I promised an Alt coin analysis before bed so here it is: DASH ... With some extremely EXCITING week-long consolidation (can you sense my sarcastic passion with this?). Let's break it down.
DASH has been showing a consolidation pattern, which means the Bulls are tired of buying... The Bears are tired of fighting the Bulls.... so price action just sits in this fun as displayed in our 4 hr chart. Consolidation may be boring.. but it's of utmost importance! Consolidation is almost always what happens before a huge breakout... either to the upside or downside. Some may even pay GREATER attention to the details during a consolidation.
That being said, the signals are basically net neutral, so that's why I can't say either/or here. Here is evidence of the consolidation:
-no candle has CLOSED outside of the
-MACD hovering near 0 (so little momentum occurring)
-Volume is poop
-RSI going down and below 50... but price action is above 200 . This puts us in a ranging market, so no extremely clear POSITIVE/NEGATIVE trend.
-Previous "trend" was the breakout of a negative (drawn from DAY chart)... but the trend did not gain much steam before this pattern, which leaves us with little bias towards how this will turn out.
Overall, not much excitement here. I am not taking any personal positions but I thought it was a great learning opportunity for us to make targets from it eventually and see what happens. I will update accordingly.
Hope I provided some good night-stand reading/ morning dump diaries/ happy hour beer breaks... depending on your time zone ^_^
Don't Watch ! <3
If you are in a short position, it might be a good time to cover it and bail. See the positive divergence on the RSI? this may mean a positive reversal is in sight. This is not the time to go Long however. For that to happen we would need some good buyer volume coming right after the divergence... which is currently zilch. Also, MACD no positive crossover(at least not definitive) yet; Stoch not extremely encouraging either for a long position.
I'm closing trade as target was reached. We will see if DASH needs another visit from the Doc in the future ^_^