DASHBTC apparently developing a head and shoulders at resistance
Updated
I had mocked up these bands on the chart with the intent of looking for places to take profit on upside moves but it appears that Dash isn't going to make it through the orange zone just yet. There has been a downward channel with a slight broadening aspect to it since 2017 and seeing a head and shoulders at channel resistance does not make me confident that price will be able to break through at this time. The target on the head and shoulders is shown with a fib retracement that and the primary targets are going to be the 1.618 and 2 levels. That puts us within this half mast continuation pattern on the flagpole that began the multi-year consolidation that created the orange zone.
My system for determining bias shows that there was some reason for hope on the weekly chart when DASHBTC hit the VSTOP MTF x3 but we have not followed through. And it also seems that we have slipped the 20 week (again). The MACD is below zero and it appears to be poised to cycle another bearish MACD-Signal cross.
It seems that Dash is poised to drop around 55 to 66 percent against bitcoin.
Linked ideas will show reasons to be bearish about crypto. I still think Dash has a lot of long term potential but it is certainly getting dogged right now. I am certainly going to keep a long term watch on DASHBTC and especially this trendline resistance. Dashusd has been great for swing trades for me for a long time but every time I look to hodl dash it betrays me.
My system for determining bias shows that there was some reason for hope on the weekly chart when DASHBTC hit the VSTOP MTF x3 but we have not followed through. And it also seems that we have slipped the 20 week (again). The MACD is below zero and it appears to be poised to cycle another bearish MACD-Signal cross.
It seems that Dash is poised to drop around 55 to 66 percent against bitcoin.
Linked ideas will show reasons to be bearish about crypto. I still think Dash has a lot of long term potential but it is certainly getting dogged right now. I am certainly going to keep a long term watch on DASHBTC and especially this trendline resistance. Dashusd has been great for swing trades for me for a long time but every time I look to hodl dash it betrays me.
Note
This was banging around in my head while I was drafting this chart so I had to double check. DASHBTC looks a lot like ETHUSD did last bear market up to this point. even retracing to that flagpole consolidation that set up a long ascending tringle consolidation. After that there was a W pattern consolidation and ETHUSD was off to the races.Here is to hoping and some patience.
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