With Bitcoin dominance hitting resistance and resuming the downtrend it’s been on since May, conventional wisdom says that altcoins will continue to remain bullish in the short to mid-term, offering investors ample opportunity to acquire more BTC in the meantime. And while, as students of Bitcoin price-history know all too well, that can chance in a heartbeat should the king decide to make its next move, until we get data to the contrary, the plan remains to buy altcurrency bottoms and/or reaccumulation zones and taking profits at resistance. With that in mind, let’s have a look at a former alt heavyweight that has yet to join in the “altseason” festivities: $DASH
Looking at the Daily chart, DASH has now completed a full retrace to the site of its previous breakout, was able to hold the line on the retest, and has now moved past diagonal resistance where it now sits (allegedly) in the process of reaccumulating at support. If trading is a war of attrition between bulls and bears, DASH’s chart is a battle-field with two very well-defined trenches sitting inside two more heavily fortified encampments, making it fairly easy to navigate on the higher time-frames.
With the current state of the market being as it is, and most majors still lagging behind, I’d expect coins like DASH to play catch-up at some point in the near future. With that said, nothing is certain in trading so it’s important to always practice proper bankroll management strategies and managing risk in a manner that ensures longevity.
That’s all for now, wishing you a happy and profitable week!
Yaniv Son is a cryptocurrency trader and former professional poker player turned poker coach and author at spinandgostrategy.com