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Dash formed a double bottom

Dash formed a double bottom
Viktor KarapetjancViktor KarapetjancCrypto Post

Dash has found the support at $278 where it formed a double bottom. Following wave up resulted in the break above the downtrend trendline and the 50 Moving Average, suggesting the change in trend or a correctional move upwards.

The nearest support is now based at $300 area, which is the trendline and the moving average breakout point. It is likely that the price will get back to that area before going higher, but at the same time the moving average could also act as the support.

The upside target is seen at 76.4% Fibonacci retracement that is $638 and corresponds with the previous resistance are formed through 23-27 of February. On a downside, only break and close below the $278 support could invalidate bullish outlook and extend the consolidation.

Chart

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Viktor Karapetjanc

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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Dash formed a double bottom