Hello everyone!
I'm super excited to share with you this chart. After DASH broke out of its previous Symmetrical Triangle (in purple) to the upside, we said that there would be a TP around $292, and since then, DASH has really been consolidating around this level.
Because of this consolidation, DASH has formed a falling wedge depicted in white, making a series of lower highs and lower lows.
Falling Wedges are typically Bullish Patterns, and on the 1 hour chart, we were able to achieve a candle stick close above the wedge, with our current candle stick looking to confirm it as support. DASH entered into this wedge at around $280, with a max price ceiling of $299, making for a rough estimate of a $19 price Height.
DASH was able to break towards the upside of the wedge at around $285, and with a $19 wedge height, we have a price target of around $304.
Another awesome thing to look at in this chart, is how the bottom support line of the symmetrical triangle actually served as this falling wedge's key support line, on its last move before heading to the upside.
Here is another chart I'd like to share:
Assuming that the break above the wedge is not a false break out, this wedge should be capable of moving price towards the $304 area. This would greatly help in creating a higher support range, that could then push DASH towards this next trend channel, putting price around the $325-$335 area.
As always, we want to ensure we stay level headed and see both sides of the coin. If this were to be a false break above the wedge, and it were to break below the wedge and use it as resistance, we would then subtract $19 from the break below the wedge. However, falling wedges are bullish patterns, and as some people saw in one of my earlier posts on the Symmetrical Triangle, DASH momentarily broke below the triangle after the break above- which ended up being a bear trap, forming a lower wick on higher time frames like the 4hr, 6hr, and above. This could very well happen with this Falling Wedge, but overall, I expect it to keep trucking towards the upside.
(Sidenote: BTC's Fall was the result of a RISING Wedge- the complete opposite of this FALLING Wedge in DASH. Just trying to articulate how powerful these patterns can be, especially on higher time frames)
I hope you all enjoyed this analysis! If so, be sure to give a LIKE and SUBSCRIBE. I hope you guys have a great rest of your day, and as always, be sure to do your own due diligence.
I'm super excited to share with you this chart. After DASH broke out of its previous Symmetrical Triangle (in purple) to the upside, we said that there would be a TP around $292, and since then, DASH has really been consolidating around this level.
Because of this consolidation, DASH has formed a falling wedge depicted in white, making a series of lower highs and lower lows.
Falling Wedges are typically Bullish Patterns, and on the 1 hour chart, we were able to achieve a candle stick close above the wedge, with our current candle stick looking to confirm it as support. DASH entered into this wedge at around $280, with a max price ceiling of $299, making for a rough estimate of a $19 price Height.
DASH was able to break towards the upside of the wedge at around $285, and with a $19 wedge height, we have a price target of around $304.
Another awesome thing to look at in this chart, is how the bottom support line of the symmetrical triangle actually served as this falling wedge's key support line, on its last move before heading to the upside.
Here is another chart I'd like to share:
As always, we want to ensure we stay level headed and see both sides of the coin. If this were to be a false break above the wedge, and it were to break below the wedge and use it as resistance, we would then subtract $19 from the break below the wedge. However, falling wedges are bullish patterns, and as some people saw in one of my earlier posts on the Symmetrical Triangle, DASH momentarily broke below the triangle after the break above- which ended up being a bear trap, forming a lower wick on higher time frames like the 4hr, 6hr, and above. This could very well happen with this Falling Wedge, but overall, I expect it to keep trucking towards the upside.
(Sidenote: BTC's Fall was the result of a RISING Wedge- the complete opposite of this FALLING Wedge in DASH. Just trying to articulate how powerful these patterns can be, especially on higher time frames)
I hope you all enjoyed this analysis! If so, be sure to give a LIKE and SUBSCRIBE. I hope you guys have a great rest of your day, and as always, be sure to do your own due diligence.
