed on 15.09.2017 and since then %k and %d have been diverging hinting sustained buying (refer to above image).
Any retest of minor support zones of 315 or 350 in the in the 1hr chart will represent a good buy opportunity. Stochastics are bullish in the same time frame with a buy signal in place.
Figure 2: DASHUSD 1HR chart-21.09.2017
1hr chart-European session-Bullish
50 Period MA
Price is trending above 50 MA, so market is bullish
Contributed by Dalmas, a crypto-enthusiast and trader with a keen eye to market trends and analysis.
All charts courtesy of Trading View