DASH – THE ONE THAT’S STILL IN THE (MAINSTREAM) DARK
A couple of weeks ago, I spoke to a colleague of mine, an expert on cryptocurrencies and one of the really early ones on board, and I asked him which cryptocurrency he favors. He was clear on that one, Dash has the most potential and in his opinion Dash is the most promising cryptocurrency. And the best thing is, it’s still low radar, not very known/spoken about in the mainstream media (once it’s on the cover of the front page, do the opposite…remember who owns the media). So the crowd does not seem to be in on this one yet.
I raised cash by selling Bitcoin > $2600 and I used that cash to buy the dip/increase my investment in Dash last week. Now, my 4 largest investments in cryptocurrencies are: 1. Ethereum, 2. Dash, 3. Z-Cash and 4. Bitcoin. Just a simple switch from investing in the pro league (BTC) to the talent league (Dash)…(Keep in mind that I almost tripled my money in a short period of time, now playing with the original investment, so I can “afford” to lose…Do not play this market if you can’t stand the heat of dropping to 0).
Currently, this is my Top 4:
Dash Weekly (left) and Daily Chart
Dash trades near the $180 key/resistance level
The Weekly chart shows a Hanging Man (potential Bearish Reversal Candlestick), support at $125, ‘early adapters’ getting on board during March 2017, and a RSI that shows Bearish Divergence, but still in Overbought area. A lot of analysts say/think that Overbought (RSI > 70) is a bad thing, but in my view, it’s a sign of strength of the underlying trend and increases the chances of another Higher High to come. Most importantly, the Pattern of Price is forming Higher Highs and Higher Lows, so we’re in an uptrend. Main position in an uptrend should be long exposure, so buying the dips > $125.
The Daily chart shows price facing resistance at $180/$190/$200 and possible support at $150, $125 and $70. Furthermore, also here the RSI shows Bearish Divergence and facing the choice to continue the green uptrend or follow the red/green triangle for a break out. It all comes down to this: if Dash is able to break $180-$200 resistance area, the uptrend could steepen even more and in case that happens, $260 ($140+$120) is likely to be reached in a matter of days. If Dash is not able to break the $200 area though, but instead breaks out to the downside, first support should kick in at $150. Summed up: I will look for new buying opportunities in the $125-$150 area or a Break Out > $200.
Two tools that I use to invest in Cryptocurrencies are: my e-wallet (Cryptonator) in which I buy, sell and switch with the click of a mouse between coins, and I use my CFD portfolio (eToro) to hedge the downside potential of my wallet exposure when I see fit and Copy Traders that Trade the Cryptocurrencies (saves me the trouble of micro managing).
Want to Read More? Click here for an overview of my Total Portfolio. and here for some examples of Traders that you could Copy to profit from this latest Tulip Mania. Or click these articles to read more about Ethereum, Bitcoin or 50.000 Reasons to become a Millionaire.
Trade safely and enjoy the day!