Dash/Bitcoin Breakout - Bitcoin dominance in Jeopardy?
dash·@helikopterben·
0.000 HBDDash/Bitcoin Breakout - Bitcoin dominance in Jeopardy?
<html> <p>You rarely get a trade setup that looks this good with all the stars aligned. That said, investing and trading is all about probabilities, so there are definitely no guarantees.</p> <p>Dash has broken out of a multi-year (26 month) triangle. Triangles usually have violent thrusts that conquer a lot of ground in a short period of time. A 10x or more gain in price would not be out of the question in the next few months for this market. The rally should be strong with violent crashes that are quickly bought up to new highs, accelerating towards the end. If not, then the big move may not be taking place and we will have to reevaluate this market. A really good looking indicator right now is the golden cross (50 dma crossing over the 200 dma with both averages sloping upward), which just took place. This market is currently technically overbought on the daily and due for a short term pullback. However, most really strong moves start out in or near overbought or oversold conditions. </p> <p><img src="https://www.steemimg.com/images/2016/08/14/dash_dailyc774b.png" width="1062" height="584"/></p> <p><br></p> <p>The weekly chart really highlights this breakout much better. Weekly MACD is another indicator to watch here. Also, the weekly is entering overbought territory, but as I stated previously, the best moves in crypto have started out in overbought or oversold conditions many times.</p> <p><img src="https://www.steemimg.com/images/2016/08/14/dash_wk40a50.png" width="1061" height="588"/></p> <p><br></p> <p>Order book depth on Poloniex is stacked to the buy side. Those could be fake orders though. It is impossible to tell.</p> <p><img src="https://www.steemimg.com/images/2016/08/14/dash_depthde14f.png" width="924" height="365"/></p> <p>I have shown this chart many times now. Bitcoin dominance appears to be on the verge of collapse. Of course we only deal in probabilities, so nothing is guaranteed. With the looming threat of a bitcoin hard fork for a separate chain with on-chain scaling and the seemingly better tech (hybrid POW/POS, masternodes) associated with dash, this move could happen. We shall see. This reality has definitely been weighing on the minds of market participants for quite a while.</p> <p><img src="https://www.steemimg.com/images/2016/08/14/bitcoindominancec043f.png" width="1170" height="456"/></p> <p>Disclaimer: This is not advice of any kind.</p> </html>