Altcoin Trade Recommendation: DASH/BTC Range Near Support

The DASH/BTC pair has been in a downtrend since March this year, after the pair reached 0.09. Bears sent it back to 0.03405020 where it appears to have established critical support. Today, the market is on the verge of reclaimed another important support at 0.0455. Technical indicators reveal that the pair is gathering momentum for its next move up. While the market’s daily chart doesn’t show any recognizable bullish pattern, there’s possibility to earn profits by trading the range.

The strategy is to buy between 0.0455 and 0.055. We have resistances at 0.060 and 0.070. The top end of the range is 0.080, and that is the target for this trade.

Summary of Strategy

Buy: between 0.0455 and 0.055

Sell: 0.080

Stop: A move below 0.0455 invalidates this trade call.

 

Disclaimer: The writer owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

 

Kiril is a CFA Charterholder and financial professional with 5+ years of experience in financial writing, analysis and product ownership. He has passed all three CFA exams on first attempt and has a bachelor's degree with a specialty in finance. Kiril’s current focus is on cryptocurrencies and funds, as he does his own crypto research and is a Product Manager at Mitre Media. He also has his personal website, InvestorAcademy.org where he teaches people about the basics of investing. His ultimate goal is to help people with limited knowledge of finance and investments to create investment portfolios easily, and in line with their unique circumstances.