Dash has recently been experiencing some crazy price movement. In the past few weeks, the highs and lows were due to extremely long wicks of the candlesticks. These swings in price are usually a good time to expect the price to retrace back to these levels in a more consistent manner. A few days ago, the price began its decline, following along a trendline quite well until this morning. The price did close slightly above the trendline and created a long upper wick like before. Although, the prices never reached a price above the EMA(20) even on the highs of the candlesticks. Along with the current trend, this leads me to believe that the EMA(20) is being used as a pretty good resistance level right now. If this level is broken, along with the resistance level of 0.064936, I expect the price to continue in the bullish direction due to the indication of a solid bullish reversal. In the past, this 61.8% fib retracement has not been very reliable in terms of creating reversals. An indication of a bearish target is present in the case of this level causing a reversal anyway. Even though the recent bullish candlestick closed above the trendline, if the price creates a reliable bearish candlestick when closing at this period I would still consider this trendline accurate and expect more bearish movement before the actual breakout. The RSI is still relatively low, although, it has been following price action quite well so there is not much that can be told from it aside from the fact that it was oversold last night and a breakout now is possible.
Important Resistance Levels: 0.067250, 0.064936
Important Support Levels: 0.062534, 0.060676
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst
Important Resistance Levels: 0.067250, 0.064936
Important Support Levels: 0.062534, 0.060676
DISCLAIMER
WITH THIS CONTENT CRYPTOCURRENCY CAPITAL LLC OR ITS AFFILIATES DO NOT PROVIDE INVESTMENT, TAX, LEGAL OR ACCOUNTING ADVICE. THIS MATERIAL HAS BEEN PREPARED FOR INFORMATIONAL PURPOSES ONLY AND IS NOT INTENDED TO PROVIDE, AND SHOULD NOT BE RELIED ON FOR, TAX, LEGAL, ACCOUNTING OR INVESTMENT ADVICE. YOU SHOULD CONSULT YOUR OWN INVESTMENT, TAX, LEGAL AND ACCOUNTING ADVISORS BEFORE ENGAGING IN ANY TRANSACTION AT YOUR OWN RISK.
CONFLICTS OF INTEREST
GIVEN THE NATURE OF THE FUND’S BUSINESS MODEL, IT IS NOT POSSIBLE TO FORESEE AND PREVENT ALL POSSIBLE CONFLICTS OF INTEREST THAT MIGHT ARISE OVER THE LIFESPAN OF THE COMPANY. AT THE TIME MATERIAL WAS PUBLISHED, CRYPTOCURRENCY CAPITAL LLC, ITS AFFILIATES, OR ITS PRINCIPALS, MAY HOLD LONG/SHORT POSITIONS IN THIS PARTICULAR COIN.
Written by:
Arham Bheda
Senior Research Analyst